The Real Deal Miami

Atlanta firm picks up West Palm Beach community for $112M

Buyer will upgrade and manage community

March 31, 2015 03:40PM
By Sean Stewart-Muniz

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Arium Laguna Lakes and Arium Palm Cove

Arium Laguna Lakes and Arium Palm Cove

An Altanta-based real estate company just purchased the Resort at Laguna Lakes — an 812-unit multifamily community in West Palm Beach — for a total of $112 million.

The development is split into two phases: Arium Laguna Lakes, which was built in 2003 and has 416 units, and Arium Palm Cove, which was built in 2006 and has 396 units.

Affiliates of Carroll Organization, a real estate investment and management company, purchased both phases, according to Palm Beach County records.

The company said it made the purchase in a partnership with investment firm BlueMountain Capital Management, and plans to rebrand and manage both phases. Carroll also plans “light” upgrades, with each unit getting updated floors and appliances, according to a press release.

CBRE Capital Markets granted the company two mortgages totaling $84 million for the properties. Both phases of the community were last sold for a combined $101.5 million in 2010.