Carroll Organization Acquires Gables San Remo in Coral Springs
- Apr 29, 2014
Atlanta—Atlanta-based Carroll Organization has announced that it has acquired the 180-unit Gables San Remo community in Coral Springs, Fla., marking the company’s 13th major multifamily purchase in the booming Sunshine State. The multifamily townhome community will come into alignment with the company’s national brand when it is renamed ARIUM San Remo sometime in the near future.
“Florida has rebounded exceptionally well since the economic downturn six years ago and is now one of the strongest markets in the country,” says M. Patrick Carroll, founder and CEO of the Carroll Organization. “Gables San Remo provided us with a fantastic investment opportunity, due to its institutional-quality, attractive location and excellent value-add potential.”
Carroll Organization intends to bring implement its hands-on approach to management and plans on making a number of capital improvements for the 1990s-era community.
San Remo was constructed in 1995 and hosts a spread of two- and three-bedroom floor plan options. Units feature 9-foot ceilings and nearly all of the townhomes include direct-access garages—a rarity for most communities within that market.
Amenities include a swimming pool with deck, a state-of-the-art clubhouse and fitness center, picnic areas with barbecue grills, tennis courts and a playground. The community is secured by 24-hour electronic gated fences and is landscaped with tropical foliage. A trash valet service is also available to residents.
After a strong close to 2013, where the Carroll Organization acquired more than $1 billion in assets across the south, the company continues to push forward, having already made more than $100 million in acquisitions going into second quarter of this year.