Carroll Organization Buys Suburban Houston Apartments
- Nov 23, 2016
Richmond, Texas—Carroll Organization has acquired Reserve at River Park West, a 288-unit multifamily community in Richmond, Texas, a suburb of Houston near Sugar Land. The acquisition was by the company’s newest investment vehicle, Carroll Multifamily Real Estate Fund IV LP, in a joint venture with CenterSquare Investment Management, for an unspecified price.
The Reserve at River Park West is part of the master-planned community of River Park West bordering the Brazos River, which offers nature trails and greenways. Common amenities at the rental property include a 4,000 square foot resort-style clubhouse with billiards room and wireless Internet connection, a pool, a fitness facility and a business center.
Carroll’s business plan for the property includes renovation to both its exterior and interior to take advantage of increasing demand in the market. The area surrounding the Reserve is rapidly expanding, with population in a one-mile radius expected to grow by 44 percent from 2015 to 2020, according to the company.
“Carroll Organization has done very well with our investments in Houston, and we’ve been looking for the right acquisition opportunity for some time now,” said Carroll Organization CEO M. Patrick Carroll. The property will be rebranded as ARIUM Wildwood and will also be managed by Carroll Management Group.
Carroll has been an aggressive buyer of apartments recently. Since the beginning of 2015, the Atlanta-based company has acquired 33 properties totaling over $1.5 billion and is continuing to actively purchase multifamily communities in the Southeast and Southwest, and other target markets across the country. Carroll sourced many of its deals off-market directly from developers and owners.