CARROLL and PGIM Real Estate Execute A 12-Property Portfolio Purchase Across Four Markets in Florida
These acquisitions represent 3,976 units across Orlando, Sarasota, West Palm Beach, and Ft. Lauderdale.
CARROLL, in partnership with PGIM Real Estate, the real estate investment manager of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), has purchased 12 multifamily communities, spanning Orlando, Sarasota, West Palm Beach, and Ft. Lauderdale. Comprised of 3,976 units, all properties were acquired through CARROLL’s latest institutional investment vehicle, Carroll Multifamily Venture VI, LP, and will be managed by CARROLL. Included in the purchase were: seven Orlando properties, three Sarasota-Bradenton properties, one West Palm Beach property, and one Ft. Lauderdale property. The properties will be rebranded under the “ARIUM” name.
The rebranded ARIUM properties will be: ARIUM Altamonte Springs (Ashford Altamonte Springs), ARIUM Winter Park (Bishop Park), ARIUM Springs Colony (Springs Colony), Twelve Oaks at Windemere by ARIUM (Twelve Oaks at Windemere), ARIUM Valencia Gardens (Verona at Valencia Park), ARIUM Mission Bay (Mission Bay), ARIUM Mariner’s Village (Valencia Plantation), ARIUM Bristol Bay (Perico Apartments), ARIUM Citrus Run (Mcintosh Apartments), ARIUM Grove Walk (Heron’s Run), Gardens East by ARIUM (Gardens East), and Park Place at Turtle Run by ARIUM (Park Place at Turtle Run).
“We are thrilled to add 12 well-located assets to the growing Florida market,” said M. Patrick Carroll, founder and CEO of CARROLL. “Florida continues to be one of our most desirable markets as it acts as a magnet for corporations and individuals seeking a business-friendly environment, lower cost of living, and improved quality of life. Since inception we have invested more than $1.5 billion in equity across the state and we anticipate no signs of slowing down in 2022 due to strong in-migration, job growth and apartment demand.”
In the past 12-months, Florida has experienced steady population and employment growth, coupled with record-high demand for multifamily housing. With an unemployment rate that continues to remain well below the national average, and Florida’s projection of adding 1.2 million jobs in the next five years, CARROLL’s new portfolio will offer tremendous upside in several of the nation’s most desirable and high‐growth markets.
Since its inception, CARROLL has maintained an active presence in the Florida market. CARROLL currently manages 39 properties throughout Florida (more than 13,000 units), totaling $3.5 billion in assets under management. Between 2015 and 2021, CARROLL has realized 46 total investments in Florida.
With 37 acquisitions and 32 dispositions totaling $6 billion in transaction volume – including deals closed and under contract – 2021 will be a record year in transaction activity for 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 $3.8 billion of equity through CARROLL-sponsored funds and joint ventures, and successfully purchased, developed, or sold more than $17.5 billion in real estate. CARROLL also has regional offices in Dallas-Fort Worth, Denver, Raleigh, Tampa, and New York.
The company manages 31,000 multifamily units in nine 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 overseen more than $500 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit carrollorg.com.
About PGIM Real Estate
As one of the largest real estate managers in the world with US$201.3 billion in gross assets under management and administration, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US $1.4 trillion global asset management business of Prudential Financial, Inc.
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 5-year legacy of investing in commercial real estate, a 140-year history of real estate financing, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.
As of September 30, 2021. AUM total is reflected as gross and includes assets under administration. Net AUM is $133.9B and AUA is $44.8B.