JACKSONVILLE, FL—Carroll Organization is continuing its focus on Florida—and Jacksonville—multifamily with yet another acquisition. The company just snapped up its 11th major multifamily asset in Florida in less than a year.
The Atlanta-based commercial real estate company acquired the 204-unit Island Club at Atlantic Beach in Jacksonville. National Property Holdings provided Carroll with a $4.6 million investment of equity.
“We are extremely bullish on the residential market in Florida that has come back with a vengeance after the housing collapse a few years ago,” says M. Patrick Carroll, founder and CEO of the Carroll. “Island Club provided us with the ideal opportunity to expand our rapidly growing portfolio in the region and own yet another exceptional asset with great upside potential.”
Built in 1988 and renovated between 2006 and 2010, Island Club at Atlantic Beach is in Jacksonville’s Duval County. The multifamily asset is one mile west of the Atlantic Ocean and 10 miles from the Atlantic Boulevard, a major thoroughfare offering access to Downtown Jacksonville.
The multifamily community offers a clubhouse and 27, two-story residential buildings with one-two and three-bedroom homes. The apartments come equipped with new appliances, flooring, plumbing, fixtures, and cabinetry. Some multifamily units have vaulted ceilings, fireplaces and solariums. Amenities include a pet-friendly “bark” park, sand volleyball court, pristine swimming pool, picnic areas, children’s playground, and a 24-hour fitness center.
Carroll plans to enhance the resident experience through hands-on management and a number of capital improvements, and is rebranding the multifamily property as “Arium Atlantic Beach” to match the other multifamily assets in its portfolio. Expect more from Carroll. The company acquired $1 billion in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee in 2013.