HOUSTON — (Realty News Report) — Carroll, an Atlanta-based real estate investment and management firm, announced the sale of Arium Park West, a multifamily property in west Houston.
Located at 15555 Richmond Avenue, the garden-style community comprises 342 units and sits near major Houston employment hubs, including the Energy Corridor and the Westchase business district.
Acquired as part of Carroll Multifamily Real Estate Fund III roughly six and a half years ago, the firm executed a value-add strategy during ownership. Carroll completed targeted interior unit upgrades and modernized amenities to enhance resident experience and support stronger operating performance.
“When we purchased Arium Park West in 2014, the property had excellent bones and a solid location that allowed us to apply our proven value-add approach to improve resident life and generate returns for our investors,” said M. Patrick Carroll, Founder and CEO of Carroll. “Having reached the end of our planned hold period and achieved our underwriting goals, we determined it was the right time to sell and realize those returns.”
In 2014 Carroll identified Arium Park West as a strong investment because of its proximity to the Energy Corridor, an area that has driven substantial employment growth and rental demand. At that time, favorable oil market conditions and relatively low local unemployment supported expectations for continued job growth in Houston, which typically fuels population growth and multifamily demand. Multifamily rents have risen sharply in recent years, reflecting that demand.
A decade ago the Energy Corridor was considered one of the nation’s most robust suburban office markets, with office occupancy rates exceeding 95 percent; today occupancy in the corridor is roughly 75 percent.
The sale of Arium Park West follows Carroll’s successful disposition of two Atlanta properties last month and comes as the firm, which manages nearly 28,000 multifamily units across seven states, anticipates an active third quarter.
The Arium Park West community was acquired by an entity affiliated with Bridge Investment Group of Salt Lake City.
July 21, 2021 Realty News Report Copyright 2021
Image: Courtesy: Carroll
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File: Carroll Sells Houston Property
File: Carroll Sells Houston Property to Bridge Investment Group. Arium