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Carroll Organization and PGIM Real Estate acquire three Southeast multifamily portfolios valued at nearly $600 million

November 27, 2018

ATLANTA--(BUSINESS WIRE)--Nov 27, 2018--Carroll Organization and PGIM Real Estate have continued to advance their multifamily joint venture partnership with three portfolio acquisitions in Raleigh-Durham, Ponte Vedra Beach and Charleston, totaling nearly $600 million. Carroll Organization, acting on behalf of its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP, is one of the country’s leading privately held real estate companies focused on multifamily investment, management and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. ( NYSE: PRU ).

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These transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To date, these joint ventures have resulted in $2 billion in acquisitions across 45 properties and approximately 15,000 units throughout Florida, North Carolina, Tennessee, Texas, and South Carolina. All of the assets are managed by Carroll Management Group.

“These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors.”

The venture’s latest Southeast multifamily investments include:

Eight-Property Portfolio in Raleigh-Durham

An eight-property, 2,883-unit multifamily portfolio located in the Raleigh-Durham area. The portfolio includes: Copper Mill in Durham; Meadows at Kildaire in Cary; Oaks at Weston in Morrisville; Spring Forest in North Raleigh; Crest at West End in Carrboro; and Reserve at Lake Lynn, Walnut Creek, and Woodland Court in Raleigh.

Two-Property Portfolio in Ponte Vedra Beach

An adjacent two-property, 480-unit multifamily portfolio located in Ponte Vedra Beach, Florida. The portfolio includes Soleil at Ponte Vedra Beach and Seaglass at Ponte Vedra Beach.

Three-Property Portfolio in Charleston

A three-property, 680-unit Class B multifamily portfolio in Charleston, South Carolina. The portfolio includes Cooper’s Pointe Apartments, Springhouse Apartments and Hibben Ferry Apartments.

“These investments are based on our thesis that quality workforce housing is currently an underserved segment of the multifamily market, which has created a supply/demand imbalance when homeownership or new-supply rents in desirable locations may not be attainable for most Americans. The outlook for multifamily performance in the Raleigh-Durham, Jacksonville and Charleston markets remains strong going forward due to their diverse economies, business-friendly governments, job and population growth, and overall quality of life,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We are thrilled to continue our positive momentum with PGIM Real Estate with these acquisitions and look forward to doing more business together in 2019.”

The Raleigh, Ponte Vedra Beach and Charleston acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Carroll Organization.

About PGIM Real Estate

is the real estate investment business of , the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 17 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.2 billion ($49.5 billion net) as of June 30, 2018. . PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit.

About Carroll Organization

Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $2 billion of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased, developed or sold over $9.0 billion of real estate. Carroll Organization’s regional offices are located in Houston and Orlando. Today, the company manages over 30,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $125 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit .

© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, Pramerica, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 18BDUFF-B6GLJB

View source version on businesswire.com:https://www.businesswire.com/news/home/20181127005583/en/

CONTACT: Contact: Stefanie Bertcher

stefanie.bertcher@carrollorg.com

404-812-8218Brendan Duffy

brendan.duffy@prudential.com

973-802-5711

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: PGIM Real Estate

Copyright Business Wire 2018.

PUB: 11/27/2018 10:15 AM/DISC: 11/27/2018 10:15 AM

http://www.businesswire.com/news/home/20181127005583/en

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