MIAMI—Carroll Organization just snapped up Camden Reserve Orlando, a 526-unit, multifamily property in Orlando, for $40.5 million. Carroll bought the multifamily asset from Camden Property Trust, one of the largest publicly traded multifamily companies in the United States.
“Camden Reserve presented an excellent investment opportunity, due to its attractive location and historically high occupancy rates,” says M. Patrick Carroll, founder and CEO of the Carroll Organization. “As part of our ongoing value-added investment strategy, we remain focused on identifying these types of multifamily assets, in well-performing markets and in close proximity to major thoroughfares and business centers.”
Built in 1990, the multifamily complex is currently 95% occupied. Carroll will oversee a $1.5 million capital improvement campaign at the apartment community. Upgrades will include the creation of a recreational area, as well as improvements to the common areas, fitness center and home interiors.
Camden Reserve offers studio, one- and two-bedroom multifamily units. The pet-friendly apartment community includes a resort-style swimming pool, tennis court, and fitness center. The multifamily complex is close to the East/West Expressway, Interstate 4, Orlando International Airport, and a number of theme parks.
Camden Reserve marks Carroll's first major acquisition in Orlando. A combination of strong value and fundamentals attracted the firm to the market. During the past 18 months, Carroll Organization has completed over $450 million of multifamily acquisitions and expects to pass the half-billion dollar mark by the end of the second quarter.
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