Carroll Organization Increases Florida Footprint with Portfolio Acquisition

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 a three-property 1,048-unit portfolio in in the Fort Lauderdale and Tampa-St. Petersburg MSAs. The portfolio includes Vinings, The Hamptons, and Sugar Mill Creek. All three properties will be a part of Carroll’s latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The properties will be rebranded under the “ARIUM” name and managed by Carroll Management Group.

“This portfolio acquisition represents our bullish macro view on the state of Florida, and specifically in the workforce housing segment,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We continue to believe in strong fundamentals and growth in this space, due to a shortage of quality affordable housing near major employment centers relative to demand. We are excited to take over this portfolio and execute on our business plan.”

The Hamptons and Vinings are 668-unit and 168-unit adjacent garden, apartment communities located in North Lauderdale, FL. The communities’ amenities include five swimming pools, fitness center, tennis court, club room, business center, and car care station. Hamptons and Vinings offer convenient access to I-95, the Florida Turnpike, and U.S. Route 441.  The properties are also proximate to major employment centers such as Sawgrass Office Park, Plantation, and Downtown Fort Lauderdale.

Sugar Mill Creek is a 212-unit apartment community located in Pinellas Park, FL. The community’s amenities include two pools, fitness center, playground, and dog park. Sugar Mill Creek offers a lake view and is located near downtown St. Petersburg, Clearwater Airport, and is 15-minutes from great beaches, shopping, and dining. The community is also located within 3-miles of the Gateway office market, one of Tampa Bay’s most prominent office markets and home to Fortune 500 corporations including Raymond James, the Home Shopping Network, Tech Data, and Jabil Circuit.

Carroll has now purchased sixty-seven properties totaling over $3.0 billion since 2017 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.