M. Patrick Carroll, CEO of Carroll Organization

ATLANTA—A joint venture of the Carroll Organization and PGIM Real Estate have acquired three multifamily portfolios valued at nearly $600 million in North and South Carolina and Florida.

These transactions mark the fifth joint venture between PGIM Real Estate and Atlanta-based Carroll Organization since December 2017. To date, these joint ventures have spent $2 billion in acquisitions across 45 properties and approximately 15,000 units throughout Florida, North Carolina, Tennessee, Texas, and South Carolina. All of the assets are managed by Carroll Management Group.

The three portfolio acquisitions include an eight-property, 2,883-unit multifamily portfolio located in the Raleigh-Durham, NC area. That portfolio includes: Copper Mill in Durham; Meadows at Kildaire in Cary; Oaks at Weston in Morrisville; Spring Forest in North Raleigh; Crest at West End in Carrboro and Reserve at Lake Lynn, Walnut Creek, and Woodland Court in Raleigh.