Carroll Organization Purchases Infill Houston Apartment Community

  • Wednesday, May 16, 2018

 

 

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 The Ava, located in Houston, TX, in its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The property will be rebranded as ARIUM Uptown West and managed by Carroll Management Group.

 

"We are excited to add such a high-quality, infill asset to our existing Houston portfolio at a basis below replacement cost," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "The Houston market has underperformed over the last several years, but with new apartment deliveries dwindling and job growth rebounding, we anticipate solid market fundamentals going forward. We believe in the long-term demand of this location due to its proximity to some of Houston's largest employers, as well as the abundant amenities in Uptown and Westchase."

 

The Ava is a 321-unit 4-story mid-rise apartment community located 2.5 miles from the highly desirable Galleria/Uptown district, which is one of the city's most diverse mix of employment, entertainment, and shopping. Units include 10-foot ceilings, private balconies, gourmet kitchens, and custom maple cabinetry. The community has a plethora of amenities including two-level fitness center, modern clubhouse with communal kitchen and lounge area, resort-style pool with outdoor kitchen, multi-level parking garage, and pet park with green space and pet shower.

 

Carroll has now purchased forty-five properties totaling over $2.0 billion since 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.