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Carroll acquires Florida complex for $122.5m

The Atlanta-based multifamily specialist has purchased a mixed-use property in Tampa with joint venture partner AIMS Real Estate Group, a division of Goldman Sachs Asset Management.

Atlanta-based multifamily specialist The Carroll Organization has acquired a multifamily and retail complex in Tampa, Florida from JP Morgan Asset Management for approximately $122.5 million. Carroll purchased the asset, known as West Park Village, with joint venture partner AIMS Real Estate Group, a business unit within Goldman Sachs Asset Management.
 
Built in 2004, West Park Village is a 617-unit multifamily community with more than 40,000 square feet of retail space.  Carroll plans to enhance the property through hands-on management and a number of capital improvements. The value-added asset, which is located near Tampa’s largest office market, marks Carroll’s fourteenth major purchase in Florida, according to a release from the firm.
 
“When evaluating an asset, location is one of the most important aspects,” said Patrick Carroll, founder and chief executive, in a statement. “We’ve had tremendous experience with properties that are in close proximity to retail amenities, as walkability helps drive demand and in turn drives occupancy and rent growth.” 
 
Separately, Carroll also made its first disposition two weeks ago with the sale of ARIUM Briar Forest, a 476-unit garden style apartment community in Houston. Carroll acquired the property through a joint venture with a real estate fund managed by The Carlyle Group in 2012. Although Carroll did not disclose the financial terms of the transaction, data provider Real Capital Analytics lists the buyer as Dallas-based investment firm Provident Realty Advisors.
 
During their ownership of ARIUM Briar Forest, Carroll and Carlyle completed a targeted capital improvement campaign that included extensive interior upgrades in all of the units, as well as high-end amenity finishes. “The investment in ARIUM Briar Forest exceeded all of our targeted return metrics,” added Carroll in a statement. “The sale validates our investment strategy of purchasing an asset at a discount, repositioning the property, improving performance, re-establishing the property as a high-quality asset and creating value for another owner.”
 
Currently, Carroll is in the market with its third value-added vehicle, Carroll Multifamily Real Estate Fund III. The firm recently decreased the target for Fund III to $50 million from its original reported target of $250 million due to the current fundraising environment. The vehicle, which will be used to invest in multifamily assets in the US with a focus on properties in the Southeast and Texas, held a first close in March on $7.5 million.