The Carroll Organization and The Carlyle Group Sell ARIUM Briar Forest Apartments in Houston,TX
Targeted Capital Improvements Reposition 476-Unit Multifamily Asset
Atlanta, GA — Carroll Organization and The Carlyle Group have finalized the sale of ARIUM Briar Forest, a 476-unit garden style apartment community in Houston, TX to a private buyer. Carroll is a privately-held real estate investment company focused on multifamily assets. The multifamily property was acquired by Carroll and a real estate fund managed by Carlyle in 2012. At that time, Briar Forest was underperforming to comparable properties in a market that was poised for above average growth. During its ownership, Carroll and Carlyle completed a targeted capital improvement campaign that included extensive interior upgrades in all of the units, as well as high end amenity finishes.
"The investment in ARIUM Briar Forest exceeded all of our targeted return metrics. The sale validates our investment strategy of purchasing an asset at a discount, repositioning the property, improving performance, reestablishing the property as a high quality asset in a market, and creating value for another owner. We focus on improving the community at the property level from unit interiors and finishes to customer service and management. When residents have a better experience, it ultimately translates into returns for our investors. This is the perfect example of our team executing our strategy," said M. Patrick Carroll, CEO of The Carroll Organization.
ARIUM Briar Forest comprises 476 units featuring designer fixtures and finishes. The property offers top of the line amenities such as a luxurious resident clubhouse and lounge, business center, resort-style pools, outdoor grilling areas, a 24-hour fitness center, pristine landscaping, and gated access with state-of-the-art ez-tag vehicular gate control system. ARIUM Briar Forest is in excellent proximity to the Enclave Business Park and downtown Houston.
