ATLANTA—Carroll Organization has been on a multifamily buying spree lately that's seen hundreds of millions invested. After spending $46 million last week and $41 million last month on multifamily assets in the Southeast, Carroll once again partnered with NorthStar Realty Finance Corp on its latest deal. The joint venture bought four multifamily properties for $102.5 million. Carroll will rename all the properties with the Arium brand.
The portfolio includes the Club at Danforth in Jacksonville, FL; Harbour Green in Panama City Beach, FL; Links at Georgetown in Savannah, GA; and Vintage at the Parke in Murfreesboro, TN. This acquisition marks Carroll Organization's ninth purchase since the beginning of 2013. The firm now owns and manages more than 10,000 multifamily units in seven states.
“All four properties are situated in markets with exceptional market fundamentals and provided Carroll Organization with a great investment opportunity,” says M. Patrick Carroll, founder and CEO of the Carroll Organization. “This acquisition is parallel with our strategy of buying in good locations with excellent visibility, and the additional opportunity to increase value through capital improvements and marketing strategies.”
Built in 1998, Club at Danforth has 288 units. The multifamily property is close to Windsor Parke Golf Club, Jacksonville Golf and Country Club, and Glen Kernan Golf and Country Club. The multifamily property is currently 96% occupied.
Harbour Green in Panama City Beach has of 200 multifamily units and is next to Patronis Elementary, the highest rated school in the area. The multifamily property spans two-story residential buildings with townhome-style units that are currently 97% occupied.
The Links at Georgetown in Savannah is a 360-unit, garden-style multifamily community next to The Henderson Golf Club. It is also close to the Savannah Port, one of the country's fastest growing ports. The multifamily complex is currently 92% occupied.
Vintage at the Parke is a garden-style multifamily community in Murfreesboro, one of Nashville's healthiest residential submarkets. The 278-unit multifamily property was built in 2002. Vintage at the Parke is 96% occupied.
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