Carroll Organization Acquires Two Riverfront Properties in Fort Worth
Atlanta, GA – August 15, 2017
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 acquired Century Colonial Park and Gallery 1701 in Fort Worth, TX in its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The properties will be rebranded as the Trinity Residences and managed by Carroll Management Group.
“Century Colonial Park and Gallery 1701 presented an ideal opportunity to continue our growth in the Dallas-Ft. Worth MSA, which continues to be among the nation’s leaders in annual job gains. These two properties are exceptionally well-located in one of Ft. Worth’s most desirable neighborhoods and feature a unique setting overlooking the Trinity River with direct access to the Clearfork Trinity Trail. Its location also offers walkability to an abundance of retail and amenities, including the renowned University Park Village shopping center, Ft. Worth Zoo, and Colonial Country Club,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We are excited about our plans to reposition and re-brand the properties through interior renovations, exterior enhancements, and an amenity overhaul that improves functionality and better incorporates the distinctive riverfront location.”
Century Colonial Park and Gallery 1701 are adjacent apartment communities located in downtown Fort Worth containing 405-units. Built in 2009, the properties’ units include high-end finishes such as hardwood floors, granite countertops, stainless steel appliances, and walk in closets. Century Colonial Park and Gallery 1701 are just minutes from downtown Fort Worth, Texas Christian University, and the University Park Village shopping center which includes high-end retail and restaurants. In addition, the properties are located directly on the Clearfork Branch of the Trinity Trail System. This trail system is currently 40 miles long with an additional 40 miles of trail expected to be added in the future. Carroll Organization plans to make value-add enhancements to the amenities, common areas, and interiors after the sale.
Carroll has now purchased twelve properties totaling over $620 million in 2017 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.
