MIAMI—Call it 15. In another off-market transaction, Carroll Organization continues to show how hungry it is for Florida multifamily assets. Financial terms of the deal were not disclosed.
Carroll snapped up Aventine at Town Center, a 320-unit multifamily asset in Jacksonville, FL. Altogether, the Atlanta-based firm has grabbed over $1.2 billion in multifamily assets across the southeast in the past 18 months alone and several in Jacksonville.
“Location is a critical element of any investment,” says M. Patrick Carroll, founder and CEO of the Carroll. “Aventine has all of the core components that make a location desirable for our residents: accessibility to top retail, close proximity to quality employers, and easy access to main transportation thoroughfares. When you combine the prime location with a solid value-add strategy, we know both our residents and investors will benefit.”
Built in 1997, Aventine at Town Center offers one-, two- and three-bedroom multifamily units. The apartment community is directly across from the corporate offices of Blue Cross Blue Shield, JP Morgan Chase, and Merrill Lynch, three of Jacksonville’s largest businesses.
The Jacksonville multifamily asset is also walking distance to St. Johns Town Center, the top retail center in the city. St. Johns Town Center’s luxury outdoor shopping complex spans 1.5 million square feet of retail space.
Carroll is rebranding the multifamily asset as “ARIUM Town Center,” which is in line with the brand identity and values of its national portfolio. In 2014, the firm has acquired five multifamily properties valued at over $260 million.