Carroll Organization Acquires 1,012-Unit Apartment Portfolio in Jacksonville, Raleigh for $145M

The 272-unit Vista Grande in Jacksonville, Fla., will be renamed Arium Reserve at Orange Park.

JACKSONVILLE, FLA. AND RALEIGH, N.C. — Carroll Organization has acquired three apartment properties totaling 1,012 units in Jacksonville and Raleigh for $145 million. All three communities will be part of Carroll Multifamily Real Estate Fund V LP, managed by Carroll Management Group and rebranded under the Arium name. Sellers were not disclosed.

The 288-unit Autumn Cove and the 272-unit Vista Grande are adjacent communities in Jacksonville. The properties will be renamed Arium Retreat at Orange Park and Arium Reserve at Orange Park. Both feature pools, fitness centers and dog parks.

Stonehenge Apartments is a 452-unit property in Raleigh. Amenities include a multi-level fitness center, pools, cabanas, playground and sports club with racquetball, basketball and tennis courts. The location provides convenient access to the Research Triangle and downtown Raleigh.

“All three assets are consistent with a strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth metro areas,” says M. Patrick Carroll, CEO of Carroll Organization.

Atlanta-based Carroll has now purchased 29 properties totaling more than $1.5 billion over the past 12 months. The privately held real estate company manages approximately 35,000 multifamily units across eight states.

— Kristin Hiller

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