Carroll Organization Ends 2015 with Orlando Sale
Carroll Organization closed out 2015 with the sale of ARIUM Barber Park in Orlando, Fla., its first property in the Orlando market.
ARIUM Barber Park, Orlando, Fla.
Atlanta—Carroll Organization finished out 2015 with the sale of ARIUM Barber Park in Orlando, Fla., a 526-unit community originally purchased in April 2013 and the company’s first property in the Orlando market.
“Orlando’s multifamily market is consistently performing and we wanted to take advantage of the market and the steady rent growth we were seeing,” said M. Patrick Carroll, founder & CEO of Carroll. “Barber Park presented a unique opportunity to buy well below replacement cost and run our value-add repositioning program to improve overall performance. After two years of executing our business plan on schedule, our investment team saw an opportunity to sell, producing solid returns for our investors.”
Robert Davies, principal with The Townsend Group added that the investment in the property provided an opportunity to buy in a well-located community and enhance property income through value-add initiatives.
Carroll improved net operating income at the property by reducing and controlling expenses, upgrading amenities and interiors and enhancing marketing efforts. The company upgraded both clubhouses and the fitness center, as well as added outdoor grilling areas at each pool. These upgrades resulted in Carroll’s ability to drive organic rent growth of 16 percent while holding average occupancy at 95 percent. Interior upgrades included high-end finishes, stainless steel appliances, faux granite countertops and faux wood flooring. The lakefront community is minutes from the East/West Expressway, I-4, Orlando International Airport and several of the city’s well-known theme parks.
Carroll has successfully exited nine assets, including Barber Park, valued at over $345 million to date and these investments have produced an average IRR of 35 percent. Carroll  completed more than $1 billion in acquisitions since the beginning of 2015 and plans to continue to actively pursue multifamily acquisitions in the Southeast and Texas in 2016.
Photo courtesy of ApartmentGuide.com
