Carroll Organization Grows Texas Portfolio with Houston Acquisition

  • Thursday, August 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 Alexan Spring Crossing, located in Houston, TX, in its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The property will be rebranded as ARIUM Spring Crossing and managed by Carroll Management Group.

 

"Alexan Spring Crossing represents our second purchase in Houston this year within the same strategy of acquiring well-located, high-quality, newer vintage assets below replacement cost," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "We believe in the long-term demand of this location due to its access and proximity to major employment drivers and two premier master-planned communities – Springwoods Village and The Woodlands."

 

Alexan Spring Crossing is a 307-unit, class A, 3-story luxury apartment community located in Spring, TX. The property includes top-quality finishes and a plethora of community amenities including a clubhouse and game room, resort-style pool with private cabanas, outdoor lounge with fireplace, outdoor kitchen and grill station, fully-equipped fitness center, pet park, and valet trash. Garages and carports are available for select units. Alexan Spring Crossing is conveniently located near I-45 and Grand Parkway, which provides quick and easy access throughout the city. The property is also located within walking distance of The Market at Springwood Village, which is a 170K square foot retail center including seventeen new shops and restaurants.

 

Carroll has now purchased forty-nine properties totaling over $2.2 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.