CARROLL, a national real estate investment company, announced today that it has completed the sale of ARIUM Bayou Point in Pinellas Park (Tampa), FL. The property was initially acquired one year ago as a part of Carroll Multifamily Real Estate Fund V, LP and managed by CARROLL.
“We originally acquired ARIUM Bayou Point as part of a three-property portfolio in the fourth quarter of 2018. By addressing deferred maintenance and improving curb appeal, we were able to move rents significantly, both organically and through light interior renovations,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “While it was a relatively short hold period for us, we elected to sell the asset and realize profits for our investors given the strong pricing recently achieved for well-located garden product in the area.”
ARIUM Bayou Point is a 212-unit garden-style apartment community situated in the infill, centrally-located, and highly desirable Bayou Club neighborhood of Pinellas Park within the Tampa-St. Petersburg MSA. The property is located near downtown St. Petersburg, Clearwater Airport, and is 15-minutes from great beaches, shopping, and dining. It is also located within 3-miles of the Gateway office market, one of Tampa Bay’s most prominent office nodes and home to Fortune 500 corporations including Raymond James, the Home Shopping Network, Tech Data, and Jabil Circuit. The community’s amenities include two pools, fitness center, playground, and dog park.
To date, CARROLL has successfully exited seventy-eight assets valued over $3.7 billion, including this transaction, producing an average IRR of 27%. CARROLL has now acquired and sold 30 properties totaling ~$1.7 billion in 2019 and is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, 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.