CARROLL JV Buys 12-Property Florida Portfolio
The partnership acquired the nearly 4,000 units from Starwood Capital Group.
Gardens East
A joint venture between CARROLL and PGIM Real Estate has acquired a 12-property 3,976-unit multifamily portfolio across four Florida markets: Orlando, Sarasota-Bradenton, West Palm Beach and Fort Lauderdale. The Citrus Growth portfolio’s seller was Starwood Capital Group. Cushman & Wakefield, as exclusive agent, listed the portfolio in August.
The partners purchased all properties through CARROLL’s latest investment vehicle, Carroll Multifamily Venture VI LP. The company will manage all the communities, which will be rebranded under the ARIUM flag.
Big investments
CARROLL has invested more than $1.5 billion in equity across Florida and plans to keep investing at the same pace in 2022, due to the state’s strong in-migration, job growth and housing demand, said CARROLL’s founder and CEO, M. Patrick Carroll, in prepared remarks. The company currently manages 39 properties throughout Florida worth $3.5 billion. In 2021 overall, CARROLL acquired 37 assets while disposing of 32, totaling $6 billion in transaction volume.
Last month, a Starwood REIT acquired a 62-asset portfolio totaling 15,460 units across ten states.
Citrus Growth portfolio info
The Orlando properties include the 560-unit Twelve Oaks at Windermore, the 370-unit Verona at Valencia Park, the 304-unit Mission Bay, the 194-unit Valencia Plantation, the 496-unit Ashford at Almonte Springs, the 324-unit Bishop Park and the 188-unit Springs Colony. All these communities offer amenities such as clubhouses, fitness centers, pools and spas, according to Yardi Matrix data.
The Sarasota-Bradenton properties are the 256-unit Perico, the 212-unit McIntosh and the 274-unit Heron’s Run. All encompass one- to two-bedroom floorplans and community amenities such as spas, fitness centers, clubhouses and pools, according to the same data provider.
The West Palm Beach property is the 448-unit Gardens East, which has one- and two-bedroom floorplans ranging from 740 to 1,100 square feet and offers the same amenities as the aforementioned communities.
Park Place at Turtle Run, the Fort Lauderdale asset, comprises 348 studios, one- and two-bedroom units ranging from 690 to 1,050 square feet.
