Carroll Organization Expanding Houston Holdings with Purchase of Lakeview Lofts
Transaction Marks Ninth Residential Acquisition in Market;
Atlanta, GA – September 10th, 2013 – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development has acquired Lakeview Lofts, a 366-unit luxury multifamily complex located in Houston’s Bear Creek/Copperfield submarket. This investment expands the company’s Houston portfolio, now valued in excess of $325 million, and totaling nine properties with more than 3,000 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 Towne Lake” 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, "Houston is a major focus for our company and we feel very confident in this market’s continued growth. The rapid job growth in a number of major business sectors, including energy and medical-related, is driving demand for quality housing options, and our properties are well-positioned to benefit from these trends."
Lakeview Lofts is a garden-style residential complex situated within the award-winning, master-planned Towne Lake development, a 2,400-acre community that was recently awarded the 2012 "Master Planned Community of the Year" by Greater Houston Builders Association. Completed in 2009, Lakeview Lofts offers one, two, and three-bedroom homes and boasts stunning lake views with a rustic Texas feel, modern finishes, and numerous amenities including two resort-style, saltwater swimming pools with fountains and a clubhouse featuring state-of-the-art fitness center, media room with three 60" plasma televisions featuring XBOX, PS3, and Wii, expansive library/study hall, gourmet kitchen, and a custom-designed billiards table.
In addition to Lakeview Lofts, the Carroll Organization has acquired over $700 million in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee over the first eight months of 2013. The company sourced many of its deals “off-market” directly from developers, and is recognized within the brokerage community as a go-to buyer that performs.
