Carroll Organization Expands Further in Houston
- Sep 12, 2013
Houston—Carroll Organization has acquired Lakeview Lofts, a 366-unit multifamily community in Houston’s Bear Creek/Copperfield submarket. Lakeview Lofts is a garden-style property situated within the 2,400-acre, master-planned Towne Lake development.
Completed in 2009, Lakeview Lofts offers one-, two- and three-bedroom units and includes lake views with a “rustic Texas feel.” Amenities include two resort-style saltwater swimming pools with fountains and a clubhouse; a media room with three 60-inch plasma TV with assorted game systems; a library/study hall; and a custom-designed billiards table.
Atlanta-based Carroll Organization plans capital improvements, and is rebranding the property “ARIUM Towne Lake” in keeping with the brand identity of the company’s national portfolio. This investment expands the company’s metro Houston portfolio to nine properties totaling more than 3,000 units.
M. Patrick Carroll, company founder and CEO, explains that Houston is a major focus for the company because of the rapid job growth in a number of major business sectors, including energy and medical-related. That’s driving demand for housing, and he says that the company’s properties are well positioned to benefit from those trends.
The Houston apartment market is indeed particularly hot these days. Investment specialist Marcus & Millichap estimates that developers will deliver 9,250 new apartments in 2013, up 77 percent from 2012, but even so, metro-wide vacancy will only tick up only 40 basis points to 7.9 percent by the end of the year. That’s because Houston is creating a lot of jobs these days: 117,500 new positions in 2013, an increase of 4.3 percent compared with 2012.