Carroll Pays $49M for Low-Rise South Florida Apartment Complex

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Carroll Organization paid $49.4 million for a multifamily complex in Oakland Park, Fla., property records show. 

The five-acre property, ARIUM Cypress Lakes, features 188 units across 19 buildings, all of which are three stories high. It’s located at 2829 South Oakland Forest Drive adjacent to Northwest 31st Street, just west of I-95. 

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The sale equates to $262,765 per apartment. 

The complex has almost doubled in value since the seller, Chicago-based Atlas Residential, bought it for $27.5 million in 2007, per records.

The purchase is a sign that Georgia-based Carroll is zeroing in on South Florida after its chief relocated to Miami in February. CEO M. Patrick Carroll dropped $16.4 million for a waterfront home in Miami Beach, and the company is looking for a Miami office, Carroll told the South Florida Business Journal soon after buying the home. 

The move mirrors that of other new-to-market companies in Miami whose chief executives first buy pricy homes and then search for offices. 

The Carroll Organization, founded in 2004, says it owns 33,842 residential units worth $8.4 billion in total.  

Representatives for both the Carroll Organization and Atlas Residential did not immediately respond to a request for comment.Julia Echikson can be reached at jechikson@commercialobserver.com.