Carroll Snags 256-Unit Multifamily Property for Growing Portfolio

AUSTIN-After two years eyeing potential deals, Carroll Organization landed its first Austin area buy, adding the 256-unit Archstone Tech Ridge Apartments to its fast-growing Texas portfolio. The multifamily property will be rebranded ARIUM Tech Ridge, with the Atlanta buyer putting its own management team into place.

“Pricing has gotten very aggressive in Austin,” comments M. Pat Carroll, Carroll Organization’s founder and CEO. “We’ve chased a lot, but this is the first deal in which we felt as though we were getting a good price and some upside potential.” Carroll tells GlobeSt.com the asset wasn’t on the market, but rather, was a direct, off-market deal between the buyer and the seller, which operated under the entity name BP Tech Ridge LP of Englewood, CO.