Carroll Organization Acquires Houston Apartment Community
APR 27, 2012 - 09:50 ET
FOR: CARROLL ORGANIZATION
Deal Is Firm's 7th Acquisition in One Year
ATLANTA, GA and HOUSTON, TX--(Marketwire - April 27, 2012) - Carroll Organization, a multifaceted multifamily real estate firm, has acquired Waterford Place apartments just north of Houston, Texas. The 267-unit luxury community will be re-branded as ARIUM Fall Creek. The transaction closed April 26.
The community is Carroll Organization's seventh multifamily acquisition within 12 months, and its third in the thriving Houston market since February. Last year the firm bought two communities in Georgia plus two more in Tennessee. More acquisitions are expected in the coming months.
"We are aggressively seeking high quality communities in strong locations throughout the Southeast, Texas and the West Coast," said Carroll Organization's founder and CEO M. Patrick Carroll. "We're looking for opportunities where our expertise in property and asset management can help deliver the best possible returns for our investors."
The community was financed in part through a private fund, Carroll Fund I, which co-invests with equity partners to secure Class A and B+ communities. Carroll Management Group, an affiliate company, manages the new acquisitions. The terms of the sale were not disclosed.
ARIUM Fall Creek is a relatively new community on Sam Houston Tollway near Highway 59. It is just north of Fall Creek, one of Houston's most affluent master-planned communities, and within a few miles of several large employers including George Bush Intercontinental Airport. The property has 267 one-, two- and three-bedroom apartments with luxury amenities including chef's kitchens, a resort-style pool washer/dryers and garages. The beautifully-appointed clubhouse features amenities including a high-tech fitness center, business center and WiFi computer lounge.
About Carroll Organization