Carroll Organization Acquires West Palm Beach Apartments
- Apr 01, 2015
West Palm Beach, Fla.—Carroll Organization, in a joint venture with Blue Mountain Capital, has acquired Resort at Laguna Lakes in West Palm Beach, an 812-unit property developed during the 2000s. The company plans to rebrand the apartments and manage them itself.
The property consists of two separate phases, which will be separately renamed Arium Laguna Lakes—416 units built in 2003—and Arium Palm Cove, 396 units built in 2006. Both phases have their own clubhouse, pools, tennis court, and other common amenities.
Carroll Organization plans to undertake a light value-add program with updates to the properties’ flooring in each unit and upgraded appliances. Company CEO M. Patrick Carroll says that he likes the “range of value creation options these investments present.”
Also, West Palm Beach is in a growth mode, along with most of the rest of South Florida. The area has seen significant development over the past year, especially the creation of Palm Beach Outlets, a $375M redevelopment of the Rivera Beach marina, and the opening of the 170,000-square-foot Village Commons shopping center, all within five miles of the residences.
Atlanta-based Carroll Organization has been quite busy lately as a buyer and seller of multifamily assets. The West Palm Beach deal is its third acquisition of 2015, with the combined value of over $220 million. The company has also sold properties worth over $340 million. In 2014, the company purchased 15 multifamily properties, sourcing many of them off-market from owners and developers.