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.
Waterford Lakes Town Center, which offering restaurants and shopping, is also nearby. And Downtown Orlando and Orlando International Airport are only 10 miles away. Given this combination of attributes, Carroll expects the East Orlando submarket to outperform national averages in occupancy and rent growth in multifamily housing, and feels Falcon Pines is well-positioned to benefit.
The Atlanta-based firm will work to enhance the tenant experience at Falcon Pines through both hands-on management and capital improvements, and is rebranding the property ARIUM Falcon Pines in line with the values of the company's growing national portfolio. Carroll has acquired more than $900 million in multifamily properties located throughout the Southeast over the first 11 months of 2013.
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