Carroll Organization Closes Sale of 180-Unit FL Asset
- Nov 14, 2017
Carroll Organization has closed the sale of ARIUM San Remo in Coral Springs, Fla. The company originally acquired the property in April 2014 as part of its Carroll Multifamily Real Estate Fund III LP.
ARIUM San Remo is within minutes of shopping centers, fine dining restaurants, recreational park and golf courses. The property is also located two miles from the Sawgrass Expressway and 15 minutes from the Florida Turnpike, two major interstates in South Florida.
Located at 3400 Coral Springs Drive, the 180-unit community features two- and three-bedroom townhomes ranging from 1,141 to 1,517 square feet, according to RENTCafe. Unit interiors include walk-in closets, all electric kitchens, stainless steel appliances, high ceilings, washer/dryers, ceiling fans, plank flooring and screened in patios. The pet-friendly community offers common area amenities such as:
- barbecue/picnic area
- covered parking
- garages pool
- business center
- fitness center
“South Florida maintains healthy multifamily fundamentals due to its steady job growth and in-migration. Construction and land costs are also rising rapidly, thus limiting the supply of affordable rental housing and creating a favorable dynamic for apartment owners,” said M. Patrick Carroll, chief executive officer of Carroll Organization. “We were able to take advantage of strong organic rent growth over the last three years of ownership, while pushing rent premiums through light value-add renovations on the interiors. We felt it was the right time to sell the property and post strong returns for our investors.”
Last month, a joint venture of the Carroll Organization and Goldman Sachs Asset Management sold ARIUM Falcon Pines, a 300-unit luxury apartment community in Orlando, Fla. for $47.7 million.
Image courtesy of Carroll Organization