ORLANDO, FL - Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management and development announced that it has acquired ARIUM Bala Sands, a 298-unit multifamily community in Orlando, FL, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP.
“We purchased this deal from an existing partnership. Having already been managing the deal for nearly 3 years, we have a thorough understanding of the property, its location, value-add strategy, and business plan,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “We were able to buy at an attractive cap rate and utilize accretive debt to produce great cash flow from day 1.”
ARIUM Bala Sands is a lake-front, garden style apartment community built in 2002 across 36 acres. All units feature attached garages, 9 ft ceilings, full size washers and dryers, walk in closets, crown molding, and built in book shelves. With its average unit size of 1,097 square feet, Bala Sands features some of the largest floor plans in the submarket. The property is located within the prestigious Windermere School District including three schools which are A-rated by the Florida Department of Education. Bala Sands is also conveniently located only minutes from downtown Orlando, Disney and Universal Studios.
Orlando boasts one of the strongest multifamily markets in the country. The market is among the nation’s leader in job growth and population growth. It was the #1 market for job creation in the country in 2015 and was also ranked 5th nationally in rent growth.
To date, Carroll has successfully exited nineteen assets valued over $645 million, including this transaction. The investments have produced an average IRR of 30%. Carroll has purchased twenty-eight properties totaling over $1.2 billion since the beginning of 2015 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.