Carroll, a privately held real estate company, and PGIM Real Estate have sold 12 multifamily communities valued at more than $1.1 billion, representing 4,121 total units across Florida, North Carolina, and South Carolina.
The 12 communities were part of three separate joint venture transactions between institutional fund vehicles managed by PGIM Real Estate and Carroll that were completed in 2018.
Included in the sale were: six Raleigh communities (ARIUM Southpoint, ARIUM Kildaire, ARIUM Weston, ARIUM Lake Lynn, ARIUM Lake Johnson, 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, ARIUM Boynton Beach).
“Closing on these 12 properties is a big win for us and our investors,” said M. Patrick Carroll, founder and CEO of Carroll. “These communities offered tremendous upside in 2018 to both strengthen our partnership with PGIM Real Estate and expand our Southeast portfolio. We purchased the Raleigh and South Florida portfolios as value-add opportunities and Charleston was acquired as part of our workforce housing platform. Throughout our hold, we successfully achieved our goal of improving resident life through strategic upgrades and high-quality service – relying on our proven strategy to exceed expectations.”
“We are extremely pleased with the value that Carroll and PGIM Real Estate were able to add to the portfolio to improve the quality of living for the residents, while delivering an excellent outcome for our investors,” said Cathy Marcus, global chief operating officer and head of U.S. Equity for PGIM Real Estate. “We will continue to pursue investment opportunities in the Sun Belt market where there is a clear demand for affordable housing.”