Carroll Organization sold its Houston multifamily community ARIUM Fall Creek after four years of owning the property
Houston— Carroll Organization recently completed the sale of a 264-unit community located 14 miles north of downtown Houston on the Sam Houston Tollway. The community, ARIUM Fall Creek, was originally purchased in 2012 from Carroll’s investment vehicle Carroll Co-Invest Fund I.
Located at 7800 North Sam Houston Pkwy East in the suburb of Humble, ARIUM Fall Creek features one-, two- and three-bedroom floorplans. Residential amenities include controlled access, a fitness center, business center, clubhouse and swimming pool, as well as 506 parking spaces. According to Yardi Matrix, rents range between $955 for a 890-square-foot unit and $1,430 for a 1,491-square-foot unit. The property is located 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.
"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," said CEO M. Patrick Carroll in prepared remarks. "After just over two 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 three times equity multiple."
Throughout the hold period, Carroll improved net operating income by reducing and controlling expenses, increasing rents, and maintaining strong occupancy.
SOURCE: MULTIHOUSINGNEWS.COM
