CARROLL and PGIM Real Estate execute three portfolio sales totaling $1.1b
CARROLL, in partnership with PGIM Real Estate, the real estate-investment manager of PGIM and global-asset-management business of Prudential Financial, has sold two multifamily communities, valued at more than $1.1 billion, representing 4,121 total units across Florida, North Carolina, and South Carolina.
The 12 communities were part of three joint-venture transactions between institutional-fund vehicles managed by PGIM Real Estate and CARROLL completed in 2018.
Included in the sale were: six Raleigh communities (ARIUM Southpoint, ARIUM Kildaire, ARIUM Weston, ARIUM Lake Lynn, ARIUM Lake Johnson, ARIUM Trailwood); three Charleston communities (ARIUM North Charleston, ARIUM St. Ives and ARIUM Mt. Pleasant); and three South Florida communities (ARIUM Boca Raton, Centro at Davie by ARIUM, ARIUM Boynton Beach).
Purchased under CARROLL’s workforce value-add strategy, the North Carolina and South Carolina assets provided quality workforce housing for an underserved