Carroll Buys in Towne Lake
Carroll Organization purchased Lakeview Lofts, a 366-unit luxury multifamily complex in the Towne Lake master-planned community. President of investments Josh Champion tells us the community is one of the nicest garden-style properties he's ever been to, and his firm acquired it at an attractive cap and below replacement cost. Josh says the Cypress submarket is strong, and this is the newest multifamily property there (and he believes it has the nicest interiors and amenities). And 2,400-acre Towne Lake community is thriving—there's a new Kroger-anchored center being built next door, marina under construction, and new schools.
Josh says Carroll now owns nine properties totaling over 3,000 units in Houston. The local portfolio tops $325M. The firm is planning capital improvements and will rebrand the property as ARIUM Towne Lake. The community was built in '09 and overlooks the lake.
SOURCE: BISNOW.COM
