Carroll Organization Acquires Jacksonville Luxury Apartment Property
- Jan 08, 2014
Jacksonville, Fla.—The 323-unit Indigo Luxury Apartments in Jacksonville, Fla. has been purchased by Atlanta-based Carroll Organization. It is the third major multifamily property Carroll Organization has acquired in Jacksonville since the beginning of 2013.
The acquisition was undertaken with majority capital from National Property Holdings, a portfolio company of Prospect Capital Corp., which provided the Carroll Organization with a $10 million investment of equity. The seller of the apartment community was Daniel Corporation.
“It’s a very high-end multifamily product in a very good, high-growth area of Jacksonville, with great schools, good demographics and an overall high quality of life,” Josh Champion, president of investments at Carroll Organization, tells MHN. “There is a lot of job growth taking place in the market. Interstate 9B, a second ring road for Jacksonville, is being built adjacent to our property. That means more traffic to the property, more retail and more jobs and offices.”
Located within the Bartram Park master planned community in Jacksonville‘s upscale Southside submarket, Indigo Luxury Apartments is a seven-year-old Class AA garden-style community.
The property consists of 21 two- and three-story structures, offering a total of seven different floor plans. Common amenities include a swimming pool, fitness center, clubhouse with theater room, poolside screened-in patio with billiards table, a spa, and lakeside walking trails.
Carroll Organization plans to rebrand the property as ARIUM Bartram Park. It also intends to make capital improvements that will enhance the resident experience.
“Jacksonville is one of the hottest investment markets in the Southeast, and we are extremely bullish on the potential for excellent returns,” says Patrick Carroll, founder and CEO at Carroll Organization. “Indigo is an exceptional property with terrific upside potential, as the Southside submarket of Jacksonville continues to grow starting with State Road 9B. It is a well-located, top-tier asset with excellent curb appeal and access to major employment centers.”
Carroll Organization is attracted to Jacksonville based on the rebound it has enjoyed since the recession.
“We like the job outlook, and specifically the number of financial services firms relocating to Jacksonville,” Champion adds. “The healthcare industry has grown rapidly. In addition, the port system has continued to expand, bolstering manufacturing, logistics and industrial.”
The acquisition follows Carroll Organization’s earlier Jacksonville purchases of the 288-unit Club at Danforth apartment community, located near Jacksonville Golf and Country Club, and the 400-unit Paddock Club.