Carroll Organization’s Resort-Like Community Takes Flight
- Aug 03, 2015
Atlanta— Atlanta-based Carroll Organization has acquired Cayo Grande Apartments in Fort Walton Beach, Fla. The community will be rebranded as ARIUM Emerald Isle and managed by Carroll Management Group. The apartment community was acquired in a joint venture with W.P. Carey’s managed non-traded REIT, CPA:18-Global and Silverpeak Real Estate Partners.
Seventeen different floor plans are represented in the 301-unit community. Three swimming pools, 24-hour fitness center with dry sauna, two business centers, tennis court, putting green, picnic area and car wash station highlight an array of common-area amenities made available to residents.
Situated two miles from the Choctawhatchee Bay, Cayo Grande Apartments is fewer than six miles from the Gulf of Mexico. Terrific drive-by visibility, top job centers, highly-rated schools and key demand drivers all lead to substantial renter interest in the community, which is located near major thoroughfares.
Nearby Elgin Air Force Base and Hurlburt Field give the metro area a substantial military presence. The two bases combined employ 23,000 military and civilian workers, leading to a $1.5 billion economic impact on the area. By itself, the Elgin complex, encompassing 724 square miles of land, is one of the world’s largest air force bases.
“We’ve been an owner and operator in the Florida Panhandle for years,” said M. Patrick Carroll, founder and chief executive officer of Carroll Organization. “Ft. Walton Beach is a market we know extremely well, and this acquisition allows us to efficiently scale our operations. In recent years, the area has seen limited new supply, and renters are continually looking for more value from apartment communities. Cayo Grande presents a unique opportunity to acquire a quality existing asset and enhance the amenities to meet renter demand.”
To that end, Carroll is planning to undertake a light value-add business plan, including some amenity upgrades.
The acquisition of Cayo Grande is Carroll’s ninth multifamily acquisition of this year. Many of the properties acquired were sourced “off market” directly from developers and owners.