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Atlanta-based Carroll Org pays $44.5M for 7th multifamily asset in Orlando

Atlanta-based Carroll Organization, an investor, developer and operator of multifamily, paid $44.5 million on Friday for its seventh community in Orlando, one it has managed over the past three years for the seller.

Located at 8008 Balasands Blvd. within the Windermere school district, the 298-unit Arium Bala Sands apartments was built in 2002, and lies on 36.24 acres just east of Ocoee city limits, and west of the intersection of W. Colonial Drive and N. Apopka Vineland Road.

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Carroll has been the property manager of the Bala Sands for three years for outgoing owner InvestCorp of New York. It bought the property through its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP.

A view of the 298-unit Arium Bala Sands apartments in West Orlando.
A view of the 298-unit Arium Bala Sands apartments in West Orlando. (Carroll Org)

The company now owns 2,594 units across seven multifamily properties in Orlando, according to its portfolio listed online.

Executives with Carroll did not reply to requests for comment on Tuesday.

Features of the Bala Sands apartment community include attached garages for all units, nine-foot ceilings, walk-in closets and built-in bookshelves, with an average unit size of 1,097 square feet.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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