Carroll Organization Closes out Carroll Co-Invest Fund I with Sale in Houston, TX
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 Carroll at Shadow Creek Ranch in Houston, TX. The 360-unit community was originally purchased in February 2012 and was the last remaining property in the firm’s first investment vehicle, Carroll Co-Invest Fund I, LP.
“Carroll at Shadow Creek Ranch was one of Carroll Organization’s first multifamily acquisitions in Fund I. We were initially attracted to the property’s timeless ‘big house’ design, affluent area demographics, strong submarket fundamentals, and abundant access to employment, which led us to acquire this newly-constructed asset at a favorable basis early in the cycle,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “Carroll at Shadow Creek Ranch achieved a 2.7x equity multiple and with the completion of this sale, we have now fully-realized all assets in Fund I. This is a big day for our investors and our company’s track record of success.”
Carroll at Shadow Creek Ranch is a Class-A property built in 2010. The community is nestled within the scenic lake-themed neighborhood of Shadow Creek Ranch amidst an abundance of calming lakes, tranquil walking trails and plush landscaping. It features one/two car garages with individual driveways, custom wood cabinetry, private patio, lofty nine foot ceilings with crown molding, full size washer and dryer, resort style pool with Wi-Fi sundeck, and richly landscaped courtyards with charcoal grills and benches. Carroll at Shadow Creek Ranch is located within 10 minutes of downtown Houston, Texas Medical Center, and the Port of Houston.
To date, Carroll has successfully exited twenty-four assets valued over $900 million, including this transaction. The investments have produced an average IRR of 31%. Carroll has purchased thirty-one properties totaling over $1.5 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 a best in class renovator and operator.
