Carroll Organization Acquires East Orlando Apartment Community
- Nov 26, 2013
Orlando Fla.—In an attempt to expand its presence in the Orlando market, Atlanta-based Carroll Organization announced that it has purchased the 300-unit Falcon Pines Community in the East Orlando submarket, marking its second acquisition in the city this year.
“We continue to see great opportunities in selected Florida markets, including Orlando,” says M. Patrick Carroll, founder and CEO of Carroll Organization. “We were able to acquire Falcon Pines, an outstanding property in a great location, for significantly less than replacement cost, and we see limited new supply on the horizon in this submarket.”
Keeping in line with Carroll Organization’s “ARIUM” trademark, the community will be rebranded as “ARIUM Falcon Pines,” and the company intends to make capital improvements to the property.
“We expect that Carroll Organization will add significant value to this well-located property through hands-on management and thoughtful upgrades that appeal to our target market,” Carroll says.
ARIUM Falcon Pines features a plethora of amenities including a lagoon-style pool with sundecks and gourmet outdoor kitchen and grill, a fitness studio, athletic fields with jogging trails, a walking trail, playground, two lighted tennis courts, as well as a game room and lounge area, business center, bark park and care center.
Residences are offered in one-, two- and three-bedroom floor plan options with current in-unit amenities that include spacious walk-in closets, in-unit washer and dryer and fully-equipped kitchens Energy Star rated appliances.
The gated community serves residents with its close proximity to the area’s major employment centers including Lake Nona Medical City, the University of Central Florida and Central Florida Research Park, which hosts major companies such as Boeing, Northrop Grumman and Raytheon. Additionally, retail and restaurants can be found at the nearby Waterford Lakes Town Center.
The Carroll Organization has acquired more than $900 million in multifamily properties in 2013 and the company’s multifamily portfolio is spread over several states throughout the Southeast.