CARROLL has executed the sale of South Florida property – The Marin by ARIUM. Previously known as Grove East in Plantation, The Marin by ARIUM is a leading apartment community in suburban Fort Lauderdale.
“The Marin presented an excellent opportunity to expand our South Florida portfolio based on its highly visible and central location with value-add potential” said M. Patrick Carroll, Founder and CEO of CARROLL. “We were able to acquire the property for an attractive basis at a meaningful discount to replacement cost. We elevated the community through strategic enhancements to amenities and unit interiors, bridging the discount in the property’s rents relative to nearby competitive properties – ultimately creating value for our investors.”
A combination of luxury apartment residences and eclectic urban lifestyle, The Marin by ARIUM includes 223 units and more than 14,000 square feet of retail space. Located less than two miles from I-95, I595, and Florida’s Turnpike, the community offers accessibility to all of South Florida and major employers like American Express, Motorola Solutions, and DHL Express.
CARROLL owned and operated The Marin by ARIUM for nearly four years. The team implemented multiple upgrades and renovations including updating the pool deck, fitness center and playground area, renovating all units with stainless steel appliances, fresh paint, faux wood plank flooring, new lighting, and more.
This latest sale follows two successful property sales in Houston and Raleigh, N.C, as well as the acquisition of a 295-unit property in St. Petersburg, Fla.
For more information, visit www.carrollorg.com. Avery Klann and the Newmark team advised CARROLL on the transaction.
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 $2.7B of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold more than $12B of real estate. CARROLL also has regional offices in Houston, Raleigh, Tampa, and New York.
The company manages nearly 30,000 multifamily units in seven 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 $225 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.
Media Contact: Samantha Harber
Interdependence Public Relations