The joint venture also acquired a three-property, 680-unit Class B multifamily portfolio in Charleston, SC. The portfolio includes Cooper's Pointe Apartments, Springhouse Apartments and Hibben Ferry Apartments.

“These investments are based on our thesis that quality workforce housing is currently an underserved segment of the multifamily market, which has created a supply/demand imbalance when homeownership or new-supply rents in desirable locations may not be attainable for most Americans. The outlook for multifamily performance in the Raleigh-Durham, Jacksonville and Charleston markets remains strong going forward due to their diverse economies, business-friendly governments, job and population growth, and overall quality of life,” states M. Patrick Carroll, CEO of Carroll Organization.

“These latest portfolio acquisitions are consistent with PGIM Real Estate's strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” states Alfonso Munk, Americas chief investment officer for PGIM Real Estate.

The Raleigh, Ponte Vedra Beach and Charleston acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Carroll Organization.

Carroll Multifamily Real Estate Fund V, LP, is one of the country's leading privately held real estate companies focused on multifamily investment, management and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. of Newark, NJ.