CARROLL, a national real estate investment and management company, has acquired Lodge on 84th in Federal Heights, Colo., and Aqua Villa in suburban Fort Lauderdale, Fla., for a combined purchase price of more than $140 million. The two communities, rebranded as ARIUM West 84th and ARIUM Coconut Creek, respectively, were acquired through CARROLL’s institutional fund vehicle, Carroll Multifamily Venture VI, LP, and add 580 total units to the Firm’s nationwide portfolio.
ARIUM West 84th (Lodge on 84th) is a 300-unit, garden-style community in the Denver suburb of Federal Heights, Colo. The community provides residents with easy access to major employment and entertainment centers via U.S. 36 and I-25 – two of Denver’s major highways. The market continues to demonstrate strong occupancy and rent growth in addition to the tremendous resiliency it has shown throughout the Covid pandemic. ARIUM West 84th will be the second active community for CARROLL in the Denver market and the third West Coast acquisition this year for the Firm, shortly after the acquisition of two Las Vegas properties in August 2021.
A garden-style community, ARIUM Coconut Creek (Aqua Villa) adds 280 units, enhancing CARROLL’s Florida portfolio to more than 9,000 units. The well-located community offers easy access to employment hubs from Fort Lauderdale to Boca Raton, plus Broward County’s premier retail and entertainment destinations. A business-friendly environment and lack of state income tax continue to fuel South Florida’s significant business and population growth.
CARROLL plans to leverage its Construction Management team to perform interior and common area renovations on both assets, matching the portfolio-wide standards of resident satisfaction for its ARIUM brand.
“While located in different parts of the country, both assets were attractive to CARROLL due to their demand fundamentals and proven value-add upside,” said M. Patrick Carroll, founder and CEO of CARROLL. “Additionally, both communities are located in areas that are experiencing tremendous population growth coupled with high barriers to entry and very limited new construction.”
These acquisitions are the latest transactions fueling CARROLL’s 2021 momentum. Year to date, CARROLL has executed 18 acquisitions and 30 dispositions, totaling $4.1 billion and an eye on what should be an active 2022.
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 $3.3 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $16 billion in real estate. CARROLL also has regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, and New York.
The company manages 27,000 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 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.