Carroll Organization, PGIM Acquire $600M, 13-Property Multifamily Portfolio in Southeast

The Meadows at Kildaire in Raleigh Durham was one of 13 multifamily properties acquired by the Carroll Organization and PGIM Real Estate.

ATLANTA — Carroll Organization and PGIM Real Estate have acquired three multifamily portfolios in the metro areas of Raleigh-Durham, N.C.; Ponte Vedra Beach, Fla.; and Charleston, S.C. valued at $600 million. The combined properties total 4,043 residential units.

The three acquisitions by the joint venture include an eight-property, 2,883-unit portfolio in Raleigh-Durham; a two-property, 480-unit portfolio in Ponte Vedra Beach; and a three-property, 680-unit portfolio in Charleston. The sellers and price were not disclosed.

“These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.”

The acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Atlanta-based Carroll Organization.

The transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To date, the joint ventures have resulted in $2 billion in acquisitions across 45 properties and approximately 15,000 units throughout Florida, North Carolina, Tennessee, Texas, and South Carolina.

“These investments are based on our thesis that quality workforce housing is currently an underserved segment of the multifamily market, which has created a supply/demand imbalance when homeownership or new-supply rents in desirable locations may not be attainable for most Americans,” said M. Patrick Carroll, CEO of Carroll Organization. “The outlook for multifamily performance in the Raleigh-Durham, Jacksonville and Charleston markets remains strong going forward due to their diverse economies, business-friendly governments, job and population growth, and overall quality of life.”

— David Cohen


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