CARROLL Successfully Exits Upscale Houston Community
The National Real Estate Investment Firm’s First Disposition of 2022 Includes 321 Units in Texas
CARROLL, a national real estate investment firm, has successfully executed the disposition of ARIUM Uptown West, a suburban property in West Houston.
ARIUM Uptown West is a 321-unit community that was initially acquired in May 2018 using Carroll Multifamily Real Estate Fund V, LP, and has been fully managed by CARROLL for the entirety of its nearly four-year hold. The community is located less than three miles from the highly desirable Galleria/Uptown district. This area features a diverse mix of employment, entertainment, shopping hubs, and green spaces, offering residents an array of amenities nearby.
As a core-plus asset, ARIUM Uptown West added diversity to CARROLL’s investment strategy in the state at the time of acquisition. The community was acquired at an attractive basis along with opportunity to improve on-site operations. Additionally, CARROLL identified and executed strategic upgrades to the clubhouse and amenities, vastly improving the community experience for residents.
“This high-quality, infill asset featured an ideal location in a strong MSA with top-tier unit interiors,” said M. Patrick Carroll, founder and CEO of CARROLL. “The asset added a unique resident offering to our Houston portfolio and we have been pleased with its performance. After executing our business plan, we elected to monetize our investment at an optimal point in the current cycle to maximize returns for our investors.”
This transaction marks the Firm’s first disposition of 2022 and follows its acquisition of two multifamily communities in Florida earlier this month.
CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Ga., CARROLL focuses on multifamily communities, including acquisitions, property and asset management services, and fund management. The Firm has raised more than $4.0 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $18.0 billion in real estate. CARROLL also has regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, and New York.
The company manages more than 33,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The Firm has also developed student housing, single-family residential, and retail communities, and has managed more than $500 million in construction projects throughout the past 10 years. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions.