Atlanta-based multifamily owner/operator Carroll Organization spent more than $153.5 million on Jan. 31 for three properties totaling 972 apartments in Greater Orlando, and has more capital to invest for a new fund, a lead executive with the company told GrowthSpotter.
"Orlando has been one of the best performing markets across our portfolio," said Andrew Zelman, vice president of investments.
"Across these three properties there were a few consistencies. They are all in high-quality suburban areas with affluent demographics and good public schools. They're all late 90s or early 2000s vintage, and the interiors had been mostly original and in need of updating. Our plan is to renovate and increase rents over time."
All three properties will be rebranded under Carroll's Arium name, and managed by Carroll Management Group. These bring the company's asset count to 10 in the market.
The company plans to renovate unit interiors, exteriors and amenities of all three properties, with that investment staggered in the coming years as lease turnover occurs, Zelman said. He declined to forecast how much would be invested.
Located at 2415 Treasure Landing Parkway in Ocoee, the rebranded Arium Windermere community is based on 35.87 acres, with 21 buildings dating to 2008, the majority of which are two-story walk-ups.
The rebranded Arium Alafaya Trail, at 2590 Greenhill Way in Oviedo, has 11 two-story walk-up buildings dating to 2006. And the Arium Maitland Summit, at 9000 Summit Centre Way in Maitland, lies on 12.39 acres with 13 buildings dating to 1998.
The sellers were affiliates of Starwood Capital Group, which acquired the properties in its own portfolio deal in 2013.
Carroll will be looking to acquire more multifamily assets this year to fill its new real estate fund, focusing around its footprint in Texas and the Southeast, Zelman said.
Carroll has spent more than $950 million since the start of 2016 on 18 properties, and will continue to purchase high-quality multifamily communities with a focus on its favored regions the Southeast and Southwest.