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Business Observer Friday, May 26, 2017 3 years ago

Lansbrook deal signals multifamily strength

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In the latest sign that the region's multifamily market remains strong for investors, Atlanta-based Carroll Organization has bought out its joint venture partner in Lansbrook Village, in Palm Harbor.
by: Kevin McQuaid Commercial Real Estate Editor

In the latest sign that the region's multifamily market remains strong for investors, Atlanta-based Carroll Organization has bought out its joint venture partner in Lansbrook Village, in Palm Harbor.

Carroll paid partner Bluerock Real Estate $81.35 million late last month for the 607-unit apartment community, at 3751 Pine Ridge Blvd., according to Pinellas County property records.

Lansbrook, which was built in phases between 1998 and 2014, was purchased by the two companies in March 2014 for $58.6 million, according to Carroll's website and property records.

The former condominium community features a trio of swimming pools — one is heated and another is saline — a pair of clubhouses, fitness and business center, tennis courts, detached garages and other amenities. Lansbrook is also unusual in that it offers four-bedroom units, its website notes.

Neither Carroll nor Bluerock officials returned telephone calls or emails for comment on the April 26 transaction.

Carroll has been on a buying spree since last year, acquiring mostly high-end suburban properties. Since the start of 2016, the company has spent $950 million to buy 18 multifamily communities, its website states.

In Florida, Carroll owns the Arium Gulfshore apartments, in Naples, for which it paid $47 million; the West Park Village, a mixed-use residential and retail deal it completed for $122.5 million in May 2014; and complexes in Sarasota, Orlando and elsewhere, its website states.

In all, Carroll controls two dozen Florida communities and owns properties in seven other states.

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