Atlanta-based Carroll Organization has acquired Cayo Grande Apartments in Fort Walton Beach, Fla. The deal is a joint venture with W.P. Carey’s managed non-traded REIT, CPA:18-Global and Silverpeak Real Estate Partners. Located at 921 Denton Blvd Nw, the property features seventeen different floor plans for a total of 301 units, three swimming pools, a fitness center and two business centers. The deal marks the ninth multifamily acquisition for Carroll this year. The community will be rebranded as ARIUM Emerald Isle and will be managed by Carroll Management Group.
“We’ve been an owner and operator in the Florida Panhandle for years,” said M. Patrick Carroll, founder and chief executive officer of Carroll Organization. “Ft. Walton Beach is a market we know extremely well, and this acquisition allows us to efficiently scale our operations. In recent years, the area has seen limited new supply, and renters are continually looking for more value from apartment communities. Cayo Grande presents a unique opportunity to acquire a quality existing asset and enhance the amenities to meet renter demand.”
