CARROLL has sold Arium Creekside, a 520-unit garden-style community in Carrollton, Texas, for an undisclosed price. Related Cos. was the buyer, according to Yardi Matrix.
The former owner acquired the property in 2017, in a three-asset portfolio deal that comprised a total of 1,100 units. Arium Creekside was the last of the three to be sold.
During its five-year ownership, CAROLL implemented a capital improvement plan that included common-area and interior amenity upgrades, as well as outdoor enhancements.
Located at 3620 Huffines Blvd., Arium Creekside is just off Highway 21 and near Interstate 35E, offering access to several dining options, retail centers and entertainment venues.
The 33-building, two- and three-story community dates back to 2000 and features one-, two- and three-bedroom floorplans. Common-area amenities include a fitness center, a business center, a clubhouse, two pools and covered on-site parking.
North Texas remains one of the country’s most attractive markets for residential investors. Dallas recorded nearly $6.6 billion in multifamily transactions in the first six months of the year. The metro also has the country’s largest multifamily pipeline, with 44,595 apartments under construction as of March.
In August, CARROLL closed its seventh multifamily fund that raised $340 million in capital. Up to that point, the fund had purchased 14 properties in five states across the Sun Belt, with its portfolio being valued at $1.3 billion.