MIAMI—It's not quite a baker's dozen, but it's still an impressive multifamily feat for Atlanta-based Carroll Organization. Even as it continues its multifamily spending spree in its home state, the privately-held real estate company just wrapped up its 12th major multifamily deal in Florida.
In a joint venture with Bluerock Real Estate, Carroll acquired more than 70% of the units at the 774-unit condominium Lansbrook Village in Palm Harbor, Tampa. It's a clear sign that Carroll believes in the Florida housing market's strength. The company will make capital improvements to the project.
“Since the national economic downturn in 2008, Florida's residential market has experienced a major renaissance,” says M. Patrick Carroll, founder and CEO of Carroll. “It is without question, a key market for us and one that we are targeting for continued investments. Lansbrook is an excellent investment opportunity, due to its attractive location, tremendous value-add potential, and basis below replacement cost.”
Palm Harbor is one of the Tampa Bay area's most affluent communities. Lansbrook Village offers the largest floor plans in the market.
Some of the units are upgraded with granite countertops, wood plank flooring, stainless steel appliances and washer/dryers. The acquisition includes 571-units at Lansbrook Village, as well as appurtenant rights arising from the seller's ownership of the condominiums within the 774-unit community.
In 2013, the Carroll acquired over $1 billion in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee. The company sourced many of its deals “off-market” directly from developers.
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