Carroll Organization Acquires Properties in Florida, Georgia and Tennessee for $102.5M
- May 07, 2013
Jacksonville, Fla.—Carroll Organization, along with investment partner NorthStar Realty Finance Corp., has acquired four multifamily properties located in Florida, Georgia and Tennessee for $102.5 million.
The portfolio includes the Club at Danforth in Jacksonville, Fla.; Harbour Green in Panama City Beach, Fla.; Links at Georgetown in Savannah, Ga.; and Vintage at the Parke in Murfreesboro, Tenn. This acquisition marks Carroll Organization’s ninth purchase since the beginning of 2013 and it now owns/manages more than 10,000 multifamily units in seven states.
“All four properties are situated in markets with exceptional market fundamentals and provided Carroll Organization with a great investment opportunity,” says M. Patrick Carroll, founder and CEO of the Carroll Organization. “This acquisition is parallel with our strategy of buying in good locations with excellent visibility, and the additional opportunity to increase value through capital improvements and marketing strategies.”
Built in 1998, Club at Danforth features 288 units consisting of one, two and three-bedroom homes. All the apartments have private ground-floor entryways, security systems, nine-foot vaulted ceilings and are equipped with washer and dryer. Select units boast designer touches such as a wood-burning fireplace and solariums. Located in close proximity to Windsor Parke Golf Club, Jacksonville Golf and Country Club, and Glen Kernan Golf and Country Club, Club at Danforth is currently 96 percent occupied.
Harbour Green in Panama City Beach is a beautiful apartment community consisting of 200 homes located adjacent to Patronis Elementary, the highest rated school in the area. Harbour Green’s low-density site plan includes two-story residential buildings with townhome-style units that are currently 97 percent occupied. Similar to Club at Danforth, the Harbour Green apartments have private ground-floor entryways, security systems and are equipped with washer and dryer.
The Links at Georgetown in Savannah is a 360-unit, garden-style multifamily community situated adjacent to, and offering spectacular views of, The Henderson Golf Club. It is also within close proximity to the Savannah Port, one of the country’s fastest growing ports. Links at Georgetown features spacious one-, two-, and three-bedroom homes with private, ground-floor entryways, security systems, and high vaulted ceilings. Select units have wood-burning fireplaces and garden tubs. The community is currently 92 percent occupied.
Vintage at the Parke is a beautifully-landscaped garden-style community located in Murfreesboro, one of Nashville’s most sought-after and healthiest residential submarkets. The 278-unit property consists of well-appointed one-, two- and three-bedroom homes built in 2002. The units feature white appliances and cabinetry, designer hardware, breakfast bar, built-in wood burning fireplaces, oversized walk-in closets, nine-foot vaulted ceilings, and private patios and balconies. Vintage at the Parke is 96 percent occupied.
All the properties within the portfolio boast numerous amenities including resort-style swimming pools, tennis courts, fitness centers, Internet cafes and business centers. Carroll Organization will continue to enhance the resident experience through hands-on management, while simultaneously rebranding the properties under the proprietary “ARIUM” name, in keeping with the identity of Carroll Organization’s rapidly growing national portfolio.
During the past 18 months, Carroll Organization has completed over $500 million of multifamily acquisitions. The company sources many of its deals “off-market” directly from developers.
BH Properties purchases Phoenix property for $6.2M
Phoenix—B.H. Properties LLC, a Los Angeles-based commercial real estate investment firm, has purchased the 214-unit Terrace Park Apartments for $6.2 million.
“The plan is to run the property in accordance with other BH-owned properties in Phoenix,” says Steve Jaffe, executive vice president and general counsel at BH Properties. “We can take advantage of economies of scale by cross-marketing, sharing staff and promoting properties to new visitors, namely with Sunpointe which is in close proximity at the intersection of McDowell and 71st Avenue.” This acquisition gives BH Properties its eighth multifamily property in Arizona in the past 24 months.
Located at 8130 W. Indian School Road, the 214-unit property was built in 1984 and is currently 94 percent leased. The complex offers newly remodeled one- and two-bedroom apartment homes with a clubhouse and playground, carport parking and two outdoor pools. Terrace Park Apartments is located near the I-10 and the Loop 101, Desert Sky Mall and two miles from local area schools.
“As an adjunct to the growth of our multi-family portfolio like Terrace Park, we are actively looking opportunities in the condominium market, a natural outgrowth of our presence in the region,” Jaffe says.
BH Properties was represented by Peter Katz of Marcus & Millichap. BH Properties said it plans to further expand its presence in Arizona.