As the United States’ multifamily housing market continues its steady growth, Atlanta-based CARROLL announced two more strategic property acquisitions. Led by founder and CEO M Patrick Carroll, the leading real estate investment and management firm completed the purchase of suburban Fort Lauderdale and Denver multifamily communities.
Executed in November 2021, the acquisitions added 580 units to CARROLL’s nationwide multifamily housing portfolio. In addition, the Firm continues to expand its multifamily property management capabilities.
Spotlight on CARROLL’s Timely Acquisitions
After extended nationwide market analysis, CARROLL identified two metropolitan-area multifamily communities that presented good investment potential. Both garden-style developments offer easy access to premier employment hubs along with desirable retail and/or entertainment venues.
CARROLL’s institutional fund vehicle, Carroll Multifamily Venture VI, LP, funded the $140+ million purchase. This transaction brings the Company’s cumulative transaction volume to $16 billion.
The Firm’s Construction Management Team will renovate both properties’ interiors and common areas. When completed, the assets will carry CARROLL’s upscale ARIUM brand, a proven market leader that continues to drive resident satisfaction.
ARIUM Coconut Creek
Located in suburban Fort Lauderdale, CARROLL’s ARIUM Coconut Creek property (formerly Aqua Villa) contains 280 units. The purchase expands CARROLL’s Florida portfolio to over 9,000 units.
ARIUM Coconut Creek residents have easy access to south Florida employment hubs from Fort Lauderdale to the Boca Raton area. In addition, Broward County’s upscale retail and entertainment venues are within easy reach.
CARROLL’s South Florida investments take place in a business-friendly economic climate. With no state income tax, and growth-oriented government policies, companies from across the United States are contributing to the region’s impressive population and business growth.
ARIUM West 84th
The suburban ARIUM West 84th community (formerly Lodge on 84th) contains 300 units. Residents of this Federal Heights development can use two convenient highways to access major employment hubs. Entertainment venues are also within easy driving distance.
The suburban Denver market continues to show impressive occupancy figures and corresponding rent growth. In addition, this expanding sector has demonstrated strong resiliency during COVID-19 pandemic challenges.
The ARIUM West 84th community is CARROLL’s second active Denver-area acquisition. In August 2021, the Firm acquired two Las Vegas communities, substantially increasing its West Coast presence. CARROLL continues to evaluate investment opportunities in this rapidly growing region.
M Patrick Carroll Comments on Acquisitions
CARROLL’s Founder and CEO, M Patrick Carroll, states that both multifamily communities meet the Company’s stringent investment criteria. “While located in different parts of the country, both assets were attractive to CARROLL due to their demand fundamentals and proven value-add upside.
“Additionally, both communities are located in areas that are experiencing tremendous population growth coupled with high barriers to entry and very limited new construction,” he explains.
CARROLL Caps an Impressive 2021
Throughout 2021, M Patrick Carroll has orchestrated CARROLL’s execution of 48 strategic transactions. The Firm completed 18 acquisitions while executing 30 dispositions, all in accordance with CARROLL’s investment goals. Collectively, the 2021 transactions have totaled $4.1 billion. A summary of several significant 2021 transactions appears below.
Q3: Multifamily Community Purchase and Third-party Property Management Agreement
In 2021 Q3, CARROLL expanded its Florida presence with the acquisition of a recently built Santa Rosa Beach, Florida multifamily community. In addition, the Firm bolstered its property management services commitments by adding three Louisville, Kentucky multifamily communities. Within the past year, CARROLL has executed eight third-party property management agreements.
Q3: CARROLL Enters the Expanding Las Vegas Market
During 2021 Q3, CARROLL entered into a real estate investment partnership with GFH Financial Group. This Bahrain-based firm bought two well-located Las Vegas multifamily communities for $200 million total. CARROLL’s entry into this premier secondary market is in concert with its long-term investment strategy.
Q2: Disposition of Two Upscale Atlanta Multifamily Communities
In 2021 Q2, CARROLL completed the disposition of two Atlanta-area apartment communities. The Firm realized a desirable return on its investment following the sale of its ARIUM Dunwoody and ARIUM Station 29 assets. The transaction demonstrates CARROLL’s continued leadership in the Southeastern United States commercial real estate market.
Q2: M Patrick Carroll Presents at BisNow South Florida Deal Flow and Investment Strategies Summit
In July 2021, CARROLL Founder and CEO M Patrick Carroll presented strategic remarks at the BisNow South Florida Deal Flow and Investment Strategies Summit. He provided useful insights on the market’s growth along with predictions on upcoming trends. Carroll has proven expertise in the rapidly growing South Florida real estate investment arena.
About M Patrick Carroll
M Patrick Carroll, Founder and CEO of the Atlanta-based CARROLL real estate investment firm, is the epitome of self-made success. During his early 20s, Carroll hatched his dream of a successful real estate investment career while working as an Atlanta-based clothing representative.
With his well-known boundless ambition, M Patrick Carroll utilized his business connections to lay the groundwork for his real estate investment venture. In 2004, he made the leap, leaving his full-time job and launching the CARROLL organization into the highly competitive Atlanta real estate market.
Building a Commercial Real Estate Career
Carroll’s initial investments focused on targeted Georgia and Florida properties. Over time, he completed several residential development projects and began to carve out a presence in the commercial real estate market. His continued success, often under challenging economic conditions, enabled him to undertake larger-scale projects with potentially better returns.
Today, M Patrick Carroll is an acknowledged expert in the multifamily housing investment arena. Although initially focused on the Southeastern United States, he has recently expanded CARROLL’s operations to the country’s western region.
Before making each investment, Carroll conducts exceptional due diligence with assistance from his skilled market analysis team. Then, he boldly steps into the opportunity, confident in his ability to bring it to a successful conclusion.
Propelling CARROLL into the Future
To facilitate CARROLL’s continued growth, M Patrick Carroll fosters an entrepreneurial culture that infuses every aspect of the Firm. His consistent dedication to excellence continues to attract superb talent from varied demographic groups.
As a hands-on leader, Carroll cultivates relationships with investment partners, institutional investors, brokers, and lenders. He also supports CARROLL’s on-site property management teams across the United States.
M Patrick Carroll’s Dedication to Philanthropy
Philanthropist M Patrick Carroll has always believed in the value of giving. His longtime health and wellness focus drives his donations to 50 global charities with health or early childhood development missions.
He also wants to show younger generations that it’s possible to achieve success through varied paths. First, he serves as an admirable role model for his three sons. In addition, M Patrick Carroll frequently speaks to younger audiences about prioritizing health and wellness while also working to achieve their dreams.
About CARROLL
The Atlanta-based CARROLL organization continues to be a key player in the commercial real estate arena. Established in 2004, this privately held real estate investment firm maintains a strong focus on multifamily housing communities. In addition to numerous acquisitions, CARROLL often executes strategic dispositions in accordance with its preset investment goals.
CARROLL is also expanding its property management, asset oversight, and fund management capabilities. To date, the Firm directs the operations of 27,000 multifamily units spread throughout nine states. CARROLL has also purchased the assets of other multifamily owner/operators across the United States.
CARROLL’s wide-ranging network has also enabled it to successfully develop single-family homes, student housing, and retail communities. During the past 10 years, the Firm has managed over $500 million in construction projects for its company-owned and fee partners’ properties.
To date, CARROLL has utilized CARROLL-based funds and joint ventures to raise over $3.3 billion of equity. These resources have facilitated the purchase, development, or sale of over $16 billion of real estate assets. To serve clients throughout the United States, the Firm maintains offices in Raleigh, Tampa, New York, Dallas-Fort Worth, and Denver.
CARROLL’s Distinctive Investment Strategy
M Patrick Carroll has found success by carving out his own path in a complex marketplace. He is known for his in-depth market expertise and superb due diligence. In addition, CARROLL maintains the logistical capabilities that enable the Firm to execute multifaceted transactions.
To source promising investments, CARROLL’s in-house market analysis team monitors target markets to identify underperforming or undervalued assets. Team members also pinpoint emerging market trends, knowing that top-tier investors will often act on these indicators.
When other investors flock to these enticing hot spots, CARROLL frequently discovers overlooked investment opportunities worth a second look. If a prospective investment meets CARROLL’s exacting standards, M Patrick Carroll gives the green light to pursue it.
A Data-driven Approach Proves Successful
M Patrick Carroll strongly believes that every economic and investment cycle produces viable opportunities. To identify them, and facilitate high-yield returns, CARROLL employs a technology-based approach.
CARROLL utilizes sophisticated analytical tools to interpret proprietary market data. The Firm also analyzes current and projected economic trends, and factors in its extensive market expertise, to formulate its investment strategy.
As 2021 winds down, CARROLL’s market analysts continue to investigate potential new investment targets. M Patrick Carroll and his team expect 2022 to bring new opportunities in the commercial real estate investment arena.
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