Carroll Organization Continues to Grow in Dallas/Ft. Worth Market with Addition of 268 Units
Atlanta, GA— Carroll Organization announced today that it has acquired The Avenues at Carrollton, a 268-unit apartment community in Carrollton, TX, located about three miles north of Dallas' city limits. The Avenues at Carrollton will be managed by Carroll Management Group.
"We are actively seeking best-in-class assets in markets that are continually seeing strong employment growth," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "The Avenues at Carrollton presented the perfect off-market opportunity to grow our portfolio in the Dallas/Ft. Worth market. With our knowledge in the submarket, we are confident that our team can scale the existing operations and efficiently grow rents."
The property, completed in 2015, is located on Plano Parkway within 3.5 miles of the North Dallas Tollway and Sam Rayburn Tollway. The Dallas market has consistently been ranked as a "Best City for Job Growth," and the epicenter of that job growth is in West Plano, about 5 miles north of the property. Corporate relocations and expansions announced in 2015 will bring an additional 14,000 jobs to Plano over the next 2-3 years, on top of existing plans by Fortune 500 companies including Toyota, JP Morgan, FedEx and Liberty Mutual.
Along with convenient access to employers, retail and entertainment, The Avenues is located within the Lewisville School District. The Lewisville ISD, has been given the second highest designation for school districts in Dallas. The property is zoned for Hebron High School, which is consistently ranked among one of the best public schools in Texas.
Carroll purchased twenty-three properties totaling over $1 billion since the beginning of 2015 and will continue to actively purchase high-quality multifamily communities in the Southeast and Texas during 2016. 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 state of the investment life cycle.
