TAMPA, FL—Carroll Organization continues its rip through Florida multifamily. The privately-held commercial real estate company just expanded its footprint in Tampa, acquiring West Park Village. The deal marks Carroll's 14th major multifamily purchase in Florida.
West Park is a mixed-use multifamily and retail asset in the heart of Hillsborough County. The multifamily asset is 10 minutes north of Westshore, Tampa's largest office market, and close to several high-profile shopping and entertainment destinations.
“When evaluating an asset, location is one of the most important aspects,” says M. Patrick Carroll, founder and CEO of the Carroll. “Part of our past success has been the ability to buy quality properties within walking distance of the retail amenities people value like grocery stores, coffee shops, restaurants, and entertainment."
Carroll acquired the multifamily property in a joint venture with AIMS Real Estate, a business unit within Goldman Sachs Asset Management. Financial terms of the deal were not disclosed. Beyond the strategic location, the multifamily property also offers excellent value-add potential.
“We've had tremendous experience with properties that are in close proximity to retail amenities, as walkability helps drive demand, which in turn drives occupancy and rent growth,” says Carroll. In 2013 alone, the Carroll acquired over $1 billion in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee.
Built in 2004, West Park Village is a 617-unit multifamily community with over 40,000 square feet of prime retail currently occupied by Starbuck's, YMCA Express, and dining concepts such as Irish 31 and Catch Twenty Three. The property also serves as the center of Westchase, an upscale master-planned community that includes schools, parks, and venues for outdoor activities.
West Park Village offers large one-, two-, and three-bedroom homes averaging 1,230 square feet. Amenities include a pool, kids' pool, business center with conference room, 24-hour poolside fitness center, and BBQ and picnic areas. Carroll plans to make capital improvements to the asset but will not rebrand it with the ARIUM logo.
Earlier this month, Carroll acquired of Gables San Remo in Coral Springs. Gables San Remo is in heart of Coral Springs. Money Magazine listed Coral Springs as the third best city to live in its 2012 “100 Best Places to Live.”
“Florida has rebounded exceptionally well since the economic downturn six years ago and is now one of the strongest markets in the country,” says Carroll. “Gables San Remo provided us with a fantastic investment opportunity, due to its institutional-quality, attractive location and excellent value-add potential.”
Carroll doesn't seem to be slowing down. Carroll has already closed over $100 million in multifamily acquisitions in 2014 and reports a “robust” pipeline of investments going into the second quarter.
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