Carroll Organization Acquires Two Luxury Multifamily Properties in Houston's Thriving Energy Corridor Submarket Privately-Held Investor Purchases 330-Unit Waterford on Westheimer and 330-Unit Villas at Westheimer, Increasing its Houston Portfolio to 2,476 Units in Seven Properties Valued at $258 Million
ATLANTA, April 2, 2013 /PRNewswire/ -- Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development has acquired two large luxury residential properties in Houston's Energy Corridor. Carroll Organization's acquisition of Waterford on Westheimer (330 units) and Villas at Westheimer (330 units) bolsters the company's Houston presence to a total of seven different properties with 2,476 units. Both properties were recently constructed and offer finely-finished residences and a wide array of amenities. Carroll Organization will continue to enhance the resident experience through hands-on management, while simultaneously rebranding the Westheimer properties under the proprietary "ARIUM" name, in keeping with the identity of Carroll Organization's rapidly growing national portfolio.
"Waterford on Westheimer and Villas at Westheimer presented us with a compelling investment opportunity," said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. "These properties offer essentially new construction within a Houston submarket that has benefited enormously from demographic trends. The energy and medical industries have driven significant in-migration to Houston, which in turn drives demand for apartments from higher income professionals. As always, we will add the Carroll Organization touch to the management of these assets and continue to enhance their value."
Villas at Westheimer is a Class A residential property offers apartments that feel like custom homes, along with resort-like amenities. Residences feature 9-foot ceilings, crown molding, custom cabinetry, high-end appliances, ceramic tile, brushed nickel hardware, and other luxury touches. Amenities include a resort-style swimming pool, outdoor gas and charcoal grilling areas, computer lounge with wi-fi service, fitness center, auto detailing services, and lush landscaping throughout.
Waterford on Westheimer similarly provides a luxury living experience that is ideal for professionals. The swimming pool and outdoor grill/picnic areas create a quiet oasis, removed from the busy world outside. Offering 1, 2, and 3-bedroom residences with custom home finishes, Waterford on Westheimer is prepared to accommodate the single professional, as well as families. The property also offers a variety of social amenities where residents can mingle, including a billiard room, coffee bar, and sundeck.
Both of the Westheimer properties offer ready access to recreational opportunities, shopping, entertainment, and transportation.
During the past 18 months, Carroll Organization has completed over $400 million of multifamily acquisitions and expects to pass the half-billion dollar mark by the end of the second quarter. The company sources many of its deals "off-market" directly from developers, and has also become known within the brokerage community as a go-to buyer that performs.
About Carroll Organization
Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily property, including acquisitions, property and asset management services, and fund management. The firm has raised over $200 million of equity through Carroll Organization sponsored funds and joint ventures, and its current investment portfolio is valued in excess of $450 million. Carroll Organization's regional offices are located in Houston, Austin, Orlando, and Miami. Today, the company manages over 10,000 multi-family units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen millions of dollars in construction management for both its owned and fee managed portfolios. This strategy of vertical integration creates exceptional returns for investors and joint venture partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite and close transactions.
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SOURCE Carroll Organization