Carroll Organization paid $49.4 million for the Arium Cypress Lakes apartments in Oakland Park.
Alliance HTTX LLC, an affiliate of Chicago-based Alliance Residential, sold the 188 apartments at 2829 S. Oakland Forest Drive to Cypress Lakes Owner LLC, an affiliate of Atlanta-based Carroll Organization. Invesco CMI Investments, in care of Invesco Real Estate, provided a $39.2 million mortgage to the buyer. The price equated to $262,767 a unit.
It last sold for $27.5 million in 2007, so it nearly doubled in value. That’s a reflection of the rapid rent growth in South Florida.
Totaling 222,073 square feet, the garden-style apartment complex was built on the 12.4-acre site in 2001. It’s located along a lake, just north of Oakland Park Boulevard.
This is the first acquisition Carroll Organization has made in South Florida since founder and CEO M. Patrick Carroll purchased a home in Miami Beach in January. He’s also seeking office space in the Miami area.
Carroll Organization also closed on the purchase of the Arium Kissimmee Lakes at the same time.
“These acquisitions build on Carroll’s presence in Orlando – where we currently own and manage 15 assets – as well as in South Florida – where we own and manage 13 assets,” Carroll, said. “This period of in-migration and growth in Florida is exciting for the Carroll team and our investors as we seek to add to our existing track record in the state.”
Carroll manages more than 33,000 apartments in eight states.
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