M Patrick Carroll Acquires Prominent Orlando Multifamily Property
CARROLL is an Atlanta-based real estate investment firm headed by M Patrick Carroll. It recently made a bold move in the Orlando real estate market by purchasing a remarkable multifamily property. M Patrick Carroll founded CARROLL in 2004 at age 24 after working as a clothing representative.
His company acquired The Avenue apartment homes in mid-July 2021. This is a 522-unit multifamily property that sits on 52 acres. The property has a scenic 19-acre lake. It’s located 10 miles from downtown Orlando, which gives residents fast access to jobs, stores, and entertainment venues. M Patrick Carroll renamed the property ARIUM Lakeview, and it is now part of his company’s ARIUM real estate brand.
Speaking about Orlando’s real estate market at a recent real estate summit, he said Orlando saw a large rebound in the first six months of 2021. There is no record demand for multifamily residences, which has led to unprecedented rent growth and high occupancy rates. Orlando has expanded well beyond tourism, as it has become a city with rising technology and healthcare industries. He expects apartment fundamentals to continue to be strong, thanks to Orlando’s highly skilled workforce, strong job market, and population growth.
The property is a garden-style multifamily community that was built in 1998. M Patrick Carroll said his company will renovate each apartment’s interior along with common areas and amenities. It will be renamed ARIUM Lakeview once this work is completed.
CARROLL sold two multifamily properties in Atlanta during Q2 2021. These were ARIUM Dunwoody and ARIUM Station 29. Both were sold at a positive return on investment. They are garden-style multifamily properties that are gated and close to employment hubs.