Carroll Organization Completes Sale of 300-Unit Community in Orlando

  • Wednesday, October 18, 2017


Atlanta, GA – Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development in conjunction with its partner Goldman Sachs Asset Management Private Real Estate ("GSAM PRE") announced today that it has completed the sale of ARIUM Falcon Pines in Orlando, FL. This property was originally acquired in November 2013.


"ARIUM Falcon Pines represented an opportunity to acquire a well-located asset in East Orlando with excellent bones for a value-add renovation program. The property has a distinct advantage of being the only concrete block asset with nine-foot ceilings in the competitive set, and we saw tremendous potential to drive rents through light interior upgrades," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "We had tremendous success with our business plan over the past four years of ownership, and given the strong pricing recently achieved for well-located garden product in the area, we elected to sell the asset and realize profits for our investors."


ARIUM Falcon Pines is a 300-unit gated community nestled among the natural beauty of Florida while also being only minutes from the fine dining and shopping of Waterford Lakes and Downtown Orlando. The community features a plethora of amenities including a lagoon-style pool with sundecks and gourmet outdoor kitchen and grill, a fitness studio, playground, as well as a game room and lounge area, pet park and private lake. Falcon Pines is in close proximity to Central Florida Research Park, which hosts major companies such as Boeing, Northrop Grumman and Raytheon.


To date, Carroll has successfully exited thirty-five assets valued over $1.5 billion, including this transaction. The investments have produced an average IRR in excess of 30%. In 2017, Carroll has now sold six properties totaling over $500 million and purchased twelve properties totaling over $620 million. Carroll Organization is continuing to actively acquire 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.