Carroll Organization Acquires Reserve at River Park West 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 acquired Reserve at River Park West, a 288-unit multifamily community in Richmond, TX, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP in a joint venture with CenterSquare Investment Management. The property will be rebranded as ARIUM Wildwood and will also be managed by Carroll Management Group.
"Carroll Organization has done very well with our investments in Houston, and we have been looking for the right acquisition opportunity for some time now. Reserve at River Park West was a great fit for us due to its high-growth location in Southwest Houston, limited supply pipeline in the surrounding area, and pricing at a discount to replacement cost," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "We are confident in our team's ability to drive rents during our ownership through our value-add business plan, which includes a renovation of the exterior and amenities, as well as upgrades to the unit interiors."
The Reserve at River Park West is part of the master-planned community of River Park West near Richmond, TX. Bordering the historic Brazos River, this vibrant community offers acres of pristine parkland with miles of meandering nature trails and greenways to explore. The community boasts 9-ft ceilings and amenities, including a 4,000 square foot resort-style clubhouse with billiards room and wireless internet connection, a magnificent pool, a fitness facility and a fully equipped business center. In addition, Carroll's business plan includes significant renovation to both the exterior and interior of the property. The surrounding area of the Reserve is rapidly expanding, with population in a one-mile radius expected to grow by 44% from 2015-2020.
Carroll has now purchased thirty-three 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.