CARROLL Adds 1,300 Units to Nationwide Portfolio with Orlando and Raleigh Acquisitions

CARROLL has acquired Alexandria Parc Vue and Crowntree Lakes in Orlando, Fla., and Braxton Cary Weston in Cary, N.C., for a combined purchase price of more than $340 million. The three communities, rebranded as ARIUM Greenview, ARIUM Crowntree Lakes, and ARIUM Cary Park, respectively, were acquired through CARROLL’s institutional fund vehicles, and add 1,312 total units to the Firm’s nationwide portfolio.

ARIUM Greenview and ARIUM Crowntree Lakes are both garden-style communities on the southern side of Orlando. The communities, located in Orlando suburbs, provide residents with easy access via I-4 and SR-417 to major employment centers and top-rated entertainment, as well as close proximity to Orlando International Airport. With strong demographics and potentially significant value-add and operational upsides, these properties represent an opportunity to capitalize on the explosive growth trends in Orlando. CARROLL’s recent acquisition of seven properties in the Orlando market – and our past performance in the MSA – highlight our intimate knowledge of the area, and also reinforces our belief in its current and future performance. Both communities will undergo interior and exterior renovations, with a short-term focus on amenities.

Located near the heart of the Raleigh-Durham MSA, ARIUM Cary Park is a garden-style, 288-unit community that we believe is perfectly fit for CARROLL’s value-add investment strategy. Known for its attractive demographics and top-notch schools, Cary, provides convenient access to major employment centers like Research Triangle Park and Weston Office Corridor, while maintaining an affordable cost of living and high quality of life for area residents. The interior renovation scope for the community will include new stainless-steel appliances, quartz countertops, updated cabinetry, tile backsplash, new plank flooring, paint, and updated lighting and plumbing fixtures throughout the units.

“With an active presence in both the Orlando and Raleigh-Durham markets, we were well-positioned to capitalize on the attractive fundamentals and value-add upside opportunities of these three assets,” said M. Patrick Carroll, founder and CEO of CARROLL. “These communities have seen significant economic and population growth throughout the past year and represent the opportunity for an experienced operator to have an immediate impact on their performance.”

The Cary property leads off CARROLL’S 2022 activity, while the two Orlando acquisitions closed out a record year in transaction activity for CARROLL that saw a total of 66 transactions for $5.7 billion in volume.

About CARROLL  

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 $17.8 billion in real estate. CARROLL also has regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, and New York.   

The company manages 32,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The Firm 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.