Caroll Organization and Partners Buy Florida Apartment Property
A joint venture will acquire a 260-unit community.
Jensen Beach, Fla.—Carroll Organization, Silverpeak Real Estate Partners and PCCP LLC have formed a joint venture to acquire Pineapple Cove, a 260-unit apartment property in Jensen Beach, Fla. It will be rebranded as ARIUM Jensen Beach and managed by Carroll Management Group.
Common amenities a resort-style pool, business center, 24-hour fitness center, clubhouse and a billiard room. Carroll plans to implement a light value-add business plan with updates to the unit interiors, including new appliances, hardware and wood floors, as well as upgrades to the pool, fitness center and clubhouse.
Jensen Beach is near Port St. Lucie in Martin County, and known for its pineapple production, but now it’s also part of a growing region not far north of the major cities of South Florida. “Florida’s Research Coast has seen dramatic population growth over the past few years, with an influx of Floridians moving up and down the coast,” noted Carroll Organization CEO M. Patrick Carroll.
The Research Coast is comprised of the four-county region of Indian River, Martin, Okeechobee and St. Lucie counties. The area has seen growth in life science, biotech, energy, information technology and manufacturing in recent years. A number of organizations have East Coast locations in the area, such as the Torrey Pines Institute for Molecular Studies, the Vaccine & Gene Therapy Institute, Mann Research Center, Harbor Branch Oceanographic Institute and the Smithsonian Marine Center.
Carroll Organization has been an aggressive acquirer of apartments in the Southeast and Texas recently. Counting Pineapple Cove, the company has purchased 15 properties in 2015 for a total $579 million.