Carroll Organization and PGIM Real Estate have formed a joint venture to acquire a four-property portfolio in South Florida. Carroll Organization is acting on behalf of its latest investment vehicle, Carroll Multifamily Real Estate Fund V, while PGIM Real Estate is acting on behalf of institutional investors.
The newly formed portfolio includes Bella Vista at Boca Del Mar, a 292-unit community located in Boca Raton, Fla.; Centro at Davie, a 466-unit community located in Davie, Fla.; Savannah Lakes, a 466-unit resort-style community in Boynton Beach, Fla.; and Stonybrook Apartments, a 264-unit gated community located in Boynton Beach, Fla.
All of the newly acquired South Florida properties will be rebranded under the ARIUM name and managed by Carroll Management Group.
“All of the properties are well-located within the suburbs of Broward and Palm Beach counties and offer tremendous upside through continuation of a proven value-add renovation program,” said M.
