CARROLL (www.CarrollOrganization.com) and PGIM Real Estate (pgimrealestate.com) announced today the formation of a joint venture to acquire Verona View Apartments in Fort Lauderdale, FL. CARROLL, acting on behalf of its latest investment vehicle, Carroll Multifamily Venture VI, LP, is one of the nation’s leading privately held real estate investment companies focused on multifamily investment, management and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). The property will be managed by CARROLL and branded as Verona View by ARIUM. The South Florida team of Hampton Beebe and Avery Klann of Newmark Knight Frank brokered the transaction for the seller, Lindemann Multifamily Management (www.lindemannmanagement.com).
“We were intimately familiar with this submarket given our recent acquisition and operational success at ARIUM Sunrise, a comparable garden-style asset approximately two miles west of Verona View. When this opportunity came to us on an off-market basis, we jumped on it quickly,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “The property has been well-maintained by the seller, features unique townhome-style floor plans and boasts some of the largest average units in the market, making it an ideal value-add candidate for CARROLL.”
“The acquisition of Verona View in partnership with CARROLL—an operator with a large-scale regional platform—will allow us to capitalize on strong demographic trends in the Fort Lauderdale market, while adding value to the property through active management and strategic capital improvements,” said Cathy Marcus, Global Chief Operating Officer and Head of the United States for PGIM Real Estate. “The transaction is consistent with our strategy to pursue workforce housing investments in well-located metropolitan markets with robust demand for accessibly-priced housing.”
Verona View Apartments is a 293-unit 1990-vintage, garden-style community in Plantation, FL, a suburb of Fort Lauderdale. The property includes a mix of townhomes and one, two, and three-bedroom units. It is within close proximity to the Sawgrass Mills Mall as well as the Sawgrass International Corporate Park, home to seven million square feet of office and industrial space. The community’s amenities include two swimming pools and a heated spa, fitness center, basketball court, tennis court, bark park, and lake views. After takeover, CARROLL plans to execute a capital renovation plan including renovations to the amenities and unit interiors.
To date, PGIM Real Estate and CARROLL joint ventures have resulted in $2 billion in acquisitions across 46 properties and approximately 15,000 units throughout Florida, North Carolina, Tennessee, Texas, and South Carolina.
CARROLL, a privately-held real estate company, was founded in 2004. With headquarters in Atlanta, CARROLL focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $2.7 billion of equity through CARROLL sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $11.0 billion of real estate. CARROLL also has regional offices in Houston, Raleigh, and Tampa.
The company manages over 33,000 multifamily units in eight states throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $200 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 www.CarrollOrganization.com.
About PGIM Real Estate
PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of the largest real estate investment managers in the world, with more than $175.9 billion1 in gross real estate assets under management and administration, as of Sept. 30, 2019. Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers2, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.
PGIM Real Estate, the real estate investment management business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate’s tenured team offers to its global clients a broad range of real estate equity, debt, and securities investment strategies that span the risk-return spectrum and geographies. For more information, visit www.pgimrealestate.com.
1 AUA equals $36 billion and the net AUM globally includes $49.8B for PGIM Real Estate.
2 Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.