Carroll Organization Acquires 256-Unit Houston Community
- Jul 01, 2013
Houston—Carroll Organization and investment partner NorthStar Realty Finance Corp. have acquired a 256-unit community called Limestone Ranch in Houston. With this acquisition, Carroll Organization’s Houston portfolio is now valued at more than $300 million and includes eight properties with 2,700 units.
Limestone Ranch includes one-, two- and three-bedroom units. The apartments include 9-foot ceilings and fireplaces. Amenities include a swimming pool, business center with Wi-Fi, a clubhouse and a fitness center.
Carroll Organization is planning on renovations on the community, averaging about $3,000 per unit. Some of the renovations will include adding a dog park, children’s playground, upgrades to the interiors, new appliances and countertops, landscaping and updating the amenity areas.
“We continue to be excited about Houston,” M. Patrick Carroll, founder and CEO of the Carroll Organization, says. “In the last 18 months, we have built an extremely strong portfolio here and we continue to look for opportunities that suit our investment strategy. Expansion by a number of major industries, including energy and medical, is driving demand for great housing options, and our properties are well-positioned to benefit from these trends.”