ATLANTA, GA – Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development completed the sale of ARIUM Westheimer and ARIUM Westheimer Villas both located in Houston, Texas. The multifamily properties were originally acquired by Carroll in 2013 with plans to implement a light value add renovation plan and streamline management operations.
"These two successful exits provide great momentum for our firm as we begin 2015. The transactions produced an IRR greater than 50% and further enhances our track record of performance with our investors," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “In the current market environment, our team remains true to our investment process which is focused on disciplined buying and opportunistic selling; both Westheimer investments are perfect examples of our ability to execute our process. We bought the properties at the right price, finished our business plan earlier than projected and exited when the market opportunity presented itself."
"Our partnership with Carroll Organization in the Westheimer investments provides a solid example of the Townsend investment process. We target specific strategies, select best-in-class investment managers and deploy capital to timely, property-level investments – providing a seamless execution for our clients. We are very pleased with our growing relationship with Carroll," added John Kropke at The Townsend Group.
Westheimer and Westheimer Villas were both part of Carroll Co-Invest Fund II, LP. The communities were built in 2009 and 2006, respectively, with impeccable construction standards featuring attractive stone accents, market leading design, high-end finish levels and extensive amenity packages. The two adjacent communities are located within a block of the southern boundary of Houston's Energy Corridor, which contains more than 18 million square feet of office space, 1.4 million square feet of retail and 1.4 million square feet of industrial.
Carroll continues to be one of the most active multifamily owner/operators in the country. In 2014, the company purchased fifteen multifamily properties valued at over $615 million and has now exited properties valued over $220 million. The company sources many of its deals "off-market" directly from developers and owners, and is recognized 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 properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $600 million of equity through Carroll Organization sponsored funds and joint ventures; its current investment portfolio is valued in excess of $1.9 billion. Carroll Organization's regional offices are located in Houston and Miami. Today, the company manages approximately 17,000 multifamily units in six 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 $40 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more info, visit www.CarrollOrganization.com.
About The Townsend Group
Founded in 1983, Townsend Holdings LLC (d/b/a The Townsend Group) is a leading provider of global investment management services focused exclusively on real estate and real assets. Investing through primary funds, co-investments, secondaries and joint ventures, Townsend serves an institutional client base providing custom investment solutions to help meet the needs and objectives of their investment programs. Headquartered in Cleveland, Ohio, the firm has offices in San Francisco, London and Hong Kong. As of June 30, 2014, Townsend's regulatory assets under management are approximately $11.6 billion.