Joint Venture to Acquire 360-Unit Property in Texas
- Feb 23, 2012
Houston—Carroll Organization has partnered with Starwood Capital to acquire the 360-unit apartment community Carrington at Shadow Creek Ranch, a Class A project just eight miles from the Texas Medical Center.
Rebranded as Carroll at Shadow Creek Ranch, the two-year-old development features over 900 acres of glistening lakes and community parks in the highly desirable Shadow Creek Ranch area of Houston.
“As part of our rebranding, we are planning on doing interior upgrades and general aesthetic improvements, starting immediately,” Carroll Organization CEO Patrick Carroll tells MHN. “We will also be redoing the clubhouse.”
The development features one-, two- and three-bedroom garden-style apartment homes with direct access to one or two car garages. Units will include lofty 9-foot ceilings with crown molding, full sized washer and dryers, black appliances, custom wood cabinetry and large walk-in closets.
“It offers a resort-style pool, a high-tech fitness facility and a 1,100-plus square foot playground for children,” Carroll said.
With the transaction, Starwood Capital Group has now invested in 22 multifamily properties totaling 5,770 units over the last two years.
“This acquisition brings our multifamily portfolio to a total of 8,760 units,” Starwood Capital VP James Kane said in a press release. “We look forward to working with the Carroll Organization and expanding our presence in this dynamic market.”
In addition to the medical center, citywide amenities and retail centers such as Pearland Town Center and Shadow Creek Town Center are also within close proximity of the community. The complex is also situated just 15 minutes from Downtown Houston allowing easy access to dining, entertainment, shopping and nightlife.
The acquisition is part of Carroll Organization’s philosophy of expanding its footprint into the Houston market.
“We look for undermanaged properties. We look for Class A or Class B+ properties that we can come in and improve through management, cosmetic and operations improvements,” Carroll says. “This allowed us to invest in a market that has consistently maintained impressive economic, population and job growth. All indicators predict that this market will continue to thrive in the foreseeable future.”
Carroll reveals that this is just the first of many acquisitions expected to be announced by the company in the upcoming months.
“We currently have contracts on multiple deals in Houston,” he says. “We will close another one in March and another in April.”
Since 2004, Carroll Organization has grown significantly through acquisitions, and currently manages more than 15,000 multifamily units in 12 states, have eight regional offices, and employ over 400 people through subsidiaries.