Carroll buys Oakland Park multifamily complex for $49M

Alliance Residential sold 188-unit Arium Cypress Lakes for nearly $263K per apartment

Miami /
Apr.April 07, 2022 05:30 PM

Carroll Organization founder and CEO M. Patrick Carroll in front of Arium Cypress Lakes at 2829 South Oakland Forest Drive in Oakland Park (Carroll Organization, LoopNet)

The Carroll Organization bought a garden-style multifamily complex in Oakland Park for $49.4 million.

An affiliate of the Atlanta-based real estate firm acquired Arium Cypress Lakes, a 188-unit garden-style apartment complex at 2829 South Oakland Forest Drive, according to records. Carroll paid $262,766 per apartment and obtained a $39.2 million mortgage from an affiliate of Invesco Real Estate.

The seller, an entity managed by Steven Ivankovich, CEO of Chicago-based Alliance Residential, paid $27.5 million for the complex in 2015, records show. The 12.4-acre Arium Cypress Lakes was completed in 2001.

In February, Carroll founder and CEO M. Patrick Carroll and his partner, model Alina Baikova, paid $16.4 million for a lakefront, seven-bedroom house in Miami Beach, records show. Carroll is making Miami Beach his permanent home and is scouting office locations in the city and in the MIami Design District, according to the South Florida Business Journal.

Established in 2004, Carroll has acquired more than $7.8 billion of real estate and successfully exited more than $4.3 billion of property, according to the firm’s website. Carroll also developed and managed construction of more than $500 million of real estate on behalf of institutional partners, private investors and its own principals, the website states.

Carroll owns 45 multifamily projects in Florida, including 14 in Miami-Dade, Broward and Palm Beach counties, the website shows. In December, Carroll affiliates sold the 416-unit Arium Laguna Lakes and the 396-unit Arium Palm Cove in West Palm Beach for a combined $228.9 million to Goldman Sachs, according to records. In 2015, Carroll paid $112 million for both apartment complexes.

Institutional investors keep gobbling up apartment projects, as demand and rents in South Florida’s multifamily market remain at historically high levels. Recently, Boston-based Berkshire Residential Investments paid $202.5 million for an apartment complex in Jupiter.

Last month, Dallas-based S2 Capital bought an apartment complex near Jupiter for $127 million, and Honolulu-based Shidler Group paid $108.3 million for a multifamily project in Fort Lauderdale.





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