Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development announced today that it has completed the sale of the apartment community ARIUM Fall Creek in Houston, TX from its investment vehicle Carroll Co-Invest Fund I. Carroll originally purchased this 264-unit property in February 2012.
"We identified Houston early on in the real estate cycle as an attractive market for investment and were able to buy this deal off market in 2012," says CEO M. Patrick Carroll. "After just over 2 years of ownership, strong property performance and efficient management allowed the partnership to refinance into more attractive debt achieving an early realized gain. A year and a half later, we were able to capitalize on the continued success at the property and exit at a price that produced more than a 3x equity multiple."
ARIUM Fall Creek is designed with extraordinary detail and craftsmanship. The complex is located 14 miles north of Downtown Houston positioned on the Sam Houston Tollway maximizing both its visibility to potential residents and its accessibility to major employers and points of interest. It is also only six miles from the Bush Intercontinental Airport, one of the largest job generators in Houston, and Redstone Golf Club, home of the Shell Houston Open. Throughout the hold period, Carroll improved net operating income by reducing and controlling expenses, increasing rents, and maintaining strong occupancy.
To date, Carroll has successfully exited sixteen assets valued over $550 million, including this transaction. The investments have produced an average IRR of 31%. Carroll has purchased twenty-six properties totaling over $1.2 billion since the beginning of 2015 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. 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.
