Source: Carroll Organization / #Apartments #Multifamily
JENSEN BEACH, FL - Carroll Organization announced today that it has formed a joint venture with PCCP, LLC and Silverpeak Real Estate Partners for the acquisition of Pineapple Cove, a 260-unit apartment community located in Jensen Beach, FL. Following Carroll’s ARIUM brand, Pineapple Cove will be rebranded as ARIUM Jensen Beach and managed by Carroll Management Group.
“Florida’s Research Coast has seen dramatic population growth over the past few years with an influx of Floridians moving up and down the coast,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “We are always excited to add well performing assets like Pineapple Cove to our portfolio in Florida. With little to no supply being added in the Jensen Beach submarket, we see great potential for long-term rent growth for the property.”
ARIUM Jensen Beach’s coastal location offers accessibility and visibility on the east side of US-1/Federal Highway, one of the major north/south thoroughfares in the state of Florida. Additionally, the property offers convenient access to I-95, the Florida Turnpike, A1A, and the Intracoastal Waterway. The Martin County School District is consistently ranked among the highest performing school districts in Florida. Martin County has earned an “A’ grade from the Florida Department of Education 11 out of the past 13 years. Carroll plans to implement a light value-add business plan with updates to the unit interiors, including new appliances, hardware and wood floors, as well as upgrades to the pool, fitness center and clubhouse.
“This is a compelling opportunity to buy an asset with strong cash flow and great upside potential with an operator that has substantial value-add and management expertise in the southeast,” said Kevin Chin, senior vice president with PCCP.
Carroll has purchased fifteen properties in 2015 following the acquisition of Jensen Beach. With these transactions, Carroll has completed over $579 million in acquisitions this year and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as an owner that executes at each stage of the investment life cycle.