Carroll Organization Continues Houston Multifamily Expansion
By Dees Stribling, Contributing Editor
Houston—The Carroll Organization has acquired two residential properties in Houston, the 330-unit Waterford on Westheimer and Villas at Westheimer, which also totals 330 units. The company plans to rebrand the properties under the proprietary Arium name, in keeping with the identity of the Carroll Organization’s national portfolio.
Waterford on Westheimer offers one-, two- and three-bedroom residences with custom home finishes. It has a swimming pool and outdoor grill/picnic areas, as well as a number of social amenities, such as a billiard room, coffee bar and sundeck.
Villas at Westheimer likewise offers apartments that feel like custom homes, according to the Carroll Organization, and a mix of floor plans. Common amenities include a resort-style swimming pool, outdoor gas and charcoal grilling areas, computer lounge with wifi service, fitness center and auto-detailing services.
The company says this is a good time to buy into the Houston market, whose energy sector in particular is creating a lot of jobs. Marcus & Millichap predicts that Houston’s economy will generate 95,600 positions in 2013, which will help drive apartment rents up 4.5 percent for asking and 4.8 percent for effective this year.
The acquisitions bring the Carroll Organization’s multifamily holdings in Houston to a total of seven properties with 2,476 units. During the past 18 months, the company has completed over $400 million in multifamily acquisitions and expects to pass the half-billion dollar mark by the end of the second quarter. It sources many of its deals off-market directly from developers.