Carroll Organization Sells Two Properties Totaling 674-Units in the Dallas/Fort Worth Market
Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of Sovereign Apartments in Fort Worth, TX and Sorrel Phillips Creek Ranch in Frisco, TX. These properties were a part of Carroll Multifamily Real Estate Fund III, LP.
Atlanta, GA – July 17, 2019 Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of Sovereign Apartments in Fort Worth, TX and Sorrel Phillips Creek Ranch in Frisco, TX. These properties were a part of Carroll Multifamily Real Estate Fund III, LP.
"The acquisition of this two-property portfolio represented our initial entrance into the Dallas-Fort Worth market nearly three years ago. We have significantly expanded our presence in DFW since that time, and following this successful disposition, we now sit at 11 properties, ~4,000 multifamily units," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "Dallas-Fort Worth has consistently shown strong job and population growth, and we expect the market to continue generating long-term demand for apartments for the foreseeable future."
The Sovereign, located near the intersection of Denton Highway and North Tarrant Parkway in Fort Worth, was built in 2015 and houses 322 luxury units. The property is located near several major highways and features proximity to Alliance Town Center shopping, dining and entertainment. It is also located in the Keller School District, which is consistently rated among the best school systems in Texas. The Sovereign's units feature large floor plans with nine-foot ceilings, granite countertops, stainless steel appliances and walk-in closets.
Sorrel Phillips Creek Ranch is a 352-unit community in Frisco, TX. The property is located near a variety of shopping, dining, and entertainment options at The Star and Stonebriar Centre and is just minutes from Dallas North Tollway and Highway 121. Its large floor plans include nine-foot ceilings, gourmet kitchens with granite countertops and stainless-steel appliances. The community provides its members a resort-style saltwater pool, 24-hr fitness center, media and gaming center, and dog park. The area is home to major employers such as Toyota, Liberty Mutual, and Frisco ISD. To date, Carroll has successfully exited sixty-nine assets valued over $3.3 billion, including these transactions. The investments have produced an average IRR of 28%. Since 2018, Carroll has now sold twenty-nine properties totaling over $1.4 billion and purchased thirty-four properties totaling over $1.8 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Midwest, 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.