ATLANTA AND NEWARK, N.J. — Carroll, in partnership with Newark, N.J.-based PGIM Real Estate, has completed the sale of 12 multifamily communities for more than $1.1 billion in total. The 4,121-unit portfolio is located in Raleigh, Charleston and South Florida. The communities were sold in three separate joint venture transactions between institutional fund vehicles managed by PGIM Real Estate and Carroll. Jim Mehalso led the portfolio transaction internally for PGIM Real Estate, while Josh Champion led the transaction for Carroll. The buyer(s) were not disclosed.
The portfolio includes six multifamily communities in Raleigh (Arium Southpoint, Arium Kildaire, Arium Weston, Arium Lake Lynn, Arium Lake Johnson and Arium Trailwood); three Charleston communities (Arium North Charleston, Arium St. Ives and Arium Mt. Pleasant); and three South Florida communities (Arium Boca Raton, Centro at Davie by Arium and Arium Boynton Beach).
Purchased under Carroll’s workforce value-add strategy, the Carolinas properties provided workforce housing, while the South Florida portfolio extended Carroll’s suburban presence with assets in high-growth markets. Under its ownership, Carroll and PGIM Real Estate completed exterior and interior capital renovation projects on the properties totaling $22 million. At the time of sale, each of the communities were operating with strong occupancy.
In a separate deal, Atlanta-based Carroll sold four communities in the Southeast to Charleston-based Greystar.