ORLANDO, FL - Carroll Organization announced today that it has completed the sale of ARIUM Barber Park in Orlando, FL. This 526-unit community was originally purchased in April 2013, and was Carroll’s first in the Orlando market.
“Orlando’s multifamily market is consistently performing and we wanted to take advantage of the market and the steady rent growth we were seeing,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “Barber Park presented a unique opportunity to buy well below replacement cost and run our value-add repositioning program to improve overall performance. After two years of executing our business plan on schedule, our investment team saw an opportunity to sell, producing solid returns for our investors.”
"We are pleased to have invested with Carroll Organization in the Barber Park multifamily community. This investment provided the opportunity to buy a well-located apartment community at an attractive basis and enhance property income through various value-add initiatives. Given Carroll’s business plan execution and receptive market conditions, we realized an attractive return for our investors," added Robert Davies, Principal with The Townsend Group.
Throughout the hold period, Carroll improved net operating income by reducing and controlling expenses, upgrading the amenities and interiors and enhancing the marketing efforts. Carroll upgraded both clubhouses on the property, as well as the fitness center, and added outdoor grilling areas at each pool. Carroll was able to drive organic rent growth of 16% while holding an average occupancy of 95%. Barber Park’s renovated interiors include high-end finishes such as stainless steel appliances, faux granite counter tops, and faux-wood flooring. The lakefront community is just minutes from the East/West Expressway, I-4, Orlando International Airport and a number of Orlando’s well-known theme parks.
To date, Carroll has successfully exited nine assets valued at over $354 million, including Barber Park. The investments have produced an average IRR of 36%. Carroll has completed over $1 billion in acquisitions since the beginning of 2015 and will continue to actively purchase high-quality multifamily communities in the Southeast and Texas during 2016. 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 state of the investment life cycle.
Source: Carroll Organization / #Apartments #Multifamily