CARROLL Acquires Two Multifamily Communities, Growing Its Portfolio in Florida by 600+ Units
The National Real Estate Investment Firm’s Latest Acquisitions Bring Its Q1 Growth in Florida to More Than 1,200 Units
CARROLL, a national real estate investment firm, has acquired Caribbean Isle in Kissimmee, Fla., and Forest Park in Oakland Park, Fla. The two communities, rebranded as ARIUM Kissimmee Lakes and ARIUM Cypress Lakes, respectively, add more than 600 units to the Firm’s growing portfolio in Florida. Both assets are prime value-add candidates, and CARROLL has plans for significant unit and amenity upgrades throughout in order to modernize the properties.
ARIUM Kissimmee Lakes, a 448-unit garden-style community, provides residents with easy access to Orlando’s major employment, retail, and entertainment hubs. Located off Route 192 and Route 17, the property is one mile from two other assets owned and operated by the Firm. Orlando’s appeal as a nationally recognized market for its clusters of innovation in technology, healthcare, transportation, sports, and culture continues to drive unprecedented demand for multifamily housing.
ARIUM Cypress Lakes is a 188-unit garden-style community in suburban Fort Lauderdale, one of the nation’s fastest-growing MSAs. The property sits in close proximity to Downtown Fort Lauderdale, Port Everglades, and Fort Lauderdale International Airport employment hubs, three of South Florida’s largest employment centers. South Florida’s appealing lifestyle and business-friendly environment have contributed to accelerated in-migration trends and helped to push rent growth and occupancy upward.
“These acquisitions build on CARROLL’s presence in Orlando – where we currently own and manage 15 assets – as well as in South Florida – where we own and manage 13 assets," said M. Patrick Carroll, founder and CEO of CARROLL. "This period of in-migration and growth in Florida is exciting for the CARROLL team and our investors as we seek to add to our existing track record in the state.”
The acquisition of ARIUM Kissimmee Lakes and ARIUM Cypress Lakes marks four multifamily communities acquired in Florida since the start of 2022. In February 2022, CARROLL added more than 600 total units to its Florida portfolio. Since its inception, CARROLL has invested more than $2.3 billion in equity across the state.
CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Ga., CARROLL focuses on multifamily communities, including acquisitions, property and asset management services, and fund management. The Firm has raised more than $4.0 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $18.0 billion in real estate. CARROLL also has regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, and New York.
The company manages more than 33,000 multifamily units in eight states representing $8.7 billion in assets under management and has purchased other multifamily owner/operators throughout the U.S. CARROLL has also developed student housing, single-family residential, and retail communities, and has managed more than $500 million in construction projects throughout the past 10 years. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions.