Carroll Reveals Plans for Trophy Multifamily Buy

FORT LAUDERDALE, FL—In one of the largest single-asset multifamily acquisitions of 2013, Carroll Organization is continuing its Southeast multifamily acquisition streak in Pembroke Pines. The privately-held real estate company has snapped up The Resort at Pembroke Pines, a trophy multifamily asset in a highly desirable location in Broward County, for $225 million.

Atlanta-based Carroll acquired the multifamily complex in a joint venture with investment partner American Property Holdings Corp., a real estate investment company controlled by Prospect Capital Corp., in an off-market deal. The Resort is a 1,520-unit, 190-building on 84.5 acres. Built in a number of phases from 1986 to 1990, all multifamily units are corner units, including one-bedrooms.  

“This signature transaction is the Carroll Organization's greatest acquisition to date,” says M. Patrick Carroll, founder and CEO of Carroll.  The Resort really takes our portfolio to the next level. It's a very special, institutional quality asset in this key geographic market.

The Resort at the intersection of Pines Boulevard and North Flamingo Road. Business Week named Pembroke Pines number one place to raise children in the state of Florida in 2010. It's also just six miles to the South Florida Educational Center that includes five colleges: Nova Southeastern University, a University of Florida extension campus, Florida Atlantic University, Broward, Broward College, and McFatter Technical College.  

“The property simply can't be duplicated, and our improvement plan will only increase its attractiveness,” Carroll says. “South Florida has seen a resurgence of demand for quality rentals, and The Resort is extremely well-positioned to capitalize on that trend.”

The previous owners started a program of renovations for unit interiors, which Carroll will continue and complete to maximize the property's potential. Carroll also plans to improve common spaces and amenities, including a new fitness center and enhancements to the pool areas, and enrich the resident experience through hands-on management. As part of the company's rebranding of its entire portfolio under the proprietary name “ARIUM, a Carroll Community,” The Resort at Pembroke Pines will be rebranded as “ARIUM Resort.”

On Tuesday, we reported that Carroll snapped up Paddock Club with its partner NorthStar Realty Finance Corp. And in May, Carroll bought Club at Danforth. Both of those multifamily assets are in Jacksonville.