Carroll Organization Completes Sale of 8-Property Portfolio
- Nov 11, 2016
By IvyLee Rosario
Jacksonville, Fla.—Carroll Organization announced it completed the sale of ARIUM St. Johns, a 440-unit luxury community in Jacksonville, which includes renovated one-, two- and three-bedroom floorplans.
The last remaining in an eight property portfolio acquired by Carroll Co-Invest Fund II LP and NorthStar Reality Finance Corp. in 2013, the residential community is located near the St. Johns Town Center, close to Jaxport, Route 9A, NAS Mayport, University of North Florida, Jacksonville University, Jacksonville and Neptune Beaches and Jacksonville International Airport.
“ARIUM St. Johns represented an opportunity to acquire a well-located asset with convenient access to a variety of employment centers within the Jacksonville market. We felt that the asset presented a compelling proposition for both organic rent growth, as well as value-add upside,” said M. Patrick Carroll, chief executive officer of Carroll Organization.
The residents will have access to amenities such as two lakes with jogging trails, fountains, a gazebo, a dog park, two playgrounds, a clubhouse, two swimming pools with sun decks and lighted tennis and sand volleyball courts.
To date, Carroll has exited 28 assets valued over $1 billion, including this transaction. The company has purchased 32 properties totaling over $1.5 billion since the beginning of 2015 and is continuing to actively purchase high-quality multifamily communities in the Southeast, Southwest and other strategic target markets across the country.
“The business plan was to drive revenue by matching neighboring rent premiums through an interior upgrade program, as well as light upgrades to the exterior and amenities,” added Carroll. “Given the strong pricing recently achieved for well-located value-add product in the area, we elected to sell the property after three years of ownership and distributed a strong return to our investors.”
Images courtesy of Carroll Organization