Carroll Sells Houston Property, Market briefs

HOUSTON – , Carroll, an Atlanta-based real estate investment and management firm, reported that it has sold Arium Park West, a multifamily property in West Houston.

Located at 15555 Richmond Avenue, the 342-unit garden community, is near Houston’s key employment centers including the Energy Corridor, and the Westchase business district.

Part of Carroll Multifamily Real Estate Fund III, Carroll purchased the property six and a half years ago. The firm repositioned the apartment project implementing a value-add strategy, enhancing select interior units, and updating amenities.

“When we purchased Arium Park West in 2014, the property presented great bones in a solid location for us to use our proven value-add strategy to improve resident life and create returns for our investors,” said M. Patrick Carroll, Founder and CEO of the Carroll organization. “Being at the end of our underwritten strategy and hold period, we felt it was time to sell and realize our returns.”

Back in 2014, Carroll was bullish on the ARIUM Park West property due to its close location to the Energy Corridor, which has been experiencing tremendous growth and renter demand. The firm also cited favorable trends on oil prices, above $94, and a low unemployment rate, 5% compared to the national average of 6.2%, as an indicator in 2014 for a strong, growing employment base in Houston, which drives population growth and renter demand. Multifamily rents have risen sharply in 2021.

Ten years ago, the Energy Corridor was regarded as one of the strongest, if not the strongest submarket in the nation with office occupancy rate over 95 percent. Today the Energy Corridor occupancy is around 75 percent.

The Arium disposition follows the successful sale of two Atlanta properties last month, and precedes what should be an active third quarter for the Atlanta-based firm, manages nearly 28,000 multifamily units in seven states

The Arium multifamily complex was purchased by an entity affiliated with the Bridge Investment Group of Salt Lake City.