Not only does this acquisition fit perfectly in our strategy to continue to invest in Class A assets, but it also allowed the opportunity to invest in a market that has consistently maintained impressive economic, population and job growth.
Atlanta, GA (PRWEB) February 16, 2012
Carroll Organization, a multi-faceted enterprise focusing on the ownership and operation of multifamily real estate, and Starwood Capital Group, a leading private investment firm focused on real estate, are pleased to announce the acquisition of a 360-unit Class A apartment community located in a highly desirable submarket of Houston, Texas. The community, which will be rebranded as Carroll at Shadow Creek Ranch, is perfectly situated in Shadow Creek Ranch, a master–planned community which features over 900 acres of glistening lakes and community parks.
Carroll at Shadow Creek Ranch features one-, two- and three-bedroom garden-style apartment homes with direct access to one or two car garages. Community amenities include a high tech cardio strength training facility, an 1100+ square foot playground for children, a billiard room and a resort style pool. Additional amenities include lofty 9-foot ceilings with crown molding, custom wood cabinetry, full sized washer and dryers, black appliances and large walk-in closets.
Built in 2010, Carroll at Shadow Creek Ranch is located just eight miles south of Texas Medical Center, the largest medical complex in the world and Houston’s largest job generator. Citywide amenities and retail centers such as Pearland Town Center and Shadow Creek Town Center are also within close proximity of the community. Additionally, the fifteen minute commute into Downtown Houston allows easy access to dining, entertainment, shopping and nightlife.
"With this transaction, Starwood Capital Group has now invested in 22 multifamily properties totaling 5,770 units over the last two years as part of its ongoing and successful strategy to acquire and develop well located properties in markets with strong fundamentals. This acquisition brings our multifamily portfolio to a total of 8,760 units," said James Kane, a Vice President at Starwood Capital. "We look forward to working with the Carroll Organization and expanding our presence in this dynamic market.”
Commenting on the announcement, Patrick Carroll, CEO of Carroll Organization said, “We are very pleased to expand our footprint into the Houston market with the acquisition of Carroll at Shadow Creek Ranch. Not only does this acquisition fit perfectly in our strategy to continue to invest in Class A assets, but it also allowed the opportunity to invest in a market that has consistently maintained impressive economic, population and job growth. All indicators predict that this market will continue to thrive for the foreseeable future. We plan to source additional opportunities in the Houston market.”
About Carroll Organization
Carroll Organization is a multi-faceted enterprise focusing on ownership and operations of multifamily real estate. This integrated approach makes the organization an attractive investment partner and has attributed to the rapid growth and success of the firm. Since 2004, Carroll Organization has grown significantly through acquisitions. Today we manage over 15,000 multifamily units in 12 states, have 8 regional offices, and employ over 400 people through subsidiaries. Additional information about Carroll Organization can be found at http://www.CarrollOrganization.com
About Starwood Capital Group
Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group’s inception in 1991, the firm, through its various funds, has invested over $10 billion of equity capital, representing over $29 billion in assets. Starwood Capital Group currently has over $18 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., and affiliated offices in London, Luxembourg, Paris, Mumbai and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at http://www.StarwoodCapital.com.
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