CARROLL, PGIM execute multifamily portfolio sale for $885m

CARROLL, in partnership with PGIM Real Estate, the $209.3 billion real estate investment and financing business of Prudential Financial, has sold 12 multifamily communities representing 3,564 total units across Florida, North Carolina and Tennessee for $885.5 million.

Clarion Partners acquired the portfolio on behalf of its largest commingled fund in a venture with Blackfin Real Estate Investors.

The 12 communities were part of a 2017 acquisition of a 28-community portfolio purchased as the first joint venture transaction between PGIM Real Estate’s U.S. core-plus equity strategy and CARROLL.

Included in the sale were: three Wilmington, N.C., communities (Cape Harbor by ARIUM, Clear Run by ARIUM, Mill Creek by ARIUM); three Charlotte communities (Mallard Creek by ARIUM, Northlake by ARIUM, Harris Pond by ARIUM); two Tennessee communities (Williamsburg by ARIUM, Hendersonville, Tenn.; and The Club by ARIUM, Antioch, Tenn.); and four Florida communities (Heron La