CARROLL Completes Sale of Houston Multifamily Property
Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has completed the sale of ARIUM Crossroads in Houston, TX after a 3-year hold. This property was a part of Carroll Multifamily Real Estate Fund IV, LP and managed by CARROLL.
“We originally acquired this property in 2013 as part of a programmatic joint venture and elected to recapitalize in a new joint venture in 2016, as we felt there was still room to run with the proven value-add business plan. This pocket of Northwest Houston has performed well due to its proximity to major roadways and employment, as well as limited new supply in the area,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “Our teams did a great job of executing the business plan and disposition, yielding solid returns for our investors.”
ARIUM Crossroads is a 256-unit community located in the fast-growing northwest corridor of Houston. Its location between Highway 290 and Highway 6 provides convenient access to the city’s highest income employment centers including the Energy Corridor, Galleria and Houston CBD. The property also offers close proximity to abundant retail amenities, including two walkable grocer-anchored shopping centers. The community amenities include a resort-style pool, state of the art fitness center, sand volleyball court, dog park, and covered parking. Units feature full size washer dryers, spacious walk-in closets, built-in book cases, private balcony/patios, and wood plank flooring on select units.
To date, CARROLL has successfully exited seventy-one assets valued over $3.3 billion, including this transaction. The investments have produced an average IRR of 27%. To date in 2019, CARROLL has now sold eleven properties totaling over $620 million and purchased ten properties totaling over $500 million. CARROLL is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, 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.