MIAMI—Carroll Organization just snapped up Camden Reserve Orlando, a 526-unit, multifamily property in Orlando, for $40.5 million. Carroll bought the multifamily asset from Camden Property Trust, one of the largest publicly traded multifamily companies in the United States.

“Camden Reserve presented an excellent investment opportunity, due to its attractive location and historically high occupancy rates,” says M. Patrick Carroll, founder and CEO of the Carroll Organization. “As part of our ongoing value-added investment strategy, we remain focused on identifying these types of multifamily assets, in well-performing markets and in close proximity to major thoroughfares and business centers.”

Built in 1990, the multifamily complex is currently 95% occupied. Carroll will oversee a $1.5 million capital improvement campaign at the apartment community. Upgrades will include the creation of a recreational area, as well as improvements to the common areas, fitness center and home interiors.