Carroll Organization Purchases Class A Property near Texas Medical Center in Houston
Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management and development has acquired City Lake, a best in class 319-unit apartment community in Houston, Texas. The property will be renamed ARIUM City Lake and be managed by Carroll Management Group.
City Lake is a luxury multifamily mid-rise wrap community just minutes from Texas Medical Center, one of the largest employment centers in Texas. Texas Medical Center employs over 100,000 people and also serves as home to several thousand medical and nursing students. Location highlights include high property visibility and easy access to Loop 610 which leads to additional major employment centers and lifestyle amenities. The property is minutes away from popular Houston destinations including Meyerland Plaza, Houston Galleria, NRG Park and the Museum District.
"We actively seek to acquire luxury communities in areas of robust rent and employment growth," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "The Houston economy continues to show signs of high quality job growth and the surrounding submarket is experiencing tremendous renter demand. This is a strong indication of the value residents see in living close to all the Medical Center area has to offer."
The property has quickly become one of the most attractive residential communities in its area. Originally constructed in 2013, City Lake was built with luxury modern finishes and an attractive amenity set. The property offers unique lake views and activities, where residents can fish, kayak and canoe. It also has a 24-hour fitness center, business center with a conference room, two courtyards with garden views and gas grills, a 5-story structured parking deck, a resort-style pool and a separate whirlpool that overlooks the lake.
Carroll continues to be one of the most active buyers in the country. So far in 2014, the company has purchased fifteen multifamily properties valued at over $615 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.
