HOUSTON-Just days after closing on the 267-unit Waterford Place in Humble, TX, Carroll Organization bought the 476-unit Renaissance Village at Briar Forest apartments in the Energy Corridor submarket from a Colorado seller. Similar to Waterford Place, the Atlanta buyer will push rents through minor renovations, and reposition the class B asset under the Arium brand name.

When seller Slavin Multifamily Advisors LLC acquired the multifamily property at 12951 Briar Forest Dr. from Equity Residential in 2007, the plan was to invest approximately $3 million into the asset, which was built between 1988-1991. Carroll Organization's founder and CEO M. Patrick Carroll tells GlobeSt.com that Slavin did, indeed, accomplish most of the renovations during its ownership tenure.

"This was 80% renovated," he says. "We're finishing up the remaining 20%," he says. Carroll Organization''s renovations will include completion of interior upgrades, a club house renovation and pool area improvement. "Our upside is to finish up those renovations and to push rents," Carroll says.

Another huge upside in this particular commercial real estate transaction is its location. "This is directly across the street from several large office hubs. Forty percent of the population of this apartment works in the office complex across the street," Carroll says. "It's surrounded by new office development."

The asset will be renamed Arium Briar Forest and is 95% occupied. The multifamily property has one-, two- and three-bedroom units measuring between 595 square feet and 1,250 square feet. Rents range from $702 to $1,300 a month.

The buy is Carroll Organization's fourth in the Houston region since February. Carroll says the company has an Austin multifamily property currently under contract, and closing will take place within the next 45 days.