PRESS RELEASE: Carroll Organization Acquires Three Multifamily Properties Located in Tampa, FL and Charlotte, NC

ATLANTA, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development has acquired three multifamily properties located in Florida and North Carolina. The portfolio previously owned by Camden Property Trust (NYSE: CPT), includes Camden Bay Pointe and Camden Citrus Park in Tampa, Florida, as well as Camden Habersham in Charlotte, North Carolina. The Atlanta-based firm will continue to enhance the resident experience through hands-on management and capital improvements, and is rebranding the properties “ARIUM Bay Point, ARIUM Citrus Park, and ARIUM Pineville” in keeping with the brand identity and values of the company’s rapidly growing national portfolio.

Carroll owns and operates 11 high-profile multifamily properties in Florida and North Carolina including these 3 properties, which marks Carroll’s first acquisitions in Tampa and Charlotte.

“The properties in the Camden portfolio are situated in markets with exceptional fundamentals and growth, and in areas we have been targeting over the past year,” said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. “These acquisitions perfectly fit our strategy of buying good locations with excellent visibility, and the additional opportunity to increase value through capital improvements, and interior renovations.”

Built in two phases, (272 units in 1984 and 96 units in 1988) Camden Bay Pointe is an institutional-quality, multifamily property ideally located in the heart of the Westshore submarket on Memorial Highway with easy access to the Tampa International Airport, the Westshore business district, and International Plaza mall. The garden-style community consists of 29, two-story buildings featuring one and two-bedroom homes with walk-in closets, stackable washers and dryers, and patios or balconies.  Residents enjoy a number of community amenities including a state-of-the-art fitness center, two swimming pools, clubhouses, picnic areas with grills, resident lounge, lighted tennis courts, several on-site ponds with tropical landscaping, and a car care center. Tampa Bay area beaches, shopping, dining and entertainment are within a short commute. 

The second property in Tampa is Citrus Park, a 247-unit multifamily community built in 1985. Similar to Camden Bay Pointe, Citrus Park is located in close proximity to large employment centers, such as, the Westshore office submarket, the Tampa CBD, the Tampa International Airport, and a number of upscale retail shopping malls. The garden-style complex boasts large one and two-bedroom homes with walk-in closets, and washer/dryers.  Community amenities include a clubhouse and resident lounge with coffee bar, a fitness center, sports courts, dog park, picnic areas with gas grills and tropical landscaping throughout.

In addition to the Tampa properties, Carroll also acquired Camden Habersham, a 240-unit residential property in Charlotte, North Carolina. Camden Habersham is an institutionally maintained, strategically located residential community in desirable South Charlotte. Centrally located to major thoroughfares, Camden Habersham offers convenient access to significant employment and retail centers at Ballantyne, Pineville, Ayrsley and SouthPark.  The complex consists of 240 units spread throughout 11, three-story buildings on a landscaped wooded site which provides residents with a secluded and serene setting. The one and two-bedroom community boasts a number of amenities including a 2,650-square-foot clubhouse featuring a community center with complimentary Wi-Fi, a 24-hour fitness center and a laundry center. Adjacent to the clubhouse is the property’s swimming pool and spacious sun deck. Other amenities throughout the property include a mail house, car care center, and grilling areas.

In addition to these three properties, the Carroll Organization has acquired nearly a billion dollars in multifamily properties located throughout Texas, Florida, Georgia, North Carolina, and Tennessee over the first 11 months of 2013.  The company sourced many of its deals “off-market” directly from developers, and is recognized within the brokerage community as a go-to buyer that performs.

TAGS: Investment