Carroll Organization Extends Banner Year with Sale of ARIUM Tech Ridge in Austin, Texas
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development, completed the sale of ARIUM Tech Ridge on December 17, 2014. ARIUM Tech Ridge is a luxury garden-style community with high-end amenities, located off Interstate 35, in the bustling technology district of Austin, Texas. The multifamily property was originally acquired by Carroll in 2012 in an off-market transaction.
"The successful exit of Tech Ridge reinforces the value of our vertically integrated investment and management platform," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "When we acquired the community in 2012, we knew our value-add repositioning program could improve performance. Our property management team executed the business plan as scheduled and our investment team saw the opportunity to sell delivering excellent returns on invested capital."
Carroll meaningfully improved net operating income by streamlining operations and enhancing the marketing efforts. The marketing strategy targeted the surrounding area of leading companies such as, Dell, Samsung, IBM, the Austin Independent School District and St. David's Healthcare facilities; through these efforts, Carroll was able to drive organic rent growth of 9% during ownership while also increasing occupancy to 97%. ARIUM Tech Ridge interiors boast fully equipped chef's kitchens, washer/dryers, built in bookshelves and private patios and balconies along with attached and detached garages. The property also features a high-tech fitness center, business center, Wi-Fi computer/coffee lounge, resort-style pool, enclosed dog park and outdoor grilling areas.
Carroll continues to be one of the most active multifamily owners/operators in the country. So far in 2014, the company has purchased fifteen multifamily properties valued at more than $615 million and successfully exited properties valued at $170 million through a combination of asset sales and recapitalizations. The company is recognized within the brokerage community as a go-to buyer that performs.
