Carroll Organization Makes Texas Grab with Purchase of Villas at West Oaks
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development, has acquired Villas at West Oaks in Houston, Texas. The acquisition of Villas brings Carroll's current presence in the Texas market to ten properties in total, with nine located in the Houston submarket. Carroll will start its rebranding efforts by changing the property's name to ARIUM Park West in line with its nationally recognized ARIUM brand.
"Houston is a major focus for our company and we are confident in the growth of this market," said M. Patrick Carroll, Founder & CEO of Carroll Organization. "Houston is a city of rapid job growth in a number of different business sectors, including energy and medical related fields. ARIUM Park West, along with our other Houston properties, is well-positioned to benefit from these trends."
The investment in ARIUM Park West was made through Carroll Organization's current fund, Carroll Multifamily Real Estate Fund III, alongside an equity investment by Phoenix Capital Partners through its current fund, Phoenix Real Estate Fund VI, LP. The property is a short distance to some of Houston's main employment bases, including the Energy Corridor, housing 84,000 employees and the Westchase business district with 81,000. The asset was originally built in 2002. Carroll will implement its value add business plan to enhance the current units and amenities including improving the pool area, adding an outdoor kitchen, enhancing floors in the gym, installing a dog park and upgrading the landscaping.
Carroll continues to be one of the most active buyers in the country. So far in 2014, the company has purchased thirteen multifamily properties valued at over $540 million. The company sourced many of its deals "off-market" directly from developers and owners, and is recognized within the brokerage community as a go-to buyer that performs.
