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A aerial photo of the Arium Maitland Summit apartment community at 9000 Summit Centre Way.
A aerial photo of the Arium Maitland Summit apartment community at 9000 Summit Centre Way. (ARIUM Living)

An affiliate of New York-based Blackstone Group just paid $152.3 million for two multifamily properties in Orange County, totaling more than 700 units.

The deal is part of a five-property multifamily portfolio that includes apartment complexes in Seminole County, Charlotte, North Carolina and Arlington, Texas.

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Blackstone acquired the assets through its core-plus investment fund, which targets substantially stabilized real estate through regional open-ended funds. The properties likely sold because their investment period had ended.

Each selling entity is tied to Carroll, an Atlanta-based real estate investment company.

In Maitland, Blackstone paid $55.2 million for the 272-unit Arium Maitland Summit apartment community at 9000 Summit Centre Way. The deal breaks down to about $202,940 per unit. The complex was built in 2000, and Carroll purchased it in 2017 for $40.5 million.

Amenities include a fitness center, swimming pool and spa, fire pit, outdoor picnic area, and newly renovated business center.

A photo of the Arium Windermere rental community at 400 Moore Road.
A photo of the Arium Windermere rental community at 400 Moore Road. (ARIUM Living)

The second multifamily property to sell as part of the portfolio deal include the Arium Windermere rental community, which was completed in 1998. The 447-unit complex is a gated apartment community located at 400 Moore Road. Records show it sold for $97.1 million or about $217,225 per unit.

Arium Windermere consists of two-story buildings with units averaging 1,100 square feet. Carroll bought the multifamily property in 2017 for $70.5 million.

Arium Alafaya Trail, a 253-unit community in Seminole County, was also part of the portfolio. Blackstone paid $59 million for that property, according to records. Amenities include a swimming pool, fitness center, theater room and garage space.

The properties were initially acquired between 2016 and 2017 through the Carroll Multifamily Real Estate Fund IV, LP and Carroll Multifamily Real Estate Fund V, LP.

“We were fortunate enough to successfully exit the portfolio while retaining management to complete the proven value-add renovation program on these deals," M. Patrick Carroll, CEO of Carroll, said in a press release.

Meanwhile Blackstone is busy investing in numerous multifamily properties throughout Central Florida, including the 338-unit Integra Cove apartments near SeaWorld, the 396-unit Knightsbridge at Stoneybrook apartments in east Orange County, a 105-bed senior living facility in Ocoee, the 461-unit mixed-use tower in Downtown Orlando and the 432-unit Estates at Park Avenue in MetroWest.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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