Carroll Organization buys three properties for $145m
Carroll Organization, a privately held real estate company focused on multifamily investment, management and development has acquired three new properties in Raleigh, N.C., and Jacksonville, Fla., for $145 million. The properties totaling 1,012 units include Stonehenge Apartments, Autumn Cove and Vista Grande. All three properties will be a part of Carroll Multifamily Real Estate Fund V, managed by Carroll Management Group, and rebranded under the ARIUM name.
“All three assets are consistent with a similar strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth MSAs,” said M. Patrick Carroll, CEO of Carroll Organization.
Stonehenge Apartments, a 452-unit community located in Raleigh, N.C., was acquired in November 2018 and rebranded as Stonehenge Apartments by ARIUM.
Autumn Cove and Vista Grande are adjacent communities located in Jacksonville, Fla., acquired in January 2019. The proper