Carroll, PGIM Buy 12-Property Multifamily Portfolio Across Florida

by Julia Sanders

ATLANTA AND NEWARK, N.J. — Atlanta-based Carroll, in partnership with Newark-based PGIM Real Estate, has bought 12 multifamily communities in Orlando, Sarasota, West Palm Beach and Fort Lauderdale totaling 3,976 units. All properties were acquired through Carroll’s latest institutional investment vehicle, Carroll Multifamily Venture VI LP. The sales price was not disclosed.

Carroll will manage the properties, which include seven Orlando properties, three Sarasota-Bradenton communities, one West Palm Beach property and one Fort Lauderdale community. The properties will all be rebranded under the Arium name, including:
• Arium Altamonte Springs (previously Ashford Altamonte Springs)
• Arium Winter Park (Bishop Park)
• Arium Springs Colony (Springs Colony)
• Twelve Oaks at Windemere by Arium (Twelve Oaks at Windemere)
• Arium Valencia Gardens (Verona at Valencia Park)
• Arium Mission Bay (Mission Bay)
• Arium Mariner’s Village (Valencia Plantation)
• Arium Bristol Bay (Perico Apartments)
• Arium Citrus Run (Mcintosh Apartments)
• Arium Grove Walk (Heron’s Run)
• Gardens East by Arium (Gardens East) and
• Park Place at Turtle Run by Arium (Park Place at Turtle Run)

Carroll currently manages 39 properties throughout Florida and more than 13,000 units, totaling $3.5 billion in assets under management. Between 2015 and 2021, Carroll has realized 46 total investments in Florida.

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