Carroll Organization Purchases Limestone Ranch, Further Expanding Houston Holdings
Transaction Marks Eighth Residential Acquisition in Market; Houston Portfolio Now Valued in Excess of $300 Million
Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, along with investment partner NorthStar Realty Finance Corp. has acquired Limestone Ranch, a 256-unit residential community at 12655 Crossroads Park Drive in northwest Houston’s Steeplechase area. This acquisition further expands the company’s Houston portfolio, now valued in excess of $300 million, and totaling eight properties with 2,700 units. Carroll Organization, headquartered in Atlanta, will continue to enhance the resident experience through hands-on management and capital improvements, and is rebranding the property “ARIUM Crossroads” in keeping with the brand identity and values of the company’s rapidly growing national portfolio.
According to M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization, "We continue to be excited about Houston. In the last 18 months, we have built an extremely strong portfolio here and we continue to look for opportunities that suit our investment strategy. Expansion by a number of major industries, including energy and medical, is driving demand for great housing options, and our properties are well-positioned to benefit from these trends."
Built in 1998, Limestone Ranch is ideally located with easy access to Highway 290, Beltway 8, and abundant shopping off the FM-1960 corridor. Boasting one, two and three-bedroom homes, the community offers contemporary living with resort-style comforts. Residences feature 9 foot ceilings, high-end appliances, fireplaces, and other luxury touches. Amenities include a resort-style swimming pool, a Wi-Fi enabled business center, clubhouse, and state-of-the-art fitness center. Carroll Organization is planning a major capital improvement campaign at the community valued at $3,000 per unit, which will include the creation of a dog park and children’s playground, upgrades to the interiors, new appliances and countertops, landscaping, and a refresh of all amenity areas.
During the past 18 months, Carroll Organization has completed over $550 million of multifamily acquisitions. The company sources many of its deals “off-market” directly from owners and developers, and has also become known within the brokerage community as a go-to buyer that performs.
