ORLANDO—Carroll Organization is moved fast on the multifamily front in 2015. The company acquired three properties with a total of 1,438 units in an off-market portfolio purchase in one of its last deals of the year.
Specifically, Carroll purchased La Palazza at MetroWest, The Cottages at Hunter's Creek and Knightsbridge at Stoneybrook. Two of the multifamily properties will be rebranded as Arium MetroWest and Arium Hunter's Creek, respectively. Knightsbridge will continue to operate under its current name. All three multifamily properties will be managed by Carroll Management Group.
"These acquisitions are consistent with our investment strategy to expand in markets that are well-performing and showing consistently high job and population growth," says M. Patrick Carroll, founder and CEO of Carroll. "We currently own and manage four other properties in Orlando, all of which have been performing exceptionally well. These properties not only enhance our portfolio in Orlando, but give us the opportunity to grow in a market that is poised for continued success."
Beyond tourism, the Orlando metro area's diverse group of industries are playing major roles in Orlando's employment growth trend. Forbes recently named Orlando as the nation's number one city for job growth and was named the second fastest growing metro area in the US by the US Census Bureau.
ARIUM MetroWest is a garden-style community with 510 units, many of which are townhomes. ARIUM Hunter's Creek houses 532 colonial style, ground floor entry units. Knightsbridge at Stoneybrook is a 396-unit community located in Southeast Orlando.
Average household income within 1 mile radius of the property exceeds $76.7k, while housing value exceeds $279,000 in the same radius. Major employers like University of Central Florida, Lockheed Martin, Central Florida Research Park and Lake Nona Medical Center surround the multifamily asset.
Carroll acquired 20 properties in 2015 following the acquisition of MetroWest, Hunter's Creek and Knightsbridge. With these transactions, Carroll completed over $875 million in acquisitions in 2015 and will continue to actively purchase high-quality multifamily communities in the Southeast and Texas during 2016.
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