CARROLL Unloads 520-Unit Carrollton Property

CARROLL has sold the 520-unit, garden-style Arium Creekside in Carrollton, Texas, a suburb of the Dallas-Fort Worth metro. The property represented the last remaining asset from a three-community portfolio acquired in 2017 that accounted for more than 1,100 total units. Related Cos. was the buyer.

During the five-year hold, CARROLL and its partners executed amenity upgrades as part of a value-add strategy that included clubhouse/gym renovations, outdoor gathering area enhancements, pool upgrades, and green initiatives, among others. These enhancements, while aimed at increasing resident satisfaction, also helped elevate the competitiveness of the product – built in 2000 – amidst the rapid growth of the Dallas-Fort Worth MSA.

“Exiting the final asset from that 2017 acquisition marks another milestone in our Firm’s evolution,” said Patrick Carroll, Founder and CEO of CARROLL. “The strong fundamentals we recognized in the DFW area enabled our team to strategically execute our business plan while leaving sufficient upside for the next owner.”