PGIM Real Estate and Carroll Organization have extended their partnership by acquiring a property portfolio in South Florida.

The real estate firms have entered into a second joint venture to buy the four-property portfolio, valuing the total portfolio in the venture at around $1.3bn (€1.1bn).

PGIM and Carroll first partnered in December to buy a portfolio of 28 workforce housing properties across Florida, North Carolina, Tennessee and Texas.

The South Florida portfolio includes Bella Vista at Boca Del Mar, Centro at Davie, Savannah Lakes, and Stonybrook Apartments. 

Carroll acted on behalf of its latest investment vehicle, Carroll Multifamily Real Estate Fund V. PGIM acted on behalf of institutional investors.

All the newly acquired South Florida properties will be rebranded under the Arium name and managed by Carroll Management Group.

M. Patrick Carroll, the chief executive officer of Carroll, said: “We are thrilled to continue the positive momentum in our partnership with PGIM Real Estate with another large acquisition, and look forward to executing our business plan on these assets.”

Alfonso Munk, Americas chief investment officer and head of Latin America for PGIM Real Estate, said: “We look forward to partnering again with Carroll Organization to enhance these properties for the residents and communities while delivering to our investors another unique opportunity for compelling supply-resistant returns.”