JV Pays $600M for Southeast Assets
- Nov 28, 2018
A joint venture between Carroll Organization and PGIM Real Estate has acquired three portfolios in the Southeast with a combined value of nearly $600 million. The deals mark the fifth joint venture between the two firms since December 2017. Together, the companies have acquired $2 billion across 45 properties and 15,000 units across the south.
“These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate, in prepared remarks. “Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.”
The acquisition includes an eight-property portfolio in the Raleigh-Durham, N.C., area totaling 2,883 units. Communities acquired there include Copper Mill, Meadows at Kildaire, Oaks at Weston, Spring Forest, Crest at West End, Reserve at Lake Lynn, Walnut Creek and Woodland Court.
In Florida, a two-property portfolio totaling 480 units in Ponte Vedra Beach, Fla., includes the Soleil at Ponte Vedra Beach and Seaglass at Ponte Vedra Beach, while in Charleston, S.C., a three-property portfolio with 680 total units acquired includes Cooper’s Pointe Apartments, Springhouse Apartments and Hibben Ferry Apartments.
Image courtesy of Yardi Matrix