Carroll Organization Acquires Orlando Portfolio of 1,400 Apartment Units
The portfolio consists of three communities, which will be rebranded.
Knightsbridge
Orlando, Fla.—Carroll Organization has acquired three Orlando properties in an off-market portfolio purchase for an unspecified price. Totaling 1,438 units, the company purchased La Palazza at MetroWest, The Cottages at Hunter’s Creek and Knightsbridge at Stoneybrook.
The communities will be rebranded as ARIUM MetroWest and ARIUM Hunter’s Creek, respectively, while Knightsbridge will continue to operate under its current name. All three properties will be managed by Carroll Management Group.
ARIUM MetroWest is a garden-style property with 510 units, many of which are townhomes. Common amenities include lake views, two resort-style swimming pools, fitness center, lighted tennis courts and playgrounds. The property is also located within the 1,805-acre MetroWest, a mixed-use development.
ARIUM Hunter’s Creek includes 532 ground-floor-entry units. Amenities include two, single-story clubhouses and two pools with spas. The Hunter’s Creek area includes six parks, an 18-hole golf course and conservation areas.
Knightsbridge at Stoneybrook is a 396-unit proprty in southeast Orlando. Knightsbridge is surrounded by major employers such as University of Central Florida, Lockheed Martin, Central Florida Research Park and Lake Nona Medical Center.
“These acquisitions are consistent with our investment strategy to expand in markets that are showing consistently high job and population growth,” said M. Patrick Carroll, founder and CEO of Carroll Organization. “We currently own and manage four other properties in Orlando, all of which have been performing exceptionally well.”
With these transactions, Carroll completed over $875 million in acquisitions in 2015. According to Carroll, the company will continue to actively purchase multifamily communities in the Southeast and Texas during 2016.
