ATLANTA, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, acquired Mariner’s Key, a 208-unit residential community with 625 feet of direct Intracoastal Waterway frontage in northeastern Palm Beach County. Carroll Organization acquired the asset with joint venture partner AIMS Real Estate, a business unit within Goldman Sachs Asset Management. The purchase of this property expands Carroll Organization’s existing presence in Florida to 16 assets in the state. Carroll Organization will continue to enhance the resident experience and will start its rebranding efforts by changing the name to “Marina Key.”
“This is an all-around exceptional asset with a pristine location on the Intracoastal of North Palm Beach”, said M. Patrick Carroll, Founder and Chief Executive Officer. “It is one of only six apartment communities located directly on the water in the tri-county area, which provides us with a truly unique and valuable asset to expand our portfolio in the South Florida market.”
The property’s location is ideal for residents working in the West Palm Beach business district which consists of approximately 6.5 million square feet of office space. Singer Island Beaches, the Jack Nicklaus North Palm Beach Country Club & PGA Golf Course and the West Palm Beach VA Medical Center are also in close proximity. Downtown at the Gardens is just minutes away, providing residents with a variety of upscale shopping and dining options. Carroll will implement a light value add program which will include indoor and outdoor improvements to enhance the overall community experience. This amenity rich property includes a newly-constructed clubhouse, private sandy beach area overlooking the Intracoastal, heated waterfront pool and spa, outdoor kitchen, waterfront fitness center, sauna, his/hers locker rooms with showers, and a 17-slip marina, which is available for tenants to lease.
Carroll continues to be one of the most active buyers in the country. So far in 2014, the company has purchased nine multifamily properties valued at over $400 million. The company sourced many of its deals “off market” directly from developers and owners, and is recognized within the brokerage community as a go-to buyer that performs.
About Carroll Organization: Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $500 million of equity through Carroll Organization sponsored funds and joint ventures, and its current investment portfolio is valued in excess of $1.5 billion. Carroll Organization’s regional offices are located in Houston and Miami. Today, the company manages approximately 15,800 multifamily units in six states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen in excess of $40 million of dollars in construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions.
About Goldman Sachs Asset Management: Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which oversees $1.14 trillion in assets under supervision as of June 30, 2014. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.