Carroll Org. Buys Jacksonville Apartments
- May 07, 2015
Jacksonville, Fla.—Carroll Organization, along with AIMS Real Estate, a business unit within Goldman Sachs Asset Management, has acquired 5 Thousand Town in Jacksonville, Fla. The 130-unit apartment property was completed in 2013.
Bove Development and Remi Properties, who developed the community, were the sellers of the property, which is at St. Johns Town Center. It traded for $27.1 million.
Common amenities include a rooftop lounge, outdoor kitchen, spa, resort-style pools and concierge services. As a Carroll Community, 5 Thousand Town will be managed by Carroll Management Group going forward.
Atlanta-based Carroll Organization continues to be one of the more active multifamily owner and operators in the country. Currently, the company manages about 17,000 multifamily units in six states and has purchased other multifamily owner/operators nationwide.
The Jacksonville deal is its fifth acquisition of 2015 with the combined value of over $245 million. For instance, earlier this year, in a JV with Blue Mountain Capital, the company also acquired Resort at Laguna Lakes in West Palm Beach, an 812-unit property developed during the 2000s. The company also has disposed of properties worth over $340 million since the beginning of the year.