ORLANDO—Carroll Organization has moved into the East Orlando market with the acquisition of a 300-unit multifamily property. Falcon Pines marks Carroll's second Orlando multifamily acquisition this year and sixth Florida deal.

“We continue to see great opportunities in selected Florida markets, including Orlando,” says M. Patrick Carroll, founder and CEO of Carroll. “We were able to acquire Falcon Pines, an outstanding property in a great location, for significantly less than replacement cost, and we see limited new supply on the horizon in this submarket.”

Falcon Pines is a luxury gated community that's close to major economic drivers in the area. The multifamily property is minutes from Lake Nona Medical City, University of Central Florida, and the 1,027-acre Central Florida Research Park, which is home to several leading companies such as Boeing, Northrop Grumman, and Raytheon.