Carroll Organization and BlueMountain Capital together in a joint venture has purchased the neighboring Laguna Lakes and Palm Grove apartment communities in West Palm Beach for $112 million. The 586,386 square foot, 416 unit Laguna Lakes was acquired for $58.13 million ($139,736 per unit). Built in 2003, it last traded for $52.49 million in 2010. Palm Grove also changed hands for $53.87 million for the 396-unit complex. CBRE Capital Markets granted a total of $84 million in loans for the purchases, $43.6 million for Laguna Lakes and $40.4 million for Palm Grove. The new owners will rebrand the communities as ARIUM Laguna Lakes and ARIUM Palm Grove.
