HOUSTON-In their first buy as partners, Praedium Group and Carroll Organization acquired the 302-unit Carrington at Green Trails from Davis Developer, which completed the class A complex in 2009. With the dust having settled on the CRE deal, the new owners will change the name to Carroll at Green Trails and plan small improvements to the asset, which was 95% occupied at closing.

The real value add of the multifamily property at 529 Barker-Clodine Rd. in the far west submarket is the potential for increasing the rents. “What I find in a lot of these newer deals that went through lease-up in 2009 and 2010 is that this happened when the economy wasn’t as strong,” comments Mark Lippman, managing director of the New York City-based Praedium Group. “The Houston market has been strong, so with some amenity improvement and value-add by putting granite and new light fixtures in the unit, we can push rents.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.