Carroll Adds Lakeview Lofts to its Houston Holdings

CYPRESS, TX-Carroll Organization has closed on its ninth transaction in the region, acquiring the 366-unit Lakeview Lofts from the multifamily property’s builder, TLMF 1 LP. The Atlanta company’s Houston-area portfolio is valued at more than $325 million.

Though the multifamily property at 17807 Lakecrest View Dr. on the far northwest side was brokered by Apartment Realty Advisors, executives with the Carroll Organization tell GlobeSt.com that they had reached out to the owners – a partnership between the Caldwell Building Co. and Gregg Williams – at the beginning of 2013. “Then ARA ended up listing the property for sale,” says Josh Champion, Carroll’s president of investments. Champion says the deal brought Carroll Organization new product (it opened in 2010) and top-of-the-market amenities for below-replacement costs and at an attractive cap rate.