Carroll Organization Purchases Three Properties Valued at ~$145 Million Across Raleigh & Jacksonville
Carroll has now purchased twenty-nine properties totaling over $1.5 billion over the past twelve months and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.
Atlanta, GA – Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired three new properties valued at ~$145 Million and totaling 1,012 units: Stonehenge Apartments, Autumn Cove, and Vista Grande. All three properties will be a part of Carroll Multifamily Real Estate Fund V, LP., managed by Carroll Management Group, and rebranded under the "ARIUM" name.
"After an active 4th quarter of 2018, we are very pleased to continue our positive momentum into 2019 with the recent closings in Raleigh and Jacksonville. All three assets are consistent with a similar strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth MSAs," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization.
Stonehenge Apartments, a 452-unit community located in Raleigh, NC, was acquired in November 2018 and rebranded as Stonehenge Apartments by ARIUM. Stonehenge's amenities include a multi-level fitness center, multiple pools with gas grills, cabanas and a fit pit, playground with picnic area, sports club including racquetball, basketball, and lighted tennis courts. Select apartment units feature 9-ft or vaulted ceilings, stainless steel appliances, large, walk-in closets, washers & dryers, and espresso cabinetry with nickel hardware. The property is just minutes from a variety of dining and retail options. Its location also provides easy access to Research Triangle, I-540, I-440, and downtown Raleigh.
Autumn Cove and Vista Grande are adjacent communities located in Jacksonville, FL acquired in January 2019. The properties will be rebranded as ARIUM Retreat at Orange Park and ARIUM Reserve at Orange Park respectively. The residents of these properties enjoy an abundance of shopping, dining, and entertainment options as they are located just two minutes from Orange Park Mall. In addition, these properties offer convenient access to I-295/US-17 and are only minutes from NAS Jacksonville, Florida State College, and University of North Florida.
Autumn Cove is a 288-unit community with apartment units featuring designer kitchen cabinetry, faux wood plank flooring, modern plumbing and light fixtures, and large walk in closets. The community's amenities include two resort-style pools, 24-hour fitness center, bark park, and business center.
Vista Grande is a 272-unit community with apartment units featuring spacious walk-in closets, cathedral and vaulted ceilings, fireplace and faux wood-planked flooring. Community amenities include a swimming pool, 24-hour fitness center, tennis and sand volleyball courts, bark park, and Wi-Fi coffee café.
Carroll has now purchased twenty-nine properties totaling over $1.5 billion over the past twelve months and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners and is recognized in the industry as a best in class renovator and operator.