Carroll Organization Expands Footprint into Dallas/Fort Worth Market with Acquisition of Two Properties
Atlanta, GA — Carroll Organization announced today that in joint venture with Bluerock Residential Growth REIT, Inc., it has acquired two properties in the Dallas/Fort Worth market totaling 674 units. The properties, known as Sovereign Apartments and Sorrel at Phillips Creek Ranch will be managed by Carroll Management Group.
"We have been working toward entering the Dallas/Fort Worth market for quite some time, and making a sound investment in a new market means waiting for the right opportunity. Both properties are in excellent locations within high-growth submarkets of Dallas/Fort Worth," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "Dallas/Fort Worth has consistently shown a strong economy and with the continued population and employment growth they are seeing, the market is expected to keep generating long-term demand for apartments."
The Sovereign, located near the intersection of Denton Highway and North Tarrant Parkway in Fort Worth, was built in 2015 and houses 322 luxury units. The property is located in one of Fort Worth's newest developed suburban submarkets and is characterized by its affluent homes and wide variety of shopping, dining and entertainment. Sovereign is located in the Keller School District, which is consistently rated among the best schools in Texas. The property's central location also includes access to the Alliance Town Center, Southlake Town Center and Texas Motor Speedway.
Sorrel is located in the Phillips Creek Ranch community of Frisco, consisting of high-end single family residential, retail, hospitals and excellent public schools. The property is located near Legacy Business Park/Legacy West, which is home to 60,000 existing jobs and growing rapidly. Toyota is in the process of moving its North American headquarters to Legacy, which will add 2.1 million square feet to its corporate campus, along with 4,000 jobs. Legacy is also home to headquarters of Dr. Pepper, JC Penney, Beal Bank, Rent-A-Center, and Capital One's regional office.
Carroll has purchased seventeen properties in 2015 following the acquisition of Sorrel and Sovereign. With these transactions, Carroll has completed over $675 million in acquisitions this year and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized in the industry as an owner that executes at each stage of the investment life cycle.
