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Four US Multifamily Properties Sold


Carroll Organization and NorthStar Realty Finance Corp have purchased a portfolio of four U.S. multifamily properties for $102.5 million.  

This is the ninth purchase in 2013 for Carroll Organization, one of the country's leading private real estate companies, which now owns or manages more than 10,000 apartment units in seven states, according to a press release.

The four properties:

  • The 288-unit Club at Danforth in Jacksonville, Florida, was built in 1998 and is 96 percent occupied
  • The 200-unit Harbour Green in Panama City Beach, Florida has two-story residential buildings and is currently 97 percent occupied.  
  • The Links at Georgetown in Savannah, Georgia is a 360-unit, multifamily community currently 92 percent occupied.  
  • Vintage at the Parke is located in the popular residential submarket of Murfreesboro, Tennessee. The 287-unit property is 96 percent occupied.
 
"All four properties are situated in markets with exceptional market fundamentals and provided Carroll Organization with a great investment opportunities," Carroll Organization chief executive officer M. Patrick Carroll said. "This acquisition is parallel with our strategy of buying in good locations with excellent visibility, and the additional opportunity to increase value through capital improvements and marketing strategies."

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