Printer Friendly, PDF & Email
newsOrder
1
feature
Yes
February 2021

From Intern to Full-Time

Professional relationships should promote collaboration, growth, and understanding to create a strong work environment. At CARROLL, we foster a company culture that promotes these relationships between every employee, whether they are a department leader or a summer intern.
 

Professional relationships should promote collaboration, growth, and understanding to create a strong work environment. At CARROLL, we foster a company culture that promotes these relationships between every employee, whether they are a department leader or a summer intern.
 
Adam Johnson, a former property accountant intern who received a full-time offer, knows first-hand  the importance of the mentor–employee relationship and how it can shape a career. As a CARROLL intern in 2019, Adam worked closely with Tselani Lang, a senior property accountant who served as his mentor. In Adam’s experience, the best aspect of the internship was the welcoming nature of the team that created a sense of comfort, no matter his experience level. As a mentor, Tselani is grateful for the opportunity to share her knowledge to help new accountants thrive. 
 
CARROLL’s internship program creates a learning environment aimed at promoting professional growth for its participants. And supporting that growth with a hands-on mentor is a key differentiator. “It’s important to have one point person to bounce day-to-day ideas off and help tackle roadblocks that you encounter when you first start a job, and CARROLL provides that as you get your feet wet,” said Lang.
 
Adam agrees on the importance of working with a strong mentor, “No matter how smart you are, you always need a mentor in accounting. The job is extremely detail-oriented, and your mentor is able to steer you in the right direction and answer all of your questions.” The culture of the internship program at CARROLL, Adams adds “showed me how to appropriately address issues that rise up and how to effectively communicate with team members.”
 
The CARROLL internship program, which takes place each summer, provides  useful experience to interns  through a defined program curriculum. Each class has the opportunity to collaborate with others while working on consequential projects that improve their skills. We layer in the mentor aspect because we strongly believe that learning how to build effective working relationships from a more seasoned team member benefits both individuals, helps set our teams apart, and develops high performing teams. 

Press release
June 2020

CARROLL Executes Sale of Atlanta Multifamily Property

CARROL announced today that it has completed the sale of ARIUM Chastain in Atlanta, GA.

Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has completed the sale of ARIUM Chastain in Atlanta, GA. The property was acquired five years ago as a part of Carroll Multifamily Real Estate Fund III, LP in joint venture with a private equity real estate fund advised by Crow Holdings Capital. ARIUM Chastain is also managed by CARROLL.

“ARIUM Chastain represented an opportunity to acquire an extremely well-located asset in Atlanta’s exclusive Buckhead neighborhood of Chastain Park, which was well-positioned for a value-add renovation program,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “The property benefits from its superior infill location, offering easy access to Atlanta’s major employment centers.

ARIUM Chastain is a 212-unit garden-style, gated apartment community located between Atlanta’s two largest employment centers, the Buckhead Central Business District and the Central Perimeter. The property is right off Roswell Road, one of the most heavily traversed roads in the city. Additionally, ARIUM Chastain is one mile from Chastain Park, one of Atlanta’s largest and most picturesque municipal parks, home to a large amphitheater, an 18-hole public golf course, swimming pool, tennis center and a 3-mile jogging and walking trail. ARIUM Chastain’s units boast desirable features including covered patios with storage, wood style floors, designer kitchens with stainless steel appliances and washer/dryers.

To date, CARROLL has successfully exited eighty-one assets valued over $3.9 billion, including this transaction, producing an average IRR of 26%. Since 2019, CARROLL has sold 21 properties totaling ~$1.2 billion and is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West and other strategic target markets across the country. CARROLL sources many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

 

About CARROLL

CARROLL, a privately-held real estate company, was founded in 2004. With headquarters in Atlanta, CARROLL focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $2.7 billion of equity through CARROLL sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $11.5 billion of real estate. CARROLL also has regional offices in Houston, Raleigh, Tampa, and New York.

The company manages over 30,000 multifamily units in eight states throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $200 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit www.CarrollOrganization.com

 

About Crow Holdings Capital

Crow Holdings Capital is the real estate investment management company of Crow Holdings. Led by a highly experienced team, Crow Holdings Capital manages $10 billion of real estate assets through its series of eight flagship value-add funds invested across property types in the United States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is a privately owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership and innovation. For more information, please visit www.crowholdings.com/chc.

Perspective
June 2020

Black Lives Matter

We know that we can do more. While we don’t know what that looks like today, we are committed first to listening to our black employees and customers and then working with them to build a better company and stronger communities that can lead us to the perfect Union that this country set out to become.

Black Lives Matter.

This should not need to be a rallying cry in America. Our friends, neighbors, co-workers, and family members should not have to demand that their lives matter. But since our founding as a nation, black lives have been silenced and sidelined, often violently.

Today, we find ourselves at a crossroads. We can finally do the hard work of acknowledging the sins of our past and present, uncovering how we each contribute to the challenges that confront us, and then together work on solutions to end it. Or we can again campaign to silence the cries for help. At CARROLL, this is an easy choice to make.

CARROLL is proudly diverse. Looking across our nearly 1000 employees, we are proud that we are represented by people of all races, genders, sexual orientations, and nationalities. But we also recognize that that is not enough. We want to be a company that never stops the work to be better. We know that as a housing provider in this nation, we play an important role in people’s lives; our customers literally live with us every day. Our daily interactions, the work that we do, and the policies we craft have lasting impacts on their lives, so we must be intentional about how our interactions, our work, and our policies affect black lives.

We know that we can do more. While we don’t know what that looks like today, we are committed first to listening to our black employees and customers and then working with them to build a better company and stronger communities that can lead us to the perfect Union that this country set out to become. We challenge all of our partners, vendors, employees, and customers to join us in this commitment – in acknowledging our responsibility as members of society and then actively looking for ways to be better.

Black lives depend on it.

Perspective, Video
May 2020

Optimism Permeates Future in Multifamily Investing as Leaders in the Transaction Space Discuss These Changing Times


CARROLL, one of multifamily’s top owners and operators according to the National Multifamily Housing Council, recently held a virtual townhall with leaders in the industry to discuss how multifamily real estate can lead through these changing times and where the transactional market is going. Despite the slowdown in transactions over the last 2 months, leaders are optimistic about the future even if it might look different than it did in 2019.

Joining CARROLL founder and CEO, Patrick Carroll, was Kris Mikkelsen, COO and managing director at Walker & Dunlap, Robert LaChapelle, vice chairman of debt and structured finance at CBRE, and Blake Okland, vice chairman and head of multifamily investment sales at Newmark Knight Frank.

Despite the current conditions, each leader is optimistic about the path forward in multifamily.

 

“We’re seeing equity trying to see where’s the mark. On the debt front it is becoming increasingly predictable…The agencies are serving the role that they were created to do…They’re coming back. They are being price competitive.” – Robert LaChapelle

 

“There was a saying in the last downturn, “don’t bet against the Fed.” I’m not going to bet against the Fed because they are piling money into the economy. That’s going to show up in positive ways. It has to.” – Patrick Carroll

 

“We’re starting to see the ice thaw…We’re seeing capital willing to get active again.” – Kris Mikkelsen

 

The turn came quick and caught everyone off guard, but firms quickly adapted and were bolstered by years of positive results.

 

“The downturn came on so fast…and how do you communicate as a leader that everything is going to be fine? You have go out there and show by example.” – Patrick Carroll

 

 

“It hit us like a freight train. We went into triage mode and had to get creative on how to structure transactions to keep them together.” - Kris Mikkelsen

 

So, what is the path forward? Each leader sees significant upside coming but this will likely serve as a reset for the industry.

 

“I think you’re going to see smaller markets benefit from this.”  – Patrick Carroll

 

“There’s going to be far more support for quality of life decision making across all organizations…There’s the notion of suburban office becoming attractive again for continuity reasons.”  – Blake Okland

 

 

 

Video
May 2020

Recovery & Hope: Virtual Multifamily Town Hall

Listen in as Patrick Carroll, Founder and CEO of CARROLL, talks with industry leaders on the future of real estate in the wake of COVID-19. These leaders discussed the current state of the market and where they each see opportunity in the near future. 

Video
May 2020

RealPage Webinar with Patrick Carroll


Patrick Carroll, Founder and CEO of CARROLL, sat down with Jay Parsons from RealPage to discuss from a market-level and CARROLL-specific level how COVID-19 has impacted daily operations. This interview gives a quick snapshot into how CARROLL is adapting and finding opportunity in the midst of the chaos and confusion. Below is a complete list of the interview questions.

  1. You announced recently that you had contracted and recovered from COVID-19. First of all, I’m thankful to hear you have recovered. How are you feeling now? Do you mind sharing what that experience was like?
  2. You’re clearly ready to march forward at a time when the market for acquiring assets and businesses is freezing up. How did your experience shape your strategy?
  3. For multifamily specifically, what markets and asset types do you think are most attractive from an acquisition standpoint right now?
  4. Do you see suburban Sun Belt will continue to fare better through this downturn, and do you think that will impact how coastal and foreign capital values these assets?
  5. How do you see the value-add space impacted by the COVID-19 slowdown? Will we see renovation activity slow down for a while?
  6. You’ve funded a renter assistance program to help some of your renters struggling to pay rent. How did that fund come about?
  7. What’s it been like to see the impact of the fund – being able to support those who need help? And what comes next?
  8. How are May collections shaping up so far, and how do you see these next few months playing out?
  9. What are you seeing right now in terms of key fundamentals – new lease velocity, rents, retention? What markets are doing comparatively well, and which have been more challenging?
  10. Can you share some of your playbook for operating apartments in a recession when new lease demand is weak, rents are trending in the right direction, and … on top of all that, this time around we’re seeing a lot more policy/regulatory heat on property owners in the form of eviction moratoriums and other restrictions?
  11. Can you share with us any success stories or speak to how you’ve seen your team step up?
Perspective
May 2020

Investing During the Pandemic; What Should I Do With My Money?

Great investors find opportunity in the downturn. As we broach this next chapter, the million dollar question is, what's the next big industry?

Given the current state of the country, the most immediate need is without a doubt the COVID-19 relief through financial and healthcare measures. As a survivor of COVID-19, Patrick Carroll, our CEO and Founder, knows the effects of Coronavirus, and he is actively looking for new ways to assist those impacted.

But looking beyond the next few months, it's important to have the forethought and insight to make smart investments and scanning what the climate will be like in the next few years. What industries or products will see a spike? What industries or products will dwindle? Looking to the future, Carroll is asking these questions and leaning more towards the health and wellness sector as the next big bet.

Read the Full Article

Press release
April 2020

CARROLL is Looking to Acquire in an Economic Downturn

CARROLL, one of multifamily’s top owners and operators, has experienced impressive growth over the last three years, and is still well-poised to invest heavily in the space.

CARROLL, one of multifamily’s top owners and operators, has experienced impressive growth over the last three years, and is still well-poised to invest heavily in the space. While other investment and property management companies are spending time in fear and on their company balance sheet, CARROLL is in a great position to continue acquiring other operating companies and real estate assets.

To illustrate this position of strength, consider that:

1.    CARROLL has very little debt at the corporate level, zero exposure to construction or development loans, and has zero need to refinance or restructure anything.

2.    CARROLL (all divisions) has been profitable for over 17 years. Including 2020.

3.    CARROLL has been extremely disciplined. Instead of “Empire Building”, it has profitably exited over 27,750 units that it renovated and sold (round-tripped).

4.    CARROLL is primarily owned, and is 100% controlled by Patrick Carroll who plans to do this for another 30 or so years.

5.    CARROLL has the best employees and is backed by the largest institutions in the world. These institutions are partners of ours that we have co-invested with and have earned their confidence. 

CARROLL continues to look for opportunities and asks for those willing to partner to get in touch.

“Please send us anything that we should look at acquiring. We are one of the only Multifamily Operators that have actually acquired other operating platforms, and CARROLL is as well suited to grow as we have ever been.” – Patrick Carroll

Since its inception, CARROLL has acquired $7.6 billion in real estate and fully realized and exited $3.9 billion. The company’s demonstrated track record of realizing 80 investments at a 26% IRR demonstrates our capabilities to invest in all phases of the market cycle, and its proactive and strategic approach to managing its portfolio has led to great success and future opportunity.



Read more: https://finance.yahoo.com/news/carroll-looking-acquire-economic-downturn-163000419.html

Press release
April 2020

Patrick Carroll Issues Challenge to Business Leaders to Personally Open their Wallets to those Affected by Covid-19

Patrick Carroll has issued a public challenge to all business leaders to make a personal donation to help make an impact in the communities around them. He started the challenge with a $100,000 pledge to help any family struggling due to Covid-19 and asked other leaders to open up their wallets to do the same.

In a time of enormous uncertainty and anxiety, individuals have found new ways to connect through digital platforms, brands have realigned their messaging, products, and focus to support local communities, and the government continues to look for novel ways to keep the economy afloat. For CARROLL, this brand realignment did not need to happen because it has always been a part of who we are.

When the Bahamas was ravaged by Hurricane Dorian, CARROLL stepped up to make a large donation. When CARROLL CEO and Founder, Patrick Carroll, attended a meeting to learn more about The Heart Fund, he immediately committed to a large donation. And every year, each of our communities across the United States identify local charities to get involved in. Those have included The Ronald McDonald House, Boys and Girls Clubs, Make-a-Wish Foundation, and many more.

Now, CARROLL and Patrick Carroll are stepping up again to help make a difference in the lives of those affected by Covid-19. CARROLL is making a donation to the food bank in each city in its eastern and western footprints and sending meals to healthcare workers on the front lines. Food scarcity affects some of the most vulnerable populations, and especially in times like these, when schools are closed and kids rely on getting nutrition from their school meals, it's important to do our part.

Continue Reading on Yahoo Finance.

Video
April 2020

CEO Outlook on Covid-19

In the midst of the uncertainty of Covid-19, our CEO Patrick Carroll remains optimistic. He's predicting a slowdown of 60-90 days, but looks forward to how a change like this can lead to a new future.

Perspective
March 2020

Covid-19 Update: March 24, 2020

While we are remaining agile in our approach to this quickly evolving situation, we are centered on our core value proposition – to lead the industry in service to our customers

The spread and actions taken to contain COVID-19 has rocked the world. This unprecedented virus has disrupted and continues to disrupt home life and work life across the globe. Some people are working from home, others are still reporting, while others have been laid off. A significant number of businesses have closed temporarily with the few essential businesses remaining open to support basic human needs. Ours is one business that’s staying open. Why?

 

Housing is Essential

Housing is an essential business. Just like food, water, and air, having shelter and a place to sleep at night are two basic human needs. We don’t have the luxury of closing up our communities because people depend on us to care for and provide their housing needs. It’s our responsibility as a housing provider to do everything in our power to continue to provide our residents with ample resources to get through this.

 

More than a Rent Payment

Exceptional service isn’t something that just happens. We’re committed to standing by our residents and supporting them as best we can during times of crisis. It’s part of our ARIUM Carefree Living Guarantee, but more importantly, it’s the right thing to do. For the safety of our residents, we’ve closed down community amenities. In its place, we’ve replaced that with free fitness apps, workout videos, and other mindfulness tips. We’ve also worked with residents to ensure they have certain daily items during a time in need. We’re in this together, and we will get through it.

 

Operational Changes

CARROLL believes that leading in customer service is what separates us from our competition, and while we cannot do that face-to-face right now, we are finding new ways to service our customers virtually.

As a result of Covid-19, the industry was thrust into a season of rapid change. CARROLL was well-prepared for this, having implemented a move to 100% digital in 2019 with the exception of prospect touring. As the virus spread, we made quick decisions to shift team schedules, close offices to the public (while still being open for business), and create over 200 videos in 48 hours for virtual tours.

While we are remaining agile in our approach to this quickly evolving situation, we are centered on our core value proposition – to lead the industry in service to our customers

Video
March 2020

CARROLL COVID-19 Response

In light of recent events, CARROLL's Founder and CEO wanted to address some concerns. We're determined to hold strong and find opportunity in this situation, and we will continue to remain committed to our investors and employees.

Perspective
February 2020

3 Keys to Rethinking the Multifamily Website

Most multifamily website templates contain multiple pages with dense content describing the community. This approach is one of selling, aiming to convince the website visitor that they should live at that community. But that is no longer the role of a multifamily website.

The Website is a Lead Generator

Properties and Property Management Companies no longer own the information about a community, your residents do – they are the ones talking about it daily with their friends, family, and co-workers, they write reviews about it, they post photos of to Instagram, they edit the details on Google. All of this information is consumed by the vast majority of prospects before they get to your website.

Most multifamily website templates contain multiple pages with dense content describing the community. This approach is one of selling, aiming to convince the website visitor that they should live at that community. But that is no longer the role of a multifamily website. Because the prospect 1. views your marketing messages about the property skeptically and 2. has already consumed most of the information about your property, you need to get out of their way. As the saying goes, less is more.

The only information that the property owns about its community is pricing and availability. The role, then, of the multifamily website is to provide pricing and availability and then to provide opportunities for the prospect to connect with you.

 

Not all Website Visitors are Committed

Most multifamily website templates assume that the visitor is ready to either apply or tour. But the decision about where to lease is often a long one that requires research, comparisons, conversations, etc. Therefore, if your goal is to create a connection with a website visitor and if many of them are not ready to commit, you have to provide opportunities for them to connect with you without making a commitment.

Lead generation calls-to-action should target specific parts of the journey – apply now and schedule a tour are at the very end. You should get creative with other softer lead generation opportunities.

 

Build in Automation to Nudge Prospects

No technology today can replace the effectiveness of one-to-one interactions between the prospect and the property team. However, in between those interactions, automated campaigns can nudge the prospect along toward the next phase of the journey. These automated campaigns should take into consideration how the lead was generated and target them with valuable content that gets them closer to a leasing decision.

Letters from the CEO
January 2020

2019 Letter from the CEO

By all measurable indicators 2019 was our most successful year to-date, and we could not have done it without the most talented employees in the business and the close partnerships we share with each of our investors.

Dear Investors, Employees, Customers and Friends,

I wanted to share with you a recap of our 2019 activity and achievements to highlight what a productive year this has been for CARROLL. It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do.

This year we made strategic acquisitions and recapitalizations based on our view of the need in the marketplace, executed timely dispositions, continued to improve the level of talent of our employees, and established new, strategic capital partnerships.

In summary, CARROLL accomplished the following milestones in 2019:

  • Rebranded Carroll Organization and consolidated all business lines under a unified CARROLL brand.
  • Launched a new institutional real estate vehicle, Carroll Multifamily Venture VI, LP, totaling $125 Million of Commitments.
  • Acquired 17 properties, totaling  ~5,100 units in 6 high growth states (GA, FL, NC, TN, CO, TX). The total value of these properties is ~$1.0 Billion.
  • Completed the successful exit of 18 properties, totaling ~6,000 units. The total value of these sales is ~$1.0 Billion.
  • Expanded portfolio to Mountain West region with purchase of ARIUM at Highlands Ranch in Denver, CO.
  • Raised and invested $350 Million of equity in 2019 bringing total equity invested by CARROLL and our partners to over $2.7 Billion.
  • Awarded 4 third-party property management assignments totaling 1,200 units and $175 Million in Assets under Management.

My sincere thanks go out to everyone that helped us achieve such a successful year. As we look forward to 2020, we remain very bullish on the multifamily asset class as it continues to be the most reliable and compelling commercial sector.

Yours sincerely,

Patrick Carroll

CARROLL Founder and Chief Executive Officer

Letters from the CEO, Press release
January 2020

2019 Annual Report

In summary, CARROLL accomplished the following milestones in 2019:

  • Rebranded Carroll Organization and consolidated all business lines under a unified CARROLL brand.
  • Launched a new institutional real estate vehicle, Carroll Multifamily Venture VI, LP, totaling $125 Million of Commitments.
  • Acquired 17 properties, totaling  ~5,100 units in 6 high growth states (GA, FL, NC, TN, CO, TX). The total value of these properties is ~$1.0 Billion.
  • Completed the successful exit of 18 properties, totaling ~6,000 units. The total value of these sales is ~$1.0 Billion.
  • Expanded portfolio to Mountain West region with purchase of ARIUM at Highlands Ranch in Denver, CO.
  • Raised and invested $350 Million of equity in 2019 bringing total equity invested by CARROLL and our partners to over $2.7 Billion.
  • Awarded 4 third-party property management assignments totaling 1,200 units and $175 Million in Assets under Management.
White paper
January 2020

Multifamily Marketing in 2020

As we start a new year and a new decade, it is important to reflect on the massive changes that have taken place in multifamily marketing in 2019. At CARROLL, we spend Q3 and Q4 focused on building a scalable infrastructure that will allow us to become even more agile in our approach and we built a strategy for 2020 that will position us as leaders among our competitors. Here are some of the areas multifamily marketers should focus on:

  1. Importance of Data
  2. Importance of Reduced Fragmentation
  3. The Changing Role of the ILS
  4. The Role of Performance Marketing
  5. Google is King
  6. The Role of Social Media
  7. The Role of Experience
  8. Brand Matters
Press release
January 2020

CARROLL and PGIM Real Estate Complete Off-Market South Florida Acquisition

CARROLL and PGIM Real Estate partnered to purchase Verona View Apartments in Plantation, Florida. CARROLL will manage the community and execute a value-add business plan to the amenity areas and interior units.

CARROLL (www.CarrollOrganization.com) and PGIM Real Estate (pgimrealestate.com) announced today the formation of a joint venture to acquire Verona View Apartments in Fort Lauderdale, FL. CARROLL, acting on behalf of its latest investment vehicle, Carroll Multifamily Venture VI, LP, is one of the nation’s leading privately held real estate investment companies focused on multifamily investment, management and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).  The property will be managed by CARROLL and branded as Verona View by ARIUM. The South Florida team of Hampton Beebe and Avery Klann of Newmark Knight Frank brokered the transaction for the seller, Lindemann Multifamily Management (www.lindemannmanagement.com).

“We were intimately familiar with this submarket given our recent acquisition and operational success at ARIUM Sunrise, a comparable garden-style asset approximately two miles west of Verona View. When this opportunity came to us on an off-market basis, we jumped on it quickly,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “The property has been well-maintained by the seller, features unique townhome-style floor plans and boasts some of the largest average units in the market, making it an ideal value-add candidate for CARROLL.”

 “The acquisition of Verona View in partnership with CARROLL—an operator with a large-scale regional platform—will allow us to capitalize on strong demographic trends in the Fort Lauderdale market, while adding value to the property through active management and strategic capital improvements,” said Cathy Marcus, Global Chief Operating Officer and Head of the United States for PGIM Real Estate. “The transaction is consistent with our strategy to pursue workforce housing investments in well-located metropolitan markets with robust demand for accessibly-priced housing.”

Verona View Apartments is a 293-unit 1990-vintage, garden-style community in Plantation, FL, a suburb of Fort Lauderdale. The property includes a mix of townhomes and one, two, and three-bedroom units. It is within close proximity to the Sawgrass Mills Mall as well as the Sawgrass International Corporate Park, home to seven million square feet of office and industrial space. The community’s amenities include two swimming pools and a heated spa, fitness center, basketball court, tennis court, bark park, and lake views. After takeover, CARROLL plans to execute a capital renovation plan including renovations to the amenities and unit interiors.

To date, PGIM Real Estate and CARROLL joint ventures have resulted in $2 billion in acquisitions across 46 properties and approximately 15,000 units throughout Florida, North Carolina, Tennessee, Texas, and South Carolina.

 

About CARROLL

CARROLL, a privately-held real estate company, was founded in 2004. With headquarters in Atlanta, CARROLL focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $2.7 billion of equity through CARROLL sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $11.0 billion of real estate. CARROLL also has regional offices in Houston, Raleigh, and Tampa.

The company manages over 33,000 multifamily units in eight states throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $200 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit www.CarrollOrganization.com

 

About PGIM Real Estate

PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of the largest real estate investment managers in the world, with more than $175.9 billion1 in gross real estate assets under management and administration, as of Sept. 30, 2019. Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers2, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.

PGIM Real Estate, the real estate investment management business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate’s tenured team offers to its global clients a broad range of real estate equity, debt, and securities investment strategies that span the risk-return spectrum and geographies. For more information, visit www.pgimrealestate.com.

1 AUA equals $36 billion and the net AUM globally includes $49.8B for PGIM Real Estate.

2 Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.

Press release
December 2019

CARROLL Executes Final Transaction of 2019 with Sale of Tampa Property

CARROLL completes the sale of ARIUM Bayou Point in Pinellas Park, Florida. The property was initially acquired one year ago as a part of Carroll Multifamily Real Estate Fund V, LP and managed by CARROLL.

CARROLL, a national real estate investment company, announced today that it has completed the sale of ARIUM Bayou Point in Pinellas Park (Tampa), FL. The property was initially acquired one year ago as a part of Carroll Multifamily Real Estate Fund V, LP and managed by CARROLL.

“We originally acquired ARIUM Bayou Point as part of a three-property portfolio in the fourth quarter of 2018. By addressing deferred maintenance and improving curb appeal, we were able to move rents significantly, both organically and through light interior renovations,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “While it was a relatively short hold period for us, we elected to sell the asset and realize profits for our investors given the strong pricing recently achieved for well-located garden product in the area.”

ARIUM Bayou Point is a 212-unit garden-style apartment community situated in the infill, centrally-located, and highly desirable Bayou Club neighborhood of Pinellas Park within the Tampa-St. Petersburg MSA. The property is located near downtown St. Petersburg, Clearwater Airport, and is 15-minutes from great beaches, shopping, and dining. It is also located within 3-miles of the Gateway office market, one of Tampa Bay’s most prominent office nodes and home to Fortune 500 corporations including Raymond James, the Home Shopping Network, Tech Data, and Jabil Circuit. The community’s amenities include two pools, fitness center, playground, and dog park.

To date, CARROLL has successfully exited seventy-eight assets valued over $3.7 billion, including this transaction, producing an average IRR of 27%. CARROLL has now acquired and sold 30 properties totaling ~$1.7 billion in 2019 and is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, and other strategic target markets across the country. CARROLL sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
December 2019

CARROLL Completes Sale of Five-Property Multifamily Portfolio

CARROLL, a national real estate investment company, announced today that it has completed the sale of a five-property multifamily portfolio totaling ~1,700 units across Florida, North Carolina, and Texas.

Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has completed the sale of a five-property multifamily portfolio totaling ~1,700 units across Florida, North Carolina, and Texas. The portfolio was initially acquired over a two-year period as a part of Carroll Multifamily Real Estate Fund IV, LP and Carroll Multifamily Real Estate Fund V, LP. The portfolio has been and will continue to be managed by CARROLL.

“We acquired these properties in several transactions from 2016-2017 and were able to curate a sizable and diversified portfolio of high-quality suburban assets, all featuring 9-foot ceilings, in some of the highest growth MSAs of the Southeast - Orlando, Charlotte, and Dallas-Ft Worth,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “We were fortunate enough to successfully exit the portfolio while retaining management to complete the proven value-add renovation program on these deals.”

ARIUM Maitland Summit is a 272-unit community located in the Maitland area of Orlando, FL. The property offers a variety of amenities including a fully-equipped fitness center, swimming pool and spa, fire pit, outdoor picnic area, and newly renovated business center. The community’s location is convenient to 429 and I-4 offering easy access to Altamonte Mall, RDV, and downtown Orlando. In addition, the Maitland area is a major regional employer and retail hub.

ARIUM Windermere is a 447-unit gated apartment community located in the Windermere area of Orlando, FL. The community is within minutes of 408 and the Florida Turnpike offering easy access to Orlando’s theme parks, Downtown Orlando, and the Orlando International Airport.  Most of the buildings in the community are two-story walk-ups. This feature along with large unit sizes averaging 1,100 square feet offers residents a true town-home feel. The Windermere area is known for its excellent schools, proximity to major employers, and abundant retail.

ARIUM Alafaya Trail is a 253-unit community in Orlando, FL with amenities including gated access, swimming pool, fitness center and yoga studio, theater room, and available garages. The property is located in Oviedo which includes a network of community parks and recreational lakes as well as outstanding public schools.  It is also in close proximity to some of Orlando’s largest employers including University of Central Florida, the Central Florida Research Park, Siemens headquarters, and Lockheed Martin.

ARIUM Lake Norman is a 312-unit gated community located in Charlotte, NC within the Huntersville/Lake Norman submarket. The apartment homes are surrounded by ponds and greenspace and boast desirable interior features such as full-size washer/dryers, 9-foot ceilings, and oversized closets. The property is located less than ½ mile from I-77, offering excellent accessibility for residents to travel into downtown Charlotte and the surrounding employment centers.

ARIUM Cliffside is a 400-unit gated community in Arlington, TX. The property is closely located to excellent schools, parks, top-notch restaurants, and entertainment venues. It is also just a short drive from major employment drivers and amenities such as DFW Airport, UT Arlington, AT&T Stadium, and Globe Life Park. The apartment homes offer premier features such as garden tubs, walk-in closets, and private garages.

To date, CARROLL has successfully exited seventy-seven assets valued over $3.7 billion, including this transaction. The investments have produced an average IRR of 27%. To date in 2019, CARROLL has now sold seventeen properties valued at approximately $1 billion. CARROLL is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, and other strategic target markets across the country. CARROLL sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
November 2019

CARROLL Donates $100,000 to ONE Bahamas Fund

An ethos that is prevalent in the CARROLL community is helping those who are hurting. CARROLL’s contribution helps the ONE Bahamas Fund reach its ultimate goal of $12 million in relief and recovery efforts. We’re proud to stand with the Bahamian community in providing relief.

Atlanta, GA – Today, CARROLL announced a $100,000 donation to the ONE Bahamas Fund, a nonprofit organization dedicated to helping those impacted by Hurricane Dorian. Earlier this fall, Hurricane Dorian swept through the Caribbean and the Eastern coasts of the United States and Canada, leaving destruction in its wake. For nearly 48 hours, the Category 5 storm hovered over the northern Bahamas. The effects of the hurricane devastated the Bahamian Islands, leaving thousands homeless and destroying infrastructure and power lines. Of all the islands, Abaco and Grand Bahama were hit hardest.

 “I’ve seen firsthand how the northern Bahamas have been devastated by Hurricane Dorian,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “Recovery efforts like these are important, and I’m proud to donate to help assist relief efforts on behalf of CARROLL. When we come together as a community, we can make a real impact.”

The founders of ONE Bahamas have pledged to match dollar for dollar every gift, doubling the impact of each donation. The need is palpable, and the impact is real. Alongside donors like Justin Timberlake, Tiger Woods, NEXUS Luxury Collection, and many others, CARROLL is committed to helping The Bahamas fully recover.

An ethos that is prevalent in the CARROLL community is helping those who are hurting. CARROLL’s contribution helps the ONE Bahamas Fund reach its ultimate goal of $12 million in relief and recovery efforts. We’re proud to stand with the Bahamian community in providing relief.

About CARROLL

CARROLL, a privately-held real estate company, was founded in 2004. With headquarters in Atlanta, CARROLL focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $2.4 billion of equity through CARROLL sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $10.4 billion of real estate. CARROLL also has regional offices in Houston, Raleigh, and Tampa.

The company manages over 35,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $200 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit www.CarrollOrganization.com

About ONE Bahamas Fund

The ONE Bahamas Fund supports a wide range of immediate recovery needs and important long-term rebuilding initiatives required in the country due to the catastrophic destruction left by Hurricane Dorian. As a U.S. registered 501(c)(3) non-profit organization, ONE Bahamas Fund raises funds directly and in some cases, a portion may go directly to certified, charitable organizations as all work toward rebuilding the country we all know and love.

White paper
November 2019

Value Add Case Study: ARIUM Vinings Station

CARROLL has a history of identifying opportunities to add value for investors and residents alike. By accurately pinpointing the appropriate value-creation strategy and executing on the proposed plan, CARROLL consistently achieves strong returns. Andrew Zelman, CARROLL's Executive Vice President of Investments, walks through the strategy for ARIUM Vinings Station and the subsequent returns on that investment.

Video
October 2019

2019 Stan Dobbs Award Ceremony

Patrick Carroll, Founder and CEO at CARROLL, accepted the 2019 Stan Dobbs Award. This award is given out to individuals who demonstrate a service-minded philosophy and build strong communities. Pat outlines the influential people who advised him, the good advice that he took to heart, and the next steps that CARROLL will be taking as an industry leader.

Press release
October 2019

Patrick Carroll Named 2019 Stan Dobbs Award Recipient

In an industry hyper-focused on investment returns, Pat Carroll follows a decisively different path. He believes that if CARROLL does right by its residents and partners, all of the business goals that it sets will be achieved as a result. This philosophy guides CARROLL's business practices under Mr. Carroll's leadership and the results have been astounding.

In an industry hyper-focused on investment returns, Pat Carroll follows a decisively different path. He believes that if CARROLL does right by its residents and partners, all of the business goals that it sets will be achieved as a result. This philosophy guides CARROLL's business practices under Mr. Carroll's leadership and the results have been astounding.

Pat Carroll founded CARROLL in 2004, initially developing several residential communities in Georgia, North Carolina, and South Carolina before moving to commercial real estate development and investment. In 2008, Pat successfully sold his remaining development projects, and using the proceeds from those sales, he acquired and merged three multifamily property management companies to create Carroll Management Group, a national property management platform wholly owned by CARROLL. Then in 2010, CARROLL began acquiring multifamily properties, and has since transacted on $10.3 billion, successfully exiting seventy two assets valued over $3.4 billion and producing an average IRR of 27%.

Recently, Inc. Magazine recognized CARROLL as one of the top private companies and one of the fastest growing companies in America. 

Through all of this success, Pat Carroll has kept this service-minded philosophy at the forefront of CARROLL’s approach. It’s because of that commitment that he was chosen as Apartment Life's 2019 Stan Dobbs Award recipient.

Apartment Life is a faith-based non-profit that helps multifamily management companies create true community among their residents. Its founder, Stan Dobbs, has worked in the industry for decades helping renters build relationships with their neighbors. The Stand Dobbs Award recognizes leaders in the multifamily industry who demonstrate a commitment to building community. Pat Carroll will receive the 2019 Stan Dobbs Award at this year's Atlanta Apartment life Gala on October 10th.

 

Press release
October 2019

CARROLL Completes Sale of Birmingham Multifamily Property

After a 4-year hold, CARROLL successfully completed the sale of ARIUM Lakeshore, a Birmingham multifamily property.

Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has completed the sale of ARIUM Lakeshore in Birmingham, AL. This property was initially acquired off-market four years ago as part of a two-property portfolio. This property was a part of Carroll Multifamily Real Estate Fund III, LP and managed by CARROLL.

“We initially acquired ARIUM Lakeshore off-market directly from the developer during its initial lease-up, as part of a larger portfolio in Alabama,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “This transaction marks the full realization of the portfolio after a four-year hold period. We are pleased with the successful closing and strong returns for our investors.”

ARIUM Lakeshore is a 288-unit gated community located just minutes from Downtown Birmingham, University of Alabama Birmingham, and Sanford University. It offers residents close proximity to major employers, award-winning medical facilities, championship golf courses and luxury shopping. ARIUM Lakeshore’s amenities include a resort-style saltwater pool, 24-hour fitness center, outdoor lounge and fire pit, and dog park. The apartment homes feature granite countertops, stainless steel appliances, walk-in closets, rainfall shower heads, garden tubs, and attached garages in select units.

To date, CARROLL has successfully exited seventy-two assets valued over $3.4 billion, including this transaction. The investments have produced an average IRR of 27%. To date in 2019, CARROLL has now sold twelve properties totaling over $665 million and purchased ten properties totaling over $500 million. CARROLL is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, and other strategic target markets across the country. CARROLL sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
September 2019

CARROLL Completes Sale of Houston Multifamily Property

After a 3-year hold period, CARROLL successfully completes sale of ARIUM Crossroads, a Houston multifamily property.

Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has completed the sale of ARIUM Crossroads in Houston, TX after a 3-year hold. This property was a part of Carroll Multifamily Real Estate Fund IV, LP and managed by CARROLL.

“We originally acquired this property in 2013 as part of a programmatic joint venture and elected to recapitalize in a new joint venture in 2016, as we felt there was still room to run with the proven value-add business plan. This pocket of Northwest Houston has performed well due to its proximity to major roadways and employment, as well as limited new supply in the area,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “Our teams did a great job of executing the business plan and disposition, yielding solid returns for our investors.”

ARIUM Crossroads is a 256-unit community located in the fast-growing northwest corridor of Houston. Its location between Highway 290 and Highway 6 provides convenient access to the city’s highest income employment centers including the Energy Corridor, Galleria and Houston CBD. The property also offers close proximity to abundant retail amenities, including two walkable grocer-anchored shopping centers. The community amenities include a resort-style pool, state of the art fitness center, sand volleyball court, dog park, and covered parking. Units feature full size washer dryers, spacious walk-in closets, built-in book cases, private balcony/patios, and wood plank flooring on select units.

To date, CARROLL has successfully exited seventy-one assets valued over $3.3 billion, including this transaction. The investments have produced an average IRR of 27%. To date in 2019, CARROLL has now sold eleven properties totaling over $620 million and purchased ten properties totaling over $500 million. CARROLL is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, and other strategic target markets across the country. CARROLL sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
August 2019

CARROLL Expands Footprint to Mountain West Region with Denver Acquisition

CARROLL acquired a property in the Denver market, successfully expanding out to Mountain West region.

Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has acquired Copper Canyon Apartment Homes in Denver, CO. This property marks CARROLL’s first acquisition in the Mountain West region of the United States. Copper Canyon is also the first acquisition for CARROLL’s latest vehicle, Carroll Multifamily Venture VI, LP. The property will be managed by CARROLL and rebranded ARIUM at Highlands Ranch.

“CARROLL has been strategically targeting and studying the Mountain West region for several years and found this attractive opportunity for our first investment in the next phase of our growth. Denver’s business-friendly climate, high quality of life, and relative affordability have led to rapid job and population growth, fueling robust multifamily demand,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “We are thrilled to acquire such a well-located, high-quality asset featuring significant value-add upside through interior and amenity renovations.”

Copper Canyon Apartment Homes is a 222-unit garden-style community located in the Highlands Ranch master-planned community, one of Denver’s most desirable suburbs. Its location provides easy access to I-15 and Highway 470, which allows for a 15-minute drive to all business parks comprising the greater Southeast Business Corridor, Colorado’s premier employment center with more than 260,000 jobs and half of the state’s Fortune 1,000 companies. Highlands Ranch is also home to some of the best public schools in Denver. Copper Canyon’s amenities include a 24-hour fitness center, swimming pool with heated spa, courtyard with grilling area, and pet friendly social spaces. The property offers both covered parking and detached garages.

CARROLL has now purchased ten properties totaling over $500 million in 2019 and is continuing to actively purchase high-quality multifamily communities in the Southeast, Southwest, Mountain West and other strategic target markets across the country. CARROLL sources many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class operator and renovator.

About CARROLL

CARROLL, a privately-held real estate company, was founded in 2004. With headquarters in Atlanta, CARROLL focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $2.4 billion of equity through CARROLL sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $10.2 billion of real estate. CARROLL also has regional offices in Houston, Raleigh, and Tampa.

The company manages over 35,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $200 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit www.CarrollOrganization.com.

Press release
August 2019

CARROLL Ranks No. 849 on the 2019 Inc. 5000 List of America’s Fastest-Growing Private Companies

Inc. honored CARROLL as the #849 fastest-growing company, joining the ranks of other top private companies like Microsoft, Dell, Pandora, and LinkedIn.

Inc. magazine today revealed that CARROLL is No. 849 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

Not only have the companies on the 2019 Inc. 5000 (which are listed online at Inc.com, with the top 500 companies featured in the September issue of Inc., available on newsstands August 20) been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists. The 2019 Inc. 5000 achieved an astounding three-year average growth of 454 percent, and a median rate of 157 percent. The Inc. 5000’s aggregate revenue was $237.7 billion in 2018, accounting for 1,216,308 jobs over the past three years.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.

“The companies on this year’s Inc. 5000 have followed so many different paths to success,” says Inc. editor in chief James Ledbetter. “There’s no single course you can follow or investment you can take that will guarantee this kind of spectacular growth. But what they have in common is persistence and seizing opportunities.”

The annual Inc. 5000 event honoring the companies on the list will be held October 10 to 12, 2019, at the JW Marriott Desert Ridge Resort and Spa in Phoenix, Arizona. As always, speakers include some of the greatest innovators and business leaders of our generation.

Press release
August 2019

Carroll Organization Becomes "CARROLL" to Emphasize its Integrated Platform

Carroll Organization has seen tremendous growth in the real estate industry by adopting divergent investment strategies. The success of Carroll Organization has catapulted it into a new chapter, marked by a "CARROLL" rebrand. This rebrand signifies CARROLL's growth and scale as a leader in the real estate industry.

The CARROLL premise for divergent strategies drove it to where it is today, building a company that is proudly independent and, in turn, able to forge new trends in the real estate industry. Throughout its history, CARROLL recognized that executing the idea requires perpetual updates, collaboration and team building. Last year, it updated its customer-forward ARIUM brand, rounded out a robust investments team while executing multiple investment strategies, streamlined and improved the acquisition and integrations processes and doubled down on the importance of people and the employee experience. Today, CARROLL has grown and scaled into an industry leader acquiring over $3 billion in real estate over the last 24 months and manages a portfolio valued over $5.5 billion.

Recently, Inc. Magazine recognized CARROLL for two impressive feats: a top 1000 private company in the US and one of the fastest growing companies (public or private) in the US. CARROLL is also ranked by NMHC as both a top 50 owner and a top 50 manager.

Now CARROLL turns to its next chapter. On the heels of its latest institutional investment vehicle, Fund VI, it will consolidate all of its business lines (Carroll Organization, Carroll Management Group, etc.) into one singular brand: CARROLL. This unification of the brand represents the evolution of the culture, one of collaboration from idea to execution, and emphasizes the bond between the talented teams across all business lines united by a common thread: Boundless Ambition.

CARROLL delivers exceptional service in three key areas: Investment Management, Property Management, and Construction Management. It’s premier ARIUM living brand delivers on its promise to remove barriers for residents and serves as the company’s service based differentiator. Together, this well-rounded and balanced platform seamlessly works to provide the service and results for which CARROLL is known.

Press release
August 2019

CARROLL Launches Sixth Investment Vehicle

CARROLL, one of the country’s leading privately-held real estate companies announced the 1st closing for its 6th investment vehicle, Carroll Multifamily Venture VI, L.P. with an expected total size of ~$150 million. This sixth vehicle will be its largest ever, surpassing its $60 million in the fifth vehicle.

CARROLL, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced the 1st closing for its 6th investment vehicle, Carroll Multifamily Venture VI, L.P. with an expected total size of ~$150 million. This sixth vehicle will be its largest ever, surpassing its $60 million in the fifth vehicle. The investor base consists of institutional investors, including public and private pension plans and renowned financial institutions. With the utilization of debt and co-investments from institutional partners, the vehicle has the capacity to acquire over $5 billion in apartment investments.

Carroll Multifamily Venture VI, L.P. will focus on generating attractive risk-adjusted returns by acquiring cash-flowing multifamily properties in markets with strong fundamentals in the Southeast, Southwest, Mountain and Mid-Atlantic regions, as well as other strategic markets around the country. CARROLL will leverage its relationships, resources and operating platform to acquire value-add and core-plus properties with opportunities to enhance cash flows through improved management and capital investment.

"CARROLL is well-positioned to deploy capital and take advantage of attractive opportunities due to our extensive experience, relationships and market knowledge. Our value proposition is to provide institutional investors with these compelling direct investments, and we remain bullish about the significant opportunities offered in the multifamily real estate market,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. "We are grateful to our investors for their commitment to our latest venture. This is a great milestone for our company, as it shows confidence in CARROLL's investment strategy, management team and operating platform, as well as the acknowledgement of our strong track record.”

Carroll Multifamily Venture VI, L.P. is CARROLL's second time raising an investment vehicle with institutional capital. This new, larger institutional vehicle provides CARROLL the additional capital necessary to make larger equity commitments and to continue to successfully grow its institutional joint venture investment strategy. The vehicle will target core-plus and value-add multifamily properties of varying ages and building types with a focus on finding affordability and value within each segment. CARROLL plans to continue to source many of its deals “off-market” directly from developers and owners.

About CARROLL

CARROLL, a privately-held real estate company, was founded in 2004. With headquarters in Atlanta, CARROLL focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $2.4 billion of equity through CARROLL sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $10.2 billion of real estate. CARROLL also has regional offices in Houston and Orlando.

The company manages over 35,000 multifamily units in seven states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $200 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit www.CarrollOrganization.com.

White paper
July 2019

Adopting Divergent Strategies

When industry giants start drifting towards a trend, the herd mentality follows, leaving a void in another area. So instead of being a late adopter, CARROLL has shirked the notion of “following the herd”. Rather, CARROLL has a history of proactively assessing market conditions, pinpointing opportunity, and executing on a thoughtful strategy to realize results, while many other investors continued to target the same traditional investments and strategies. CARROLL has created and found opportunity in several areas in this current cycle which exhibit its proactive investment strategy, including the following:

  1. Undervalued MSAs
  2. Suburban assets
  3. Workforce housing
White paper
July 2019

5 Proven Strategies to Guide a Successful Acquisition and Integration of a Multifamily Real Estate Deal

There are 5 key pillars that build on one another, providing a holistic framework for the execution of the strategy. However, as with all strategies, successful implementation requires organizational alignment, diverse talent and flawless execution.

Press release
July 2019

Carroll Organization Closes Out Fund V with Acquisition of Atlanta Infill Property

Carroll Organization, a national real estate investment company, announced today that it has acquired its final property for Carroll Multifamily Real Estate Fund V, L.P. (“Fund V”), The GoodWynn at Town Brookhaven in Atlanta, GA, and has subsequently ended the fund’s investment period.

Carroll Organization, a national real estate investment company, announced today that it has acquired its final property for Carroll Multifamily Real Estate Fund V, L.P. (“Fund V”), The GoodWynn at Town Brookhaven in Atlanta, GA, and has subsequently ended the fund’s investment period. The fund’s final commitment reached $60 million, surpassing its initial $40 million target. Fund V was an important milestone for Carroll Organization as it was the first time the firm raised institutional capital in a fund format. The fund launched and held its first closing in October 2017.

The GoodWynn at Town Brookhaven is a 392-unit mid-rise property, built in 2010. The property is located in Town Brookhaven, one of Atlanta’s most desirable mixed-use communities. Town Brookhaven offers the residents of The GoodWynn walkability to Publix, Costco, LA Fitness, CinéBistro dine-in movie theater, and numerous shops and restaurants. The property’s amenities include a two-story health & fitness studio, zero-entry pool with poolside cabanas and grill stations, 705 Club featuring cyber café, coffee bar and billiards, and an expansive roof-top amenity deck. Carroll Organization’s business plan includes both unit interior and amenity renovations. Carroll Organization acquired The GoodWynn at Town Brookhaven as part of a joint venture with PCCP, LLC a real estate finance and investment management firm focused on commercial real estate debt and equity investments.

Throughout its 18-month investment period, Fund V worked alongside six different joint venture partners to acquire a diversified portfolio of sixty-four multifamily properties with a total purchase price of $3.0 Billion and over 20,000 units across six states in the Southeast: Georgia, Florida, North Carolina, South Carolina, Tennessee, and Texas. Fund V consists of both Class A and B suburban and urban multifamily properties in major Southeast markets, with an emphasis on value housing near major employment centers. Fund V has utilized 65-70% debt on average, targeting mid-teens levered returns. To date, Carroll Organization has sold ten properties (2,742 units) in Fund V with a combined sales price of $353 million; these realized dispositions have achieved an average IRR of 28%.

"We are grateful to our investors for their commitment to our latest venture and are pleased with Fund V’s diversified portfolio,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization.  “Our team did a phenomenal job sourcing these compelling investment opportunities and deploying the capital over a short 18-month period. We are eager to continue the execution of our business plans and realize superior risk-adjusted returns for our investors.”

Carroll Organization has now purchased nine properties totaling over $445 million in 2019 and is continuing to actively purchase high-quality multifamily communities in the Southeast, Southwest, Midwest, and other strategic target markets across the country. Carroll Organization sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Perspective
July 2019

Enhanced Software/Hardware for More Reliable Services

Upgrades in the day-to-day lives of CARROLL's residents come in many forms, a recent quantity arriving as technological transitions ranging from online portals to community amenities, to residents’ homes themselves.

Upgrades in the day-to-day lives of CARROLL's residents come in many forms, a recent quantity arriving as technological transitions ranging from online portals to community amenities, to residents’ homes themselves. With these upgrades come advancements such as the new and improved Resident Portal via Siteplan, the platform’s user-friendly interface sharpening the clunky edges of previously used systems. In enacting this shift, residents may navigate community ongoings with expediated ease, all manner of pertinent community and lease information readily available at their fingertips. After-hours maintenance work orders become easier than ever to request and complete via Siteplan’s interactive app, ensuring a convenient and open line of communication with community maintenance staff remains open 24/7.

Numerous internet options become available via Fiber, an overt improvement that offers accessibility to additional onsite providers, further expanding residents’ freedom in their choice of internet provider from Google to AT&T. Residents’ homes transform into “Smart Apartments” with the implementation of Google Fiber and other automated home devices into communities across the portfolio, allowing for optimal upgrades to Fiber builds that enable a carefree living experience like never before. These upgrades do not know exclusivity in residents’ homes, however, as an extensive list of community amenities advances in the form of sophisticated, community-wide package lockers such as the sleek Luxer and Amazon Hub rooms that afford residents security in online purchases from delivery to pick-up.

Finally, resident communications and processes receive a digital streamlining as well with the indefinite halt of paper practices. From application processes, to rent payment, to lease renewal, all communications and practices become paperless in favor of digital substitutes, furthering Carroll’s ‘Going Green’ initiatives previously implemented.

Perspective
July 2019

Consumer Decision Journey

The consumer journey is no longer the typical, linear sales funnel. That structure fails to incorporate what happens after the purchase. In order to understand how to better reach a prospect and keep a resident, we have to understand the journey a prospect takes from the initial trigger to the moment of purchase and beyond.

For many years, people understood the sales funnel as linear. A consumer starts at the broadest part of the funnel, which is focused on awareness messaging, and moves further through the funnel, ending at the final purchase. What this model omits is the journey after the purchase.

The Consumer Decision Journey that was developed by McKinsey accurately accounts for the feedback loop. Similar to the traditional sales funnel, consumers consider, evaluate, and decide where to purchase, but in McKinsey’s model, there’s a trigger that motivates a consumer to make a change, eventually a purchase, and a subsequent feedback loop that either propels a consumer towards brand loyalty or back through the decision journey.

CDJ

Knowing that all consumers go through these phases before making a decision, how does Nocturnal use this information? As marketers, it’s useful to understand what drives the decisions customers make when looking for in not only a home but an apartment living experience.

To do this, Nocturnal:

  1. Understands what consumers are doing, thinking, and feeling in each stage when looking for their apartment home
  2. Maps out ARIUM’s role and messaging in each stage, whether that’s capturing the attention of prospective residents or building loyalty with current residents
  3. Identifies the barriers that keep prospects from moving forward in their journeys by building experiences that overcome those barriers.
  4. Discovers the most unique and best ways to connect with residents
  5. Works to grow the number of residents in the loyalty loop

It’s most cost effective to retain residents than to generate new prospects. So the end goal is to create as many happy, loyal residents as possible.

With that as the end goal in mind, the Nocturnal team strategizes to seamlessly present the ARIUM brand to current and prospective residents with consistent messaging across all stages, but unique to each individual stage of the Consumer Decision Journey.

Perspective
July 2019

Human-Centered Design

Instead of starting with business goals and aligning tactics to achieve them, we start with resident needs and align tactics to meet those needs, understanding that the result will be loyalty, mindshare, and ultimately market share.

Human-centered design (HCD) sounds like a buzzword to explain the creative process. In reality, it is a widely adopted business practice for problem-solving – think solution design, not art school design. Essentially, it suggests that if you build the solution that our prospects demand, our business goals will be met as a result. Instead of starting with business goals and aligning tactics to achieve them, we start with resident needs and align tactics to meet those needs, understanding that the result will be loyalty, mindshare, and ultimately market share.

There are three main tenants of HCD that should govern internal processes:

Inspiration – this requires keeping a finger on the pulse of residents to understand their needs and the creative ways other brands are tackling similar problems.

Ideation – this should be an organic process that includes both current residents as well as employees from across the company. Give everyone a voice and afford space for the presentation of all ideas.

Implementation – empower teams to implement solutions that will continually enhance prospect and resident experiences in ways that meet tangible needs. Solutions should be implemented iteratively with continual testing and refinement.

Perspective
July 2019

Resident-Experience Driven

Unlike other property management companies who are trying to build brands on the corporate level, on a product, or on lifestyle, ARIUM is a service brand built on a promise.

We believe that if our residents are happy then all of our business metrics will be met as a result. We are in the service industry, so our focus is on our service to our residents – not just in processing their rent correctly and getting the work orders completed quickly, but in truly meeting their needs and striving daily to break down barriers that exist in apartment living. For example, we’ve created a program called Experience ARIUM that aims to surprise and delight our residents in ways that they don’t expect. We look for opportunities to reward them just for being them to show appreciation and to add value to their lives.

Unlike other property management companies who are trying to build brands on the corporate level, on a product, or on lifestyle, ARIUM is a service brand built on a promise.

Beyond our promise, we are positioning ourselves as radically different than other property management brands. While they focus on belonging and connection, we focus on what the resident is focused on – leaving a mark on the world.

Our deal with our residents is that they have lives to live. We don’t pretend to make that life or provide a better life. Instead, we want to remove the barriers in their lives that might keep them from focusing on the things they care about. Think Chik-fil-A. You want to just eat food, you don’t want to be bothered by a messy table or having to get up to get a refill, so CFA removes those barriers for you. That’s ARIUM.

Perspective
July 2019

Why Investors Should Care as Much about the People You’re Partnering with as the Real Estate Itself

Already an influential player in multifamily, CARROLL caught many by surprise with its vigorous 55 property acquisition and 20 property disposition sprint over 12 months, spanning November 2017 to October 2018. These acquisitions increased Carroll’s AUM to $4.88 Bn, property count to 102, unit count to 33,000 and people count to over 800 – a 50% increase over the period.

Already an influential player in multifamily, CARROLL caught many by surprise with its vigorous 55 property acquisition and 20 property disposition sprint over 12 months, spanning November 2017 to October 2018. These acquisitions increased Carroll’s AUM to $4.88 Bn, property count to 102, unit count to 33,000 and people count to over 800 – a 50% increase over the period.

The secret lies with the great teams that drive strategy execution. In fulfilling such an ambitious 2018 strategy, CARROLL relied on diverse teams across multiple geographies and placed significant trust in hundreds of associates to not only successfully execute the acquisitions, but also operationalize dynamic, multi-faceted business plans.

It’s the uniqueness of our people that allow them to adapt and execute with ease. Born of an entrepreneurial hunger and built on a lean mantra, CARROLL thrives because of its culture – a culture built from the ground up by its people and championed across the 800+ employee organization. Finding the right people to live those values day in and day out sets the foundation for the company. With a young leadership team at the helm eager to break the industry mold, CARROLL expects excellence - nothing less.

This culture of delegation, collaboration, and trust, plus CARROLL’s unique entrepreneurial, autonomous spirit enables teams to execute any strategy. People today have good ideas; it’s how we translate them into actionable points that produce returns and performance. CARROLL adopts a delegative, independent spirit to help teams further execute any strategy. And it’s the willingness of team members to take ownership and think for themselves that enables companies like CARROLL to move ambitiously, seek opportunity, reinvest in culture and ultimately, drive results.

So, when forging new deals and entering new markets or partnerships, consider the following:

•    Ensure investment partners can translate strategy into execution

•    Make sure your investment partner is attentive and engrossed in the development of people and culture – a culture of trust, autonomy, free-thinking, and high standards

•    Challenge yourself to learn as much about the people behind the investment partnership as the real estate

Perspective
July 2019

Digital Transformation: An IT Feat in Multifamily Real Estate

Keeping pace with evolving technology proves a consistent challenge for leaders in the multifamily industry. To combat this challenge, Carroll’s IT team works to enhance processes both on- and offsite to create a better experience across multiple fronts. These processes aim to streamline communication and practices for four Carroll customers: equity partners, employees, prospects, and residents. Through the implementation of new, modernized technology and services, Carroll actively seeks opportunities to remain at the forefront of the digital transformation in the multifamily industry.

Keeping pace with evolving technology proves a consistent challenge for leaders in the multifamily industry. To combat this challenge, CARROLL's IT team works to enhance processes both on- and offsite to create a better experience across multiple fronts. These processes aim to streamline communication and practices for four CARROLL customers: equity partners, employees, prospects, and residents. Through the implementation of new, modernized technology and services, CARROLL actively seeks opportunities to remain at the forefront of the digital transformation in the multifamily industry.

Enhanced Equity Partner Experience

CARROLL's digital transformation starts with an enhanced equity partner experience, primarily in two ways: consistent practices and accurate reporting. Collaboration between CARROLL's IT and accounting teams proves vital to ensuring both accuracy and proficiency for every partner. Through online resident rent payments and business as usual invoices, CARROLL minimizes human-error in accounting practices, ensures timely results, and tracks payments seamlessly.

With paperless payment systems in place across the entire portfolio --94 communities and growing-- CARROLL's teams work seamlessly to generate thorough reporting that provides consistent, reliable results. This reporting allows CARROLL to easily and confidentially share pertinent information, providing our partners with a superior experience.

Enhanced Employee Experience

From onsite teams to corporate teams, the introduction of innovative tools, like our Service Desk, helps expedite the processes needed to provide excellent service to both residents and equity partners. With the addition of better software for team members comes the simplification of application and leasing processes.

Through the adoption of tablet technology, onsite teams are enabled to quickly and efficiently start and renew applications. Additionally, with these streamlined processes comes a system for tracking the status of work orders. The Siteplan platform allows employees to easily monitor maintenance requests both open and completed via the platform’s operations suite.

Through enhanced software and hardware, our teams are able to provide better, more efficient, and reliable service.

Enhanced Prospect Experience

Every interaction that prospects have with the property management side of the business is saved electronically. From the moment, a prospect submits a lead through one of our sources, those interactions are logged, whether email, phone call, or SMS. Previously, guest cards and lead forms were logged on paper in the leasing office. Once a prospect decides to apply to live in a CARROLL community, they’ll fill out the application online. By partnering with vendors to help track communication, CARROLL is able to provide better service and close on the lease.

Enhanced Resident Experience

Upgrades in the day-to-day lives of CARROLL's residents come in many forms. Most recently, CARROLL adopted a “Going Green” payment policy, which moved all rent payments electronically. CARROLL also added an online resident portal, through which residents can view lease information and submit maintenance requests 24/7.

Across the portfolio, CARROLL is actively piloting several smart apartment additions. The majority of assets in the CARROLL portfolio were built prior to 2000. This provides a large opportunity to add value for residents. With these enhancements, residents’ homes transform with automated home devices like Google Fiber that enables a carefree living experience.

The decline of retail stores alongside the growth of ecommerce has produced a pain point at many locations onsite. With the addition of Luxor and Amazon Hub package rooms at communities the benefits are twofold. Not only do package lockers provide residents with ease and security, but they remove the pain points of previous systems. Residents can get their packages on their own timetable – not when the leasing office is open. This provides our residents with an easy to use and smooth process -- ultimately a better experience.

Striving to remain at the forefront of the evolving digital space, CARROLL's technological advancements offer a fresh experience from both a consumer and business perspective. Eager to provide an enhanced experience, CARROLL's IT team consistently aims to advance processes across the board, revolutionizing the apartment living and working experience.

White paper
July 2019

Cultivating a Culture of Learning

As an entrepreneurial company, CARROLL expects and encourages team members to think for themselves – to team together to solve problems and develop new ideas. In accomplishing this, we created a culture of learning; a space in which we welcome associates who love to learn and want to grow and develop in their careers. In the recruiting process, we seek out individuals who demonstrate a desire to learn while seeking out managers who demonstrate the ability to coach and develop their teams.

White paper
July 2019

Methodical Process in Executing Value-Add Projects

The execution of value-add strategies acts as a primary component of CARROLL's business model. The consistent success is a result of the methodical process CARROLL employs to select and transform properties equipped with the potential to grow within the economic parameters of the market.

As new product arrives daily in submarkets, a detailed and proven plan for existing product renovations to compete is increasingly important. Finding a great property with the discernible space for growth is crucial and pricing the right scopes is paramount; however, executing our process to a tee as quickly and efficiently as possible ultimately delivers the value to the rent roll and the investment. So, how do we ensure we deliver every time both on budget and with superior quality? It takes teamwork, a methodical design-scope-bid process, onsite and construction expert collaboration, and a superior marketing plan communicating the whole improvement.

While the goal of this process remains the addition of capital to these units and upgrading the resident lifestyle, this comes with an economic buoy we must maintain. Once you’ve targeted a deal that could use a lift, how do you sustain the necessary balance?

Perspective
July 2019

ARIUM is a Consumer Brand Built on a Promise

It's no secret that Carroll will take insight and inspiration from anywhere if we believe that it can be used to drive results across our portfolio. We have seen across industries that the power of carefully-crafted brands is only growing, especially among Millennials. In fact, a writer for Entrepreneur.com argues that "your brand won’t just be central to your product; it will actually be more important than the product itself."

It's no secret that Carroll will take insight and inspiration from anywhere if we believe that it can be used to drive results across our portfolio. We have seen across industries that the power of carefully-crafted brands is only growing, especially among Millennials. In fact, a writer for Entrepreneur.com argues that "your brand won’t just be central to your product; it will actually be more important than the product itself."

When we looked across our portfolio, and the portfolios of some of our closest competitors, what we saw was a fragmented brand ecosystem that lacked a cohesive story on which to build the types of brands that are resonating with today's consumer. Our own research showed that in multifamily, consumers are searching much less for management company names and significantly more for the brands that they build. That is, those PMCs that are investing in brand building are seeing that paid off in free search volume - which results in faster time to market at acquisition, higher retention, and more and cheaper leads. Additionally, we found that in markets where there was an existing ARIUM footprint (particularly, Florida and Georgia), ARIUM was outperforming every one of our competitors in awareness. Clearly, the brand was resonating with consumers.

We redesigned the ARIUM logo, not just to modernize its look, but to signify a change. Carroll doubled down on ARIUM by beginning the process of building a consumer brand on a promise: to remove the barriers renters face in apartment living so that they are freed to focus on the things that matter most to them. ARIUM is not a product; it is a promise.

By simply beginning the rebranding process and consolidating our portfolio on to a single ARIUMliving.com domain, we've seen 43% improvement in domain authority, which means more traffic and more leads coming from a free, non-ILS sources. In just a few months, we've already seen what capitalizing on a consumer brand can mean for our properties. And as we continue to define the brand and build awareness of what it means, we will see these initial results scale.

July 2019

2018 Annual Report

In a year of political uncertainty, fluctuating interest rates, overbuilding of multifamily housing in certain markets, and multiple consecutive years of rent growth, our company produced great and balanced results. We executed timely dispositions, made strategic acquisitions based on our view of the need in the marketplace, continued to improve the level of talent of our employees, and established new, strategic capital partnerships.

Perspective
July 2019

In Marketing and Sales: Show, Don't Tell

We do a lot of "telling" in marketing and sales - "our product or service is the best because of XYZ" or "buy from us because we are the best." The problem is consumers today have access to more information than ever before, and as a result, they are too savvy for these messages to work.

We do a lot of "telling" in marketing and sales - "our product or service is the best because of XYZ" or "buy from us because we are the best." The problem is consumers today have access to more information than ever before, and as a result, they are too savvy for these messages to work.

Look at the trend of "showrooming" that has rocked the retail space over the past several years. Consumers are looking online for products to buy, but going into brick-and-mortar stores to touch them first. They arent settling for those carefully crafted messages about how great the product is. They need to see it first.

When I look at multifamily, I see the same problem retailers struggled through a few years ago, but few PMCs are really addressing it. Prospects are forced to read through inaccurate ILS listings, navigate poorly constructed property websites, and look at out-of-date or overly-photoshopped photos of the property. Then, they show up to try to see the product we're selling first-hand, and we still do more telling than showing in our sales pitch.

Noah Echols - Sr. Director of Marketing at Carroll

Think about what happens when a prospect walks through the door into a leasing center. They are hopefully greeted by a cheerful leasing consultant who proceeds to ask them a couple questions: "when are you looking to move" - "how many bedrooms do you need" - "what's your budget range". Then they proceed to stare at a computer (or an iPad if they are especially savvy) to match the availability to the prospect. All the while, the prospect is sitting there, not sold on moving there, really just wanting to see if they can envision themselves spending at least the next 12 months of their life there and spending 30% of their income on that decision.

We need to rethink how we sell to apartment prospects. "Romance paragraphs" and floor plans are irrelevant. Pricing and availability are necessary, but should never be the lead. Instead, we need to make the selling process experiential. Show the prospect what it is like to live at your property. When they walk in the door, get them out of the leasing office as quickly as possible to go see, touch, and feel the community. We need to stop selling walls and begin selling a lifestyle. You can't do that with brochures and websites.

So what does it look like? Events open to the public. Technologically-enabled tours for prospects early in the journey. Introducing prospects on the tour to current residents. Having the closing conversation over a glass of wine sitting in the lounge that opens up to the pool instead of across a desk in the leasing center. In fact, rename the "leasing office." If we start answering the questions renters have by helping them to experience the life they are buying, we will win every. single. time. If we continue to sell 4 walls that are available for X price on X date, we will watch as competitors begin to catch on.

Press release
July 2019

Carroll Organization Sells Two Properties Totaling 674-Units in the Dallas/Fort Worth Market

Atlanta, GA - July 17, 2019 Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of Sovereign Apartments in Fort Worth, TX and Sorrel Phillips Creek Ranch in Frisco, TX. These properties were a part of Carroll Multifamily Real Estate Fund III, LP.

Atlanta, GA - July 17, 2019 Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of Sovereign Apartments in Fort Worth, TX and Sorrel Phillips Creek Ranch in Frisco, TX. These properties were a part of Carroll Multifamily Real Estate Fund III, LP.

"The acquisition of this two-property portfolio represented our initial entrance into the Dallas-Fort Worth market nearly three years ago. We have significantly expanded our presence in DFW since that time, and following this successful disposition, we now sit at 11 properties, ~4,000 multifamily units," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "Dallas-Fort Worth has consistently shown strong job and population growth, and we expect the market to continue generating long-term demand for apartments for the foreseeable future."

The Sovereign, located near the intersection of Denton Highway and North Tarrant Parkway in Fort Worth, was built in 2015 and houses 322 luxury units. The property is located near several major highways and features proximity to Alliance Town Center shopping, dining and entertainment. It is also located in the Keller School District, which is consistently rated among the best school systems in Texas. The Sovereign's units feature large floor plans with nine-foot ceilings, granite countertops, stainless steel appliances and walk-in closets.

Sorrel Phillips Creek Ranch is a 352-unit community in Frisco, TX. The property is located near a variety of shopping, dining, and entertainment options at The Star and Stonebriar Centre and is just minutes from Dallas North Tollway and Highway 121. Its large floor plans include nine-foot ceilings, gourmet kitchens with granite countertops and stainless-steel appliances. The community provides its members a resort-style saltwater pool, 24-hr fitness center, media and gaming center, and dog park. The area is home to major employers such as Toyota, Liberty Mutual, and Frisco ISD. To date, Carroll has successfully exited sixty-nine assets valued over $3.3 billion, including these transactions. The investments have produced an average IRR of 28%. Since 2018, Carroll has now sold twenty-nine properties totaling over $1.4 billion and purchased thirty-four properties totaling over $1.8 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Midwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Video
July 2019

Designing, Launching, and Running an Initiative the Carroll Way - A Case Study

The business landscape is constantly evolving and changing; throughout history, we’ve seen disruptions take place. Yet, one thing remains true – entrepreneurs who have the foresight to plan, execute, and cultivate change prosper. When approached in a careful and methodical way, such an undertaking results in a system of smooth operations unfazed by arising obstacles. Carroll Organization defines these parameters by achieving excellence and setting the industry standard.

Jamie S. Lee, Chief Financial Officer for Carroll Organization, offers an insightful glimpse into the processes the leaders at Carroll employ that yield success in any entrepreneurial undertaking. As a veteran of the Carroll team, Lee has taken on many responsibilities during her tenure with the organization, such as leading the accounting and finance departments and overseeing property accounting, corporate accounting, and fund accounting. Throughout her time at Carroll, Lee has successfully implemented an entrepreneurial mindset to initiatives she undertakes.

There are 3 important phases to an entrepreneurial endeavor that build on one another. Take a closer look at how Carroll’s esteemed accounting and finance leader designed processes and structure, launched the plan, and executed that initiative. Exercising the processes of these phases has afforded Carroll Organization success time and time again.

1. Designing an Initiative

When Lee arrived at Carroll, she brought a wealth of experience from Fortune 100 companies. She possessed extensive, first-hand knowledge of successful business models. At that time, Carroll represented a departure from the more-established, tried and true business models. With the entrepreneurial nature of Carroll boasting opportunities largely unprovided by institutional organizations, Lee saw an opportunity, joining the then burgeoning Carroll. Joining an organization in ‘growth mode’ allowed for the fortuitous opportunity to contribute to the steady build of a promising company.

Lee proved to be an integral part of the value creation process. Through listening in focus groups and conducting interviews with various stakeholders, Lee and her team successfully identified the greatest areas of growth. Knowing the fundamentals were already in place, she turned her attention to solving problems of practice and process, determined to design a department grounded in the nuances of a controlled environment, replicating those found at a larger institutional organization. Prioritizing these best practices and processes, Lee worked diligently with her team at Carroll to identify inefficiencies and deficiencies in the established processes, remedying impediments that abated the effectiveness of these practices. A business model with a regard for the entrepreneurial, this planning and forethought ultimately led to the practices and processes that have allowed Carroll Organization to excel today.

2. Launching an Initiative

Even with a polished design, a business will unfailingly sink without a well-organized launch that enacts the plan carefully. The processes Lee worked to put into practice provided a wide array of streamlined solutions to fundamental challenges the organization faced early on.

The initial focal point of these processes revolved around providing Carroll’s investors, lenders, and internal management with improved reporting. The top priority amongst all stakeholders was to refine the pillars of automation and consistency within these processes. Through technological automation and optimization, Lee and her team were able to not only increase efficiency, but also reduce the risk of error. This streamlining of processes allowed for a uniformed methodology across the board, ensuring transparency to investment partners that cultivated consistent reliability necessary for successful business practices.

Alongside this launch of consistent practices, Lee and her team took time to assess and evaluate different service providers, ensuring the partner chosen possessed the in-depth experience and knowledge needed to properly grow and support the organization moving forward. Choosing providers with the best tools and technologies to support short-term needs, while also preparing for long-term needs.

Applying these processes with an accounting and finance team comprised of only 10 individuals offered a challenge. To overcome this challenge, Lee implemented an improved, layered organizational structure across the team. This added structure allowed team members to apply a focus in areas they particularly excel in and to create a more stringent review and approval process. Since this launch, the accounting and finance team has more than doubled in size, continuing to steadily grow and evolve with the processes that ensure an overarching consistency that drives success.

3. Running an Initiative

With the successful implementation of the processes that established Carroll as a formidable force in the industry, Lee and her team now focus on strategic initiatives that keep the team one step ahead of the competition while keeping pace with the ever-developing landscape. Whether facing new accounting regulations or emerging trends in the multifamily industry, the team at Carroll constantly evaluates new systems, processes, and ideas to improve these initiatives they’ve built under Lee’s leadership. Seizing every opportunity to move the business forward with initiatives ranging from fully electronic rent collection processes to the creation of an internal audit department, Carroll strives to remain at the forefront of efficiency.

As Carroll continues to grow, so does the team. Over the past five years, the accounting and finance team has more than doubled in size, an increase in caliber as much as headcount. When recruiting fresh talent, Lee seeks a number of qualities in potential candidates, all of which will ensure their ability to fit into the culture of excellence cultivated at Carroll. Among these qualities are a strong sense of self-motivation, a passion to learn and grow, and an active drive to improve the work they do. Industry knowledge, while certainly advantageous, is ultimately a skillset that can be taught; instead, teams aim to recruit candidates with skills that can’t be taught, the intrinsic characteristics that promote excellence. These candidates are the future team members at Carroll that drive the business forward, facilitating growth and sustainability in an ever-evolving industry.

Equipped with the organizational structure necessary to not only attract and retain the talent necessary to stay ahead of the competition, but also grow and develop these individuals, the Carroll team pushes onward with confidence in their ability and processes. From the earliest stages of modeling an initiative to the fast-paced evolution of processes and practices, teams at Carroll such as Lee’s own the successes, challenges, and nuances of designing, launching, and running an initiative with consistency and ambition, eager to grow with the organization they strive to improve.

Perspective
July 2019

The Search for Yield Ends at Multi-housing

A new economic reality of consumers’ decline in purchase ability and the multihousing owners’ response to it, has created a trend that will see rents continue to rise for the foreseeable future where it is earned and occupancy hold resulting in an ideal investing environment for those seeking higher yields with low risk.

It’s not new that low interest rates globally have left investors, particularly institutional investors like insurance companies and pension plans, searching for higher yield. Increasingly more of these searches are ending at multifamily, where the returns are significantly greater than those of traditional bonds.

Take these trends for example:

  • Demand for rental housing has grown every year since 2011
  • Interest rates are at all-time lows, which increases yields
  • Millennials are struggling to save enough to afford a down payment on a house

The Wall Street Journal published an article recently exploring this phenomenon of decreasing home ownership, especially among younger consumers. According to their research, 24% of renters say it is “extremely likely” that they will ever own a home. Home ownership has always been difficult, and while Millennials are strapped with more debt than previous generations making it more difficult, multihousing owners are investing in their tenants’ lifestyle to make renting more attractive. Over the past decade there has been an explosion of new multifamily housing developments across the country. At the same time, investors are renovating older assets and investing in experiential and lifestyle upgrades as well. Combined, these perks make it significantly less likely that renters will ever, or at least any time soon, shift direction.

This economic reality of consumers’ decline in purchase ability and the multihousing owners’ response to it, has created a trend that will see rents continue to rise for the foreseeable future where it is earned and occupancy hold resulting in an ideal investing environment for those seeking higher yields with low risk.

Video
June 2019

Get to Know Our Leaders: An Interview with Regional Manager Elizabeth Gasparro

Q: Introduce yourself for us!

A: Hi! I’m Elizabeth Gasparro, and I’m a Regional Manager with CARROLL.

Q: How long have you been with CARROLL, and how has your time with CARROLL impacted your career?

A: When I started at CARROLL, I’d been in property management about 10 years, and I was promoted to a District Manager role, and for the last two years I’ve been a Regional Manager. CARROLL has helped me with my experience and my career goals.

Q: In what ways would you say you’ve grown since you began your career in multifamily real estate?

A: I started out as a Groundskeeper, and I was promoted to a leasing person, to Assistant Manager and then to Property Manager. I learned so many different things along the way, and then when I came home to CARROLL I was able to learn more and become a Regional Manager.

Q: What motivates you?

A: Both my mom and dad are doctors in education. They have pushed me; my dad taught me to continue education, to always get training, that you never know everything. My mom, who went through breast cancer twice, taught me to never stop, to always keep pushing, to never give up. My team is there to support me every day and help me learn every day, and CARROLL has given me new roles and places to reach and to grow and work harder every day.

Q: Do you have any strategies for dealing with tough times in your position?

A: I think that everybody has tough times, no matter what the position. It can be a grounds person, it can be a Regional Manager, and you’re going to have a stressful situation, whether it’s personal things or work items that get to be a lot. You have to come up with ways to cope with those things, and everyone copes with things differently. I like to go and run and clear my head and know what I need to focus on to get my day organized, so that I can be productive and finish the projects that I need to finish.

Q: What has been the most rewarding part of your career so far?

A: The most rewarding part of my career is helping other people get promoted. I think it’s something amazing to have a leasing person who becomes an Assistant Manager or an Assistant Manager who becomes a Property Manager; and you know you’ve helped them create goals and then attain those goals.

Q: Describe the importance of a great work environment in your experience.

A: I think it’s super important to have a great work environment for a company’s productivity, goals, and reputation. You want people to love where they work. We’re together as co-workers more than we’re with our families a lot of times. So, it’s extremely important to love what you do and where you go every day.

Q: Describe the importance of a good team.

A: A good team makes your job easier. The team that I have at CARROLL is an amazing team. The supervisors of myself and the people that I supervise all work very well together, and it’s important to have that cohesive atmosphere to continue with productivity and goals.

Q: Do you have any advice for those getting started in their career in multifamily real estate?

A: My advice would be to set goals, dream high, and continue to work and achieve what you want to achieve.

Press release
June 2019

Carroll Organization Acquires Three-Property Southeast Portfolio

Atlanta, GA - Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired a three-property, 903-unit portfolio including Hawthorne at Mooresville in Charlotte, NC, Hawthorne Wildwood in Atlanta, GA, and Hawthorne South Oaks in Nashville, TN. All three properties will be a part of Carroll Multifamily Real Estate Fund V, LP, managed by Carroll Management Group, and rebranded under the "ARIUM" name.
 

Atlanta, GA - Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired a three-property, 903-unit portfolio including Hawthorne at Mooresville in Charlotte, NC, Hawthorne Wildwood in Atlanta, GA, and Hawthorne South Oaks in Nashville, TN. All three properties will be a part of Carroll Multifamily Real Estate Fund V, LP, managed by Carroll Management Group, and rebranded under the "ARIUM" name.
 
"This investment presented a unique opportunity to acquire three solid value-add properties in three of the most desirable markets in the Southeast – Atlanta, Charlotte and Nashville – all of which are experiencing high job and population growth and driving strong apartment fundamentals," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "The outlook for these markets remains strong going forward due to their diverse economies, favorable business climates, relatively low cost of living, and overall quality of life."

Hawthorne at Mooresville is a 268-unit community built in 2000 and located in the heart of Mooreseville, NC. Its location is near I-77 offering a short commute to Charlotte as well as easy access to a variety of shopping, dining, and entertainment options. The property is also in one of North Carolina's top school districts. Hawthorne at Mooreseville offers a plethora of community amenities including a brand new 24-hour fitness center, resident lounge, cyber café and coffee bar as well as a resort-style pool, BBQ and picnic area, and sport courts.
 
Hawthorne Wildwood is a 312-unit community in Marietta, GA. The property offers six unique floor plans options featuring classic and custom interior finishes including granite countertops, sunrooms, vaulted ceilings, wood-burning fireplaces and built-in bookshelves. Hawthorne Wildwood offers easy access to both I-285 and I-75 and is just minutes from Cumberland Mall, The Battery Atlanta, and Atlanta Braves' SunTrust Park.

Hawthorne South Oaks is a 323-unit community just minutes from downtown Nashville, TN. Its resort-style amenities include two swimming pools, two dog parks, 24-hour health hub including yoga and spin room, tennis court, and outdoor fire pit and gas grills. The apartment homes feature newly renovated interiors including modern kitchens, wood-style flooring, oversized closets, and private balconies/patios.
 
Carroll has now purchased thirty-four properties totaling over $1.7 billion since 2018 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Video
April 2019

VIDEO: 5 Proven Strategies to Guide a Successful Acquisition and Integration of a Multifamily Real Estate Deal


There are 5 key pillars that build on one another, providing a holistic framework for the execution of the strategy. However, as with all strategies, successful implementation requires organizational alignment, diverse talent and flawless execution.

Press release
April 2019

Carroll Organization Finalizes Sale of 298-Unit Multi-Family Property in Orlando

To date, Carroll has successfully exited sixty-three assets valued over $2.9 billion, including this transaction. The investments have produced an average IRR of 30%. Since 2018, Carroll has now sold twenty-three properties totaling over $1.0 billion and purchased thirty-one properties totaling over $1.6 billion.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of ARIUM Bala Sands in Orlando, FL. This property was previously recapitalized from another of Carroll’s joint ventures in September 2016. The property was a part of Carroll Multifamily Real Estate Fund IV, LP and managed by Carroll Management Group.

"ARIUM Bala Sands represented an opportunity to acquire a well-located asset in west Orlando with excellent bones for a value-add renovation program. The property has a distinct advantage of being one of the only assets in the competitive set with nine-foot ceilings and featuring attached garages in all units," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "We had tremendous success with our value-add business plan, and given the strong pricing recently achieved for well-located garden product in Orlando, we elected to sell the asset and realize profit for our investors."

"We are pleased to have invested with Carroll Organization in the ARIUM Bala Sands multifamily community. This investment provided the opportunity to invest in a high-quality apartment community at an attractive basis in a market with strong fundamentals. Carroll did an excellent job of executing the business plan, driving rents and enhancing property income through various value-add initiatives, allowing us to realize an attractive return for our investors," added Rob Davies, Partner with The Townsend Group.

ARIUM Bala Sands is a 298-unit lake-front, garden-style apartment community built in 2002 across 36 acres. All units feature attached garages, 9-ft ceilings, open living area, full size washer/dryers, and garden tubs. With its average unit size of 1,097 square feet, Bala Sands features some of the largest floor plans in the submarket. The property is located within the prestigious Windermere School District including three schools which are A-rated by the Florida Department of Education. Bala Sands is also conveniently located only minutes from the 408, the 429, and the Florida turnpike which offers easy access to downtown Orlando, Disney, and Universal Studios, and Orlando International airport.

To date, Carroll has successfully exited sixty-three assets valued over $2.9 billion, including this transaction. The investments have produced an average IRR of 30%. Since 2018, Carroll has now sold twenty-three properties totaling over $1.0 billion and purchased thirty-one properties totaling over $1.6 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Perspective
April 2019

Carroll Named a 2018 Top 50 Multifamily Owner

Carroll moved from the #42 spot in 2017 to the #17 spot in 2018 in MultiHousingNews.com's annual study that ranks, among other things, portfolio value, unit count, occupancy, and diversification.

Read more at multihousingnews.com.

Carroll moved from the #42 spot in 2017 to the #17 spot in 2018 in MultiHousingNews.com's annual study that ranks, among other things, portfolio value, unit count, occupancy, and diversification.

Read more at multihousingnews.com.

Image removed.

MultiHousingNews.com

 

Perspective
April 2019

Building Success from the Ground up

15 years later, the fascination of looking back and witnessing the incredible journey Carroll Organization traversed becomes only more enthralling with the realization that Mr. Carroll built the company that exists today from nothing but a dream.

A thriving Real Estate Investment and Property Management business, Carroll Organization was built from the dream of one young man with enough ambition to conquer the world. This was not an overnight success story, however; 15 years of blood, sweat, and tears poured into the organization that now consists of over 1,000 employees and a property portfolio consisting of 103 properties totaling 34,657 units across seven states (GA, FL, TX, NC, SC, TN, & AL) valued at over $5.5 BN.

At 24 years old, Pat Carroll had just quit his job as a clothing rep, with a dream of building a new real estate company from the ground up. Mr. Carroll had lived in Atlanta for four years and had grown accustomed to the nuances of growing a business, traveling, and meeting many individuals who would soon help his budding dream become a reality.

With a name big enough to match his ambition, Carroll Organization was born. With no college degree and enough lack of experience to allow for the necessary risk-taking, Mr. Carroll dove headfirst into the industry, unwilling to consider failure as an option. With blind ambition, he moved forward confidently to build a large, profitable, organization that would come to change lives across the southeast.

Over the course of the last 15 years, Mr. Carroll saw Carroll flourish into a company stronger than even he originally envisioned, a paragon of the multifamily business that set themselves apart from the competition in practice and values. During that time, Carroll developed a powerful company culture that unified the organization through every challenge. This culture nurtured Carroll into a family, giving everyone involved something to fight for, someone to celebrate the victories with, and something to believe in.

Image removed.

Members of the Carroll Team

This sense of unity afforded from Carroll’s culture would prove invaluable, as the organization faced a multitude of diverse and unprecedented challenges in its earlier days. Every piece of the puzzle—from loans to equity to strategy—needed to fit perfectly or the company risked an early defeat. But Mr. Carroll, with the same fiery ambition that drove him to start Carroll Organization, pushed forward, maintaining his intent to show the market that Carroll offers the best of the best, planning for the worst while hoping for the best as the company quickly grew.

Throughout every challenge, every obstacle, every unforeseen crisis that arose, Mr. Carroll continues to assert that there is no real secret to success. Every bit of necessary knowledge already exists out in the open, waiting to be discovered by the tenacious. Mr. Carroll sought this knowledge out, and with a healthy mix of luck, timing, and ambition unearthed the not-so-secret to success, applying this knowledge to his blossoming company and watching it flourish.

With consistent practice and hard work, the 24-year-old visionary built a thriving company rich in culture and expertise, an organization that brought a fresh perspective to the multifamily industry. Pushing past all the noise, distractions, and cynics, Mr. Carroll assembled a skilled team that grew into a family, changing the multifamily industry one property at a time. 15 years later, the fascination of looking back and witnessing the incredible journey Carroll Organization traversed becomes only more enthralling with the realization that Mr. Carroll built the company that exists today from nothing but a dream.

Press release
January 2019

Carroll Organization Expands South Florida Footprint with 400-Unit Acquisition

Carroll has now purchased thirty properties totaling over $1.5 billion since 2018 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired The Palms at Sawgrass Mills in Fort Lauderdale, FL. The property will be a part of Carroll Multifamily Real Estate Fund V, LP. and will be rebranded under the “ARIUM” name and managed by Carroll Management Group. Carroll Organization acquired the property as part of a joint venture with PCCP, LLC a real estate finance and investment management firm focused on commercial real estate debt and equity investments.

"Palms at Sawgrass Mills benefits from an A+ location in Sunrise with proximity to abundant employment and retail, as well as highly-rated public schools. It also features a unique low-density setting with excellent bones for an interior and amenity renovation program," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "We are excited to execute on our business plan with the goal of narrowing the rent gap to our Class A competitive set."

The Palms at Sawgrass Mill is a 400-unit, garden community located in Sunrise, FL, a suburb of Fort Lauderdale. The gated community boasts two resort-style swimming pools, community lake, private movie theater, dog park, and private tennis and basketball courts. Individual homes offer high-end features such as elegant crown molding, beautiful plank flooring, soaring tray ceilings, oversized walk-in closets, and large garden-style tubs. The property is ideally located near the Sawgrass Mills Mall, the 2nd largest mall in South Florida. In addition, The Palms at Sawgrass Mill is walkable to two grocery-store anchored retail locations, award-winning restaurants and entertainment, and is zoned for an A-rated elementary school.

Carroll has now purchased thirty properties totaling over $1.5 billion since 2018 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

c.com.

Press release
January 2019

Carroll Organization Purchases Three Properties Valued at ~$145 Million Across Raleigh & Jacksonville

Carroll has now purchased twenty-nine properties totaling over $1.5 billion over the past twelve months and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Atlanta, GA – Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired three new properties valued at ~$145 Million and totaling 1,012 units: Stonehenge Apartments, Autumn Cove, and Vista Grande. All three properties will be a part of Carroll Multifamily Real Estate Fund V, LP., managed by Carroll Management Group, and rebranded under the "ARIUM" name.

"After an active 4th quarter of 2018, we are very pleased to continue our positive momentum into 2019 with the recent closings in Raleigh and Jacksonville. All three assets are consistent with a similar strategy of acquiring high-quality workforce housing within supply-constrained submarkets near employment centers in high-growth MSAs," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization.

Stonehenge Apartments, a 452-unit community located in Raleigh, NC, was acquired in November 2018 and rebranded as Stonehenge Apartments by ARIUM. Stonehenge's amenities include a multi-level fitness center, multiple pools with gas grills, cabanas and a fit pit, playground with picnic area, sports club including racquetball, basketball, and lighted tennis courts. Select apartment units feature 9-ft or vaulted ceilings, stainless steel appliances, large, walk-in closets, washers & dryers, and espresso cabinetry with nickel hardware. The property is just minutes from a variety of dining and retail options. Its location also provides easy access to Research Triangle, I-540, I-440, and downtown Raleigh.

Autumn Cove and Vista Grande are adjacent communities located in Jacksonville, FL acquired in January 2019. The properties will be rebranded as ARIUM Retreat at Orange Park and ARIUM Reserve at Orange Park respectively. The residents of these properties enjoy an abundance of shopping, dining, and entertainment options as they are located just two minutes from Orange Park Mall. In addition, these properties offer convenient access to I-295/US-17 and are only minutes from NAS Jacksonville, Florida State College, and University of North Florida.

Autumn Cove is a 288-unit community with apartment units featuring designer kitchen cabinetry, faux wood plank flooring, modern plumbing and light fixtures, and large walk in closets. The community's amenities include two resort-style pools, 24-hour fitness center, bark park, and business center.

Vista Grande is a 272-unit community with apartment units featuring spacious walk-in closets, cathedral and vaulted ceilings, fireplace and faux wood-planked flooring. Community amenities include a swimming pool, 24-hour fitness center, tennis and sand volleyball courts, bark park, and Wi-Fi coffee café.

Carroll has now purchased twenty-nine properties totaling over $1.5 billion over the past twelve months and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Letters from the CEO
December 2018

2018 - Letter from the CEO

I wanted to share with you a recap of our 2018 activity to highlight the progress we made as an organization.

It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do. 

In a year of political uncertainty, fluctuating interest rates, overbuilding of multifamily housing in certain markets, and multiple consecutive years of rent growth, our company produced great and balanced results. We executed timely dispositions, made strategic acquisitions based on our view of the need in the marketplace, continued to improve the level of talent of our employees, and established new, strategic capital partnerships.  

In summary, Carroll Organization accomplished the following milestones in 2018:

  • Acquired 27 properties, totaling ~9,000 units in 5 high growth states (GA, FL, NC, SC, TX). The total value of these properties exceeds $1,400,000,000
  • Completed the successful exit of 20 properties, totaling over $830,000,000 in sales
  • Raised and invested $540,000,000 of equity in 2018 bringing total equity invested by Carroll Organization and our partners to over $2,200,000,000
  • Ended 2018 with a solid, diversified portfolio, valued at over $5,200,000,000 

Again, my sincere thanks go out to everyone that helped us achieve such a well-balanced year. As we look forward to 2019, today our portfolio is 94% occupied with consistent growth in revenue and net operating income. I believe we will have another positive year of operational performance, as well as thoughtful growth and sales.

 

For a look at the Carroll Organization 2018 Annual Report, please click the link below:

 

www.Carroll2018.com

 

Yours sincerely,
M. Patrick Carroll

 

2018 Acquisition Highlights

2018 Acquisition Highlights

About Carroll Organization

About Carroll Organization

Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $2.2 billion of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased, developed or sold over $9.0 billion of real estate. Carroll Organization's regional offices are located in Houston and Orlando. Today, the company manages over 35,000 multifamily units in seven states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $125 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions.

Video
December 2018

What Makes CARROLL the Best?

We sat down with our Founder and CEO, M. Patrick Carroll, to talk about what makes CARROLL the best.

Video
December 2018

What is CARROLL's Approach to Core/Core-Plus Investing?

We sat down with Josh Champion, Chief Investment Officer at CARROLL, to better understand one of CARROLL's key strategies: Core/Core-Plus.

Video
December 2018

What is CARROLL's Strategic Approach to Value Housing?

We sat down with Josh Champion, Chief Investment Officer at CARROLL, to better understand one of CARROLL's key strategies: Value-Add.

Video
December 2018

How is CARROLL Approaching 2019 From an Investment Perspective?

We sat down with Josh Champion, Chief Investment Officer at CARROLL, towards the end of 2018 to understand how CARROLL was approaching 2019 from an investment perspective.

Press release
December 2018

Carroll Organization Posts Win with Exit of Kansas City Property

To date, Carroll has successfully exited sixty assets valued over $2.7 billion, including this transaction. The investments have produced an average IRR of 30%. Since 2017, Carroll has now sold thirty-one properties totaling over $1.6 billion and purchased forty-eight properties totaling over $2.1 billion.

Atlanta, GA – Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of ARIUM Overland Park in Overland Park, Kansas. This property was initially acquired off-market in July 2016. The property was a part of Carroll Multifamily Real Estate Fund IV, LP and managed by Carroll Management Group.

"The off-market acquisition of ARIUM Overland Park was our entrance into the Kansas City market, and specifically to the premier suburban community of Overland Park," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "With its superior amenity package, luxury interior finishes, and desirable floor plans with 100% attached garages, we were able to cater to the exceptional demographics in the area with a best-in-class rental product. After over two years of ownership, we made the election to exit and posted a solid return for our investors, consistent with our initial underwritten business plan."

ARIUM Overland Park is a 402-unit apartment community built in 2015. The property features "Big House" style construction with large units, individual ground floor entries, and attached garages, which are particularly attractive for renters seeking an apartment that feels more like a home. ARIUM Overland Park is located on West 135th street in close proximity to I-35, 435, and 635, providing residents with easy access to Downtown Kansas City, Country Club Plaza, and the KCI Airport. Community amenities include a saltwater resort-style pool with grilling stations, a resident retreat with cyber center and billiards, fitness center, and dog park. Units feature granite countertops, stainless steel appliances, custom wood cabinetry, full-sized washers and dryers, and private patios/balconies.

To date, Carroll has successfully exited sixty assets valued over $2.7 billion, including this transaction. The investments have produced an average IRR of 30%. Since 2017, Carroll has now sold thirty-one properties totaling over $1.6 billion and purchased forty-eight properties totaling over $2.1 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
November 2018

Carroll Organization and PGIM Real Estate Acquire Three Southeast Multifamily Portfolios Valued at ~$600 Million

The Raleigh, Ponte Vedra Beach and Charleston acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Carroll Organization.

Carroll Organization and PGIM Real Estate have continued to advance their multifamily joint venture partnership with three portfolio acquisitions in Raleigh-Durham, Ponte Vedra Beach and Charleston, totaling a combined ~$600 million. Carroll Organization, acting on behalf of its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP, is one of the country's leading privately held real estate companies focused on multifamily investment, management and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc.(NYSE: PRU).

These transactions mark the fifth joint venture between PGIM Real Estate and Carroll Organization since December 2017. To date, these joint ventures have resulted in $2 billion in acquisitions across 45 properties and approximately 15,000 units throughout Florida, North Carolina, Tennessee, Texas, and South Carolina. All of the assets are managed by Carroll Management Group.

"These latest portfolio acquisitions are consistent with PGIM Real Estate's strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options," said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. "Our ongoing partnership with Carroll Organization will enable us to create an enhanced living experience for the residents at these 13 communities, while delivering compelling, supply-resistant investment opportunities to our investors."

The venture's latest Southeast multifamily investments include:

Eight-Property Portfolio in Raleigh-Durham

  • An eight-property, 2,883-unit multifamily portfolio located in the Raleigh-Durham area.

  • The portfolio includes: Copper Mill in Durham; Meadows at Kildaire in Cary; Oaks at Weston in Morrisville; Spring Forest in North Raleigh; Crest at West End in Carrboro; and Reserve at Lake Lynn, Walnut Creek, and Woodland Court in Raleigh.

Two-Property Portfolio in Ponte Vedra Beach

  • An adjacent two-property, 480-unit multifamily portfolio located in Ponte Vedra Beach, Florida.
  • The portfolio includes Soleil at Ponte Vedra Beach and Seaglass at Ponte Vedra Beach.

Three-Property Portfolio in Charleston

  • A three-property, 680-unit Class B multifamily  portfolio in Charleston, South Carolina.
  • The portfolio includes Cooper's Pointe Apartments, Springhouse Apartments and Hibben Ferry Apartments.

"These investments are based on our thesis that quality workforce housing is currently an underserved segment of the multifamily market, which has created a supply/demand imbalance when home ownership or new-supply rents in desirable locations may not be attainable for most Americans. The outlook for multifamily performance in the Raleigh-Durham, Jacksonville and Charleston markets remains strong going forward due to their diverse economies, business-friendly governments, job and population growth, and overall quality of life," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "We are thrilled to continue our positive momentum with PGIM Real Estate with these acquisitions and look forward to doing more business together in 2019."

The Raleigh, Ponte Vedra Beach and Charleston acquisitions were led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Carroll Organization.

Perspective
November 2018

Carroll and Prudential Making a Big Bet on Lower-Income Housing

From the Wall Street Journal:

These so-called workforce housing units usually are in older buildings that cater to price-conscious renters, paying about $1,000 a month for a one-bedroom unit. Around 6.3 million units, or about 41% of all the rental apartments in the U.S., fall into the workforce category...

From the Wall Street Journal:

These so-called workforce housing units usually are in older buildings that cater to price-conscious renters, paying about $1,000 a month for a one-bedroom unit. Around 6.3 million units, or about 41% of all the rental apartments in the U.S., fall into the workforce category...

The venture of PGIM and the Atlanta-based Carroll Organization acquired three apartment portfolios in North Carolina, South Carolina and Florida. That marked the fifth such deal in less than a year for the partnership, which has purchased about 15,000 units in 45 properties for $2 billion over that period.


PGIM, which has over $69 billion in property assets under management, amassed a huge portfolio of upscale apartments during the recovery, spending more than $10 billion to buy and develop over 35,000 units. The firm launched its workforce strategy about one year ago, partly because it believes the property type is more resistant to a recession.

Read More

Press release
November 2018

Bentall Kennedy and Carroll Organization collaborate on the acquisition of Atlanta-based apartment community

ARIUM Brookhaven is a 230-unit luxury apartment community located in Atlanta, GA.

Atlanta, GA –  Bentall Kennedy, on behalf of its U.S. Core Fund, in collaboration with Carroll Organization, announced today the acquisition of Rosewood at Brookhaven, located in Atlanta, GA. The property will be rebranded as ARIUM Brookhaven and managed by Carroll Management Group, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development. The acquisition marks the first transaction in a strategic relationship between Bentall Kennedy and Carroll Organization.  

"The acquisition of ARIUM Brookhaven is an attractive addition to the Fund's portfolio. The combination of asset quality, infill location with barriers to entry and access to a variety of amenities and public transportation directly aligns with the Fund's strategic objectives," said David Nielsen, Senior Vice President of Bentall Kennedy. "We are excited to begin our new relationship with Carroll Organization and to draw on the many strengths they bring to the multifamily asset class."  

"We were initially attracted to this investment due to the property's walkable location in Brookhaven to retail, restaurants and MARTA, and close proximity to Buckhead and Central Perimeter office markets," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "Given the property's core, infill location with walkability to desirable amenities, as well as the submarket's high barriers to entry and affluent demographics, we are optimistic on the long-term demand at ARIUM Brookhaven for years to come."  

ARIUM Brookhaven is a 230-unit luxury apartment community located in Atlanta, GA. The community's apartment homes include granite countertops, stainless steel appliances, full size washer/dryers, espresso cabinets and tile backsplash in the kitchen. ARIUM Brookhaven's amenities include controlled access underground parking, a saltwater pool and sundeck, outdoor fireplace with grilling area and kitchen, fitness center with flex/spin room, clubhouse, and game room with billiards. The property is located within walking distance of the Brookhaven/Oglethorpe Marta Station and The Village Place Brookhaven, which includes eclectic bars, restaurants, shops and spas.    
 

Press release
October 2018

Carroll Shows No Signs of Slowing Down After Productive 1st 3 Quarters of 2018

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development closes out a productive first three quarters of 2018. Carroll successfully completed seventeen acquisitions totaling over $900 million across South Florida, Tampa, Jacksonville, Atlanta, Charleston, Raleigh-Durham, and Houston. The firm also exited seventeen properties totaling over $700 million producing an average gross IRR of 32% and 1.7x equity multiple and refinanced five properties returning an average of 20% of the capital invested. Looking ahead to the 4th quarter, Carroll Organization has ten acquisitions and nine dispositions in the pipeline.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development closes out a productive first three quarters of 2018. Carroll successfully completed seventeen acquisitions totaling over $900 million across South Florida, Tampa, Jacksonville, Atlanta, Charleston, Raleigh-Durham, and Houston. The firm also exited seventeen properties totaling over $700 million producing an average gross IRR of 32% and 1.7x equity multiple and refinanced five properties returning an average of 20% of the capital invested. Looking ahead to the 4th quarter, Carroll Organization has ten acquisitions and nine dispositions in the pipeline.

“We continue to execute a disciplined investment approach focused on markets and product that are durable and resilient over time”, said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “With consumer debt levels at an all-time high and personal savings rates near an all-time low, coupled with mortgage rates rising, the outlook for the multifamily industry is bright. The dynamic of muted wage growth in the low-to-medium skill jobs and a growing middle-class renter cohort leads us to invest in the space that has the highest demand with little to no new supply.”

All of Carroll’s 2018 YTD acquisitions are in high-growth MSAs in the Southeast/Southwest with favorable multifamily fundamentals. Looking ahead to the 4th quarter and 2019, the firm will continue to target these markets as well as Phoenix, Denver, Las Vegas, and the Mid-Atlantic. The outlook for multifamily performance in all these markets remains strong due to their diverse economies, business-friendly climates, job and population growth, and overall quality of life.

Since the beginning of 2012, Carroll has acquired 138 properties totaling over $5.9 billion and disposed of 57 properties with a total sales price of over $2.6 billion producing an average gross IRR of 30% and 1.8x equity multiple. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class, fully-integrated, owner and operator of multifamily real estate.

Perspective
October 2018

Carroll Makes Inc.'s List of Top 1000 Private Companies

​​​​​​​Proudly independent, Carroll Organization sits aside iconic American companies such as Levi Strauss, In-N-Out Burger, S.C. Johnson, Cox Enterprises, and others on Inc.'s list of the largest private companies in the United States.

As Inc. points out, "Private companies are becoming the preferred vehicle for unfettered growth. Freed from the burden of quarterly earnings reports and Wall Street’s what-have-you-done-for-me-lately attitude, the Private Titans are able to steer a steadier course. This freedom to innovate drives newer companies such as Slack or Warby Parker as much as it does the 165-year-old Levi Strauss & Co."

Read more and see the other companies on Inc.'s inaugural list.
 

Press release
October 2018

Carroll Organization Increases Florida Footprint with Portfolio Acquisition

Carroll has now purchased sixty-seven properties totaling over $3.0 billion since 2017 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired a three-property 1,048-unit portfolio in in the Fort Lauderdale and Tampa-St. Petersburg MSAs. The portfolio includes Vinings, The Hamptons, and Sugar Mill Creek. All three properties will be a part of Carroll’s latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The properties will be rebranded under the “ARIUM” name and managed by Carroll Management Group.

“This portfolio acquisition represents our bullish macro view on the state of Florida, and specifically in the workforce housing segment,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We continue to believe in strong fundamentals and growth in this space, due to a shortage of quality affordable housing near major employment centers relative to demand. We are excited to take over this portfolio and execute on our business plan.”

The Hamptons and Vinings are 668-unit and 168-unit adjacent garden, apartment communities located in North Lauderdale, FL. The communities’ amenities include five swimming pools, fitness center, tennis court, club room, business center, and car care station. Hamptons and Vinings offer convenient access to I-95, the Florida Turnpike, and U.S. Route 441.  The properties are also proximate to major employment centers such as Sawgrass Office Park, Plantation, and Downtown Fort Lauderdale.

Sugar Mill Creek is a 212-unit apartment community located in Pinellas Park, FL. The community’s amenities include two pools, fitness center, playground, and dog park. Sugar Mill Creek offers a lake view and is located near downtown St. Petersburg, Clearwater Airport, and is 15-minutes from great beaches, shopping, and dining. The community is also located within 3-miles of the Gateway office market, one of Tampa Bay’s most prominent office markets and home to Fortune 500 corporations including Raymond James, the Home Shopping Network, Tech Data, and Jabil Circuit.

Carroll has now purchased sixty-seven properties totaling over $3.0 billion since 2017 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
August 2018

Atlanta firm pays $106 million for 3 Charleston-area apartment complexes

An affiliate of Carroll Organization of Atlanta bought complexes in Mount Pleasant and North Charleston earlier this month from JRK Properties of Los Angeles. They include the 248-unit Springhouse on St. Ives Road and Cooper’s Pointe, with 192 units, on Greenridge Road, both in North Charleston, and the 240-unit Hibben Ferry on Anna Knapp Boulevard in Mount Pleasant.

An Atlanta real estate company recently laid out $106 million for three Charleston-area apartment complexes, 10 years after they sold for $51.1 million.

An affiliate of Carroll Organization of Atlanta bought complexes in Mount Pleasant and North Charleston earlier this month from JRK Properties of Los Angeles.

They include the 248-unit Springhouse on St. Ives Road and Cooper’s Pointe, with 192 units, on Greenridge Road, both in North Charleston, and the 240-unit Hibben Ferry on Anna Knapp Boulevard in Mount Pleasant.

The new owner paid $47.8 million for the Mount Pleasant property on Shem Creek, $32.7 million for the former Springhouse units and $25.5 million for the nearby former Cooper’s Pointe site. All of the properties are now calledArium with a town or street in the site name.

 

SOURCE: POSTANDCOURIER.COM

Press release
August 2018

Carroll Organization Grows Texas Portfolio with Houston Acquisition

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired Alexan Spring Crossing, located in Houston, TX, in its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The property will be rebranded as ARIUM Spring Crossing and managed by Carroll Management Group.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired Alexan Spring Crossing, located in Houston, TX, in its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The property will be rebranded as ARIUM Spring Crossing and managed by Carroll Management Group.

“Alexan Spring Crossing represents our second purchase in Houston this year within the same strategy of acquiring well-located, high-quality, newer vintage assets below replacement cost,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We believe in the long-term demand of this location due to its access and proximity to major employment drivers and two premier master-planned communities – Springwoods Village and The Woodlands.”

Alexan Spring Crossing is a 307-unit, class A, 3-story luxury apartment community located in Spring, TX. The property includes top-quality finishes and a plethora of community amenities including a clubhouse and game room, resort-style pool with private cabanas, outdoor lounge with fireplace, outdoor kitchen and grill station, fully-equipped fitness center, pet park, and valet trash. Garages and carports are available for select units. Alexan Spring Crossing is conveniently located near I-45 and Grand Parkway, which provides quick and easy access throughout the city. The property is also located within walking distance of The Market at Springwood Village, which is a 170K square foot retail center including seventeen new shops and restaurants.

Carroll has now purchased forty-nine properties totaling over $2.2 billion since 2017 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
August 2018

Carroll Organization Successfully Exits Charleston Property

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of Ashley River in Charleston, SC. This property was initially acquired as a part of an off-market three-property portfolio purchase in late June 2017. The property was a part of Carroll Multifamily Real Estate Fund IV, LP, and Carroll Multifamily Real Estate Fund V, LP and managed by Carroll Management Group.

 

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of Ashley River in Charleston, SC. This property was initially acquired as a part of an off-market three-property portfolio purchase in late June 2017. The property was a part of Carroll Multifamily Real Estate Fund IV, LP, and Carroll Multifamily Real Estate Fund V, LP and managed by Carroll Management Group.

 

“We acquired Ashley River last summer as part of a larger portfolio, with the other assets located in the Dallas-Ft. Worth MSA. Our business plan always contemplated a shorter hold period for this property, but given favorable market conditions and property performance, we elected to sell after just over a year of ownership,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “Our investments and operations teams did an excellent job of executing the value-add business plan and disposition, which yielded great results for our investors.”

 

Ashley River is a 200-unit apartment community nestled in a residential neighborhood in West Ashley, which is ideally located between downtown Charleston and North Charleston. The property is in close proximity to the Citadel Mall, Historic Downtown, and plenty of restaurants and shopping. Major employers in the area include Boeing, Roper, and Bon Secours St. Francis Hospitals, Medical University of South Carolina, and Mercedes Benz. In addition, this summer Volvo opened its first U.S. factory in Berkeley County. Ashley River’s amenities include a swimming pool, fitness center, tennis and volleyball courts, gated-dog park, and a fully-equipped business center.

 

To date, Carroll has successfully exited fifty-two assets valued over $2.4 billion, including this transaction. The investments have produced an average IRR of 30%. Since 2017, Carroll has now sold twenty-three properties totaling over $1.3 billion and purchased forty-eight properties totaling over $2.1 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

White paper
July 2018

Property Management: Operations

Operations at Carroll exist as an amalgamation of varying qualities and processes, a mixture of ingredients that work to unify teams and augment performance. The unique ingredients that power the success of operations include: People, Collaboration, an entrepreneurial spirit, Communication, and Performance. From the fine-tuned systems of teamwork to the competitive edge our ambitious employee mindset affords, Operations at Carroll find success through a medley of factors, each as imperative as the next.

Press release
June 2018

Carroll Organization Completes 9th Disposition of 2018 with Birmingham Sale

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of ARIUM Inverness in Birmingham, AL. This property was initially acquired as a part of an off-market three-property portfolio purchase on July 2014. All three properties were a part of Carroll Multifamily Real Estate Fund III, LP and managed by Carroll Management Group.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of ARIUM Inverness in Birmingham, AL. This property was initially acquired as a part of an off-market three-property portfolio purchase on July 2014. All three properties were a part of Carroll Multifamily Real Estate Fund III, LP and managed by Carroll Management Group.

 

“We were initially attracted to ARIUM Inverness because the size of the property offered an immediate scale in Birmingham, where we did not previously have a presence. It also fit well with our strategy to acquire well-located workforce housing in Southeast growth markets,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “Inverness was the last remaining asset in the three-property portfolio that we acquired four years ago, and we elected to sell this year to fully-realize our successful investment.”

 

ARIUM Inverness is a 586-unit apartment community located in Birmingham, AL, which offers classic southern charm in the middle of a booming city. The property’s location offers easy access to I-459, I-65, shopping, and fine dining. ARIUM Inverness has an array of amenities including two resort swimming pools with an outdoor kitchen, a fully-equipped fitness center, playground, and a stocked fishing lake with two gazebos and docks. The apartment homes boast features including screened-in patios with lake views, vaulted ceilings, fireplaces and garden tubs.

 

“We are pleased to have partnered with Carroll Organization in ARIUM Inverness. We acquired ARIUM Inverness, because of the property’s compelling fundamentals, submarket dynamics, and imbedded upside potential. Carroll’s property management and value add initiatives effectively drove property operations during the investment hold. With this sale, we have successfully realized a portfolio investment on behalf of our investors,” added Zachary Segal, Principal of The Townsend Group.

 

To date, Carroll has successfully exited forty-nine assets valued over $2.3 billion, including this transaction. The investments have produced an average IRR of 30%. Since 2017, Carroll has now sold twenty properties totaling over $1.2 billion and purchased forty-five properties totaling over $2.0 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class renovator and operator.

Press release
May 2018

Carroll Organization Finalizes Sale of 700+ Units in Florida

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of ARIUM Town Center in Jacksonville, FL and Knightsbridge at Stoneybrook in Orlando, FL. These properties were managed by Carroll Management Group.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of ARIUM Town Center in Jacksonville, FL and Knightsbridge at Stoneybrook in Orlando, FL. These properties were managed by Carroll Management Group.

 

“Orlando and Jacksonville have been some of the strongest performing markets in our portfolio given their high rate of job and population growth, diverse economies, and favorable job to supply ratios. Carroll Organization has had a significant presence across the state of Florida since its inception, and we are now seeing institutional equity come into the market in a big way,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “These two properties have performed remarkably well under our ownership, and our fund investors have benefited as a result.”

 

ARIUM Town Center was acquired off-market in June 2014 as a part of Carroll Multifamily Real Estate Fund III, LP. The 320-unit multifamily asset is located in the center of Jacksonville and is within walking distance to St. Johns Town Center, the premier retail center in the city. St. Johns Town Center’s luxury outdoor shopping complex spans 1.5 million square feet of retail space. ARIUM Town Center’s apartment homes include screened-in patios, garden bathtubs, and full-size washer/dryers. The community’s amenities include a newly renovated swimming pool with BBQ grills, 24-hour fitness center, business center, and gated dog park.

 

Knightsbridge at Stoneybrook was acquired in December 2015 as a part of both Carroll Multifamily Real Estate Fund III, LP and Carroll Multifamily Real Estate Fund IV, LP. The 396-unit gated community located in Southeast Orlando includes large floor plans and impeccably designed interiors. Units include designer kitchens with energy efficient appliances, built in washer/dryers, and fireplaces. The community’s amenities include resort-style pools, 24-hour fitness center, tennis and volleyball courts and expansive gated dog park. Knightsbridge at Stoneybrook is within minutes of Orlando’s greatest attractions, fine dining, and premier shopping and cinema.

 

To date, Carroll has successfully exited forty-seven assets valued over $2.2 billion, including these transactions. The investments have produced an average IRR of 30%. Since 2017, Carroll has now sold eighteen properties totaling over $1.1 billion and purchased forty-five properties totaling over $2.0 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.

Press release
May 2018

Carroll Organization Purchases Infill Houston Apartment Community

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired The Ava, located in Houston, TX, in its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The property will be rebranded as ARIUM Uptown West and managed by Carroll Management Group.

Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired The Ava, located in Houston, TX, in its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP. The property will be rebranded as ARIUM Uptown West and managed by Carroll Management Group.

 

“We are excited to add such a high-quality, infill asset to our existing Houston portfolio at a basis below replacement cost,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “The Houston market has underperformed over the last several years, but with new apartment deliveries dwindling and job growth rebounding, we anticipate solid market fundamentals going forward. We believe in the long-term demand of this location due to its proximity to some of Houston’s largest employers, as well as the abundant amenities in Uptown and Westchase.”

 

The Ava is a 321-unit 4-story mid-rise apartment community located 2.5 miles from the highly desirable Galleria/Uptown district, which is one of the city’s most diverse mix of employment, entertainment, and shopping. Units include 10-foot ceilings, private balconies, gourmet kitchens, and custom maple cabinetry. The community has a plethora of amenities including two-level fitness center, modern clubhouse with communal kitchen and lounge area, resort-style pool with outdoor kitchen, multi-level parking garage, and pet park with green space and pet shower.

 

Carroll has now purchased forty-five properties totaling over $2.0 billion since 2017 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.

Press release
April 2018

Carroll earns spot on NMHC’s 2018 Top 50 Rankings

NMHC:  National Multifamily Housing Council has announced its top 50 rankings of the nation’s leading apartment firms.

NMHC:  National Multifamily Housing Council has announced its top 50 rankings of the nation’s leading apartment firms. We are excited to announce that Carroll Organization has ranked in both the top largest owners and top largest managers lists at 36th and 46th respectively. Today, the company owns over 26,000 units and manages over 30,000 units across eight states and has purchased other multifamily owner/operators throughout the U.S.

SOURCE:
NMHC 50 Largest Apartment Owners
NMHC 50 Largest Apartment Managers

Press release
April 2018

Carroll Organization and PGIM Real Estate Acquire Four-Property Portfolio in South Florida

Atlanta, GA – Carroll Organization and PGIM Real Estate announced today the formation of a joint venture to acquire a four-property portfolio in South Florida.  The portfolio includes Bella Vista at Boca Del Mar, Centro at Davie, Savannah Lakes, and Stonybrook Apartments. Carroll Organization, acting on behalf of its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP, is one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial Inc. (NYSE: PRU).

 

Atlanta, GA – Carroll Organization and PGIM Real Estate announced today the formation of a joint venture to acquire a four-property portfolio in South Florida.  The portfolio includes Bella Vista at Boca Del Mar, Centro at Davie, Savannah Lakes, and Stonybrook Apartments. Carroll Organization, acting on behalf of its latest investment vehicle, Carroll Multifamily Real Estate Fund V, LP, is one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development. PGIM Real Estate, acting on behalf of institutional investors, is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial Inc. (NYSE: PRU).

 

This transaction marks the second joint venture between PGIM Real Estate and Carroll Organization. In December, the companies acquired a portfolio of 28 workforce housing properties across Florida, North Carolina, Tennessee and Texas. Combined these portfolios are valued over $1.3 billion.     

 

All the newly acquired South Florida properties will be rebranded under the ARIUM name and managed by Carroll Management Group.

 

“This portfolio represented a unique opportunity to acquire four high-quality assets in South Florida in a single transaction. All of the properties are well-located within the suburbs of Broward and Palm Beach counties and offer tremendous upside through continuation of a proven value-add renovation program,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We are thrilled to continue the positive momentum in our partnership with PGIM Real Estate with another large acquisition, and look forward to executing our business plan on these assets.”

 

 “Improving fundamentals in South Florida are supporting net operating income growth and attractive cap rates on a relative basis to other U.S. markets,” said Alfonso Munk, Americas chief investment officer and head of Latin America for PGIM Real Estate.  “Against this backdrop, we expect that stronger employment growth in the local economies will continue to support apartment demand over the next several years.  Munk added, “We look forward to partnering again with Carroll Organization to enhance these properties for the residents and communities, while delivering to our investors another unique opportunity for compelling supply-resistant returns.”
 

The newly-formed portfolio includes:
 

  • Bella Vista at Boca Del Mar, a 392-unit community located in Boca Raton, FL. The property is centrally located near Boca Town Center, the largest enclosed mall in Palm Beach County, parks, golf courses, beaches, shopping, and dinning. It is also near Park at Broken Sound, an 85-acre state-of-the-art research and manufacturing hub, and Mizner Park, an upscale, lifestyle shopping center. Community amenities include two pools, fitness center, and car wash area. Active residents also enjoy all the nearby hiking and jogging trails.
     
  • Centro at Davie, a 494-unit community located in Davie, FL. It uniquely blends modern and convenient suburban living. Due to its proximity to several colleges including Florida Atlantic University, Nova Southeastern University, and Broward College, the property has a strong resident base of graduate students. The community surrounds a lake and features a first-class amenity package including a state-of-the-art fitness and yoga studio, lounge, coffee bar, billiards, pools with cabanas, outdoor kitchen and fire pits, and tennis, basketball, and racquetball courts.
     
  • Savannah Lakes, a 466-unit resort-style community in Boynton Beach, FL. The property includes vaulted ceilings and two-story construction with walk-up units providing a home-like feeling. There are abundant shopping and dining options available at the neighboring Renaissance Commons mixed-use development. The community’s amenities include sports courts, resident lounge with cyber cafe, fully-equipped fitness center, and resort-style pool and clubhouse.
     
  • Stonybrook Apartments, a 264-unit gated community with sophisticated design and manicured landscaping located in Boynton Beach, FL. The community is surrounded by several small lakes and includes town-home and villa-style units with direct access garages. Its amenities include lakeside walking trails, pool, outdoor kitchen and grill, 24-hr cardio and yoga studio, tennis courts, playgrounds, and dog park.

 

The acquisition was led by Jim Mehalso, Atlanta-based managing director and head of Southeast Transactions at PGIM Real Estate, and Josh Champion, president and chief investment officer for Carroll Organization.

Press release
January 2018

Apartment Sales Up 18%

Carroll Organization, which a couple of years ago was mainly seeking new luxury properties, is now looking to capitalize on strong renter demand for workforce housing. “We feel the biggest sweet spot for us is that Class-B to B-plus type space,” Carroll said. “It’s not the bottom, it’s not the top, but it represents what 70-75% of people renting apartments can actually afford on a monthly basis.”

Sales of apartment properties soared 18% last year, blowing past the previous record as the multi-family sector became commercial real estate’s most-active segment.

A total of $110.2 billion of large rental properties traded, up from $93.5 billion the year before, according to Real Estate Alert’s Deal Database. The tally was well above the previous high-water mark of $96.9 billion set in 2016 — and more than double the $51.8 billion peak of the previous cycle.

In the brokerage race, CBRE retained the top perch, which it has held for more than a decade. The next five finished in the same order as 2017 — Newmark, HFF, Cushman & Wakefield, JLL and Eastdil Secured. The top six brokerages all notched double-digit volume increases.

For the first time, annual apartment sales surpassed those of offices, traditionally the busiest property sector. Office trades totaled $96.8 billion last year. Multi-family sales have risen steadily since 2009, with the only year-over-year dip occurring in 2017, when post-election uncertainty temporarily slowed the pace of deals. Market pros are generally optimistic that 2019 will be at least as active as last year.

“The overall sentiment just continues to be positive,” said Brian McAuliffe, president of CBRE’s capital-markets division. He added that some headwinds that were expected to temper sales in 2018 — such as rising interest rates, slowing rent growth and additional supply in some markets — ultimately had little effect. “Multi-family just blew right through them, and I think that’s a function of capital flows going into the asset class, attracted by its stable and predictable cashflows,” he said. “We have to have an unexpected market shock that has an impact on all of real estate before we have a slowdown.”

Matthew Lawton, HFF’s Chicago-based executive managing director, said his firm’s listings pipeline is “very robust” and there’s an abundance of capable buyers, including foreign investors who aren’t yet in the U.S. market but want to establish large footprints. “There’s plenty of dry powder, plenty of liquidity and a substantial amount of product coming to the market,” he said. “I believe there’s going to be a lot of activity in 2019.”

Overall performance of multi-family properties remains strong. Renters leased nearly 287,000 more units than were vacated in 2018, marking the highest net absorption since 2000, according to CBRE. The nationwide occupancy rate grew 20 bp year-over-year to 95.5%. Rent growth averaged 2.8%, up some 30 bp from the previous year.

“That performance has buoyed confidence, and there’s an enormous availability of capital helping facilitate transaction volume,” said Matt Jones, director of acquisitions at Norfolk, Va., investment manager Harbor Group International. He noted continued strong interest from a wide range of investors, including institutions, family offices, wealth managers and wealthy individuals. “We’re very much of the belief that equity 

capital still views multi-family as a very good risk-adjusted return.” The sector’s extraordinary growth in sales reflects the increasing institutionalization of the market, several pros said.

“Multi-family, 15 years ago, was primarily a niche industry,” said M. Patrick Carroll, chief executive of Atlanta-based Carroll Organization. “Big institutions went into office buildings and shopping centers — and really, that’s shifted. Institutional investors, high-net-worth investors and foreign investors are getting exposure to multi-family, and that’s pushing transaction volume.”

That changing buyer pool also has accelerated turnover, said McAuliffe at CBRE. “Holding periods for assets have been much lower and debt strategies have been much shorter, which has allowed for increased velocity of transactions,” he said. To be sure, there are some soft spots. Pros noted weakening fundamentals at luxury properties in cities that have seen heavy deliveries in recent years, such as Atlanta, Chicago, Denver, Los Angeles and Seattle.

Capitalization rates — especially on value-added deals — in many markets have compressed to levels well below historical averages, as bidding contests have driven up prices. But those valuation gains are expected to slow, market experts said, making buyers more reliant on rent growth to meet their return goals.

There are also concerns about interest-rate volatility, after recent swings in the benchmark 10-year Treasury rate. “We’re looking to achieve yield for our investors, and to have that yield eaten by debt service is obviously a concern,” said David Nelson, managing director of acquisitions at Hamilton Zanze of San Francisco.

Similar concerns were present at the beginning of last year, but didn’t prove strong enough to hamper trading. And some of them appear to be easing. The Federal Reserve has signaled a pause in rate increases. Construction is projected to be moderate this year and fall subsequently. Meanwhile, the renter pool continues to grow, increasingly populated by millennials and empty nesters.

The upshot: Brokers are reporting strong pipelines, and investment shops plan to keep deploying capital into the sector. “We did about $525 million on the acquisitions side last year,” Nelson said, “In the first quarter of 2019 we’re going to close on approximately $325 million, so we’re off to a very fast start.”

In some cases, buyers are shifting their strategies to adapt to market trends. Hamilton Zanze historically focused on valueadded properties, but has recently turned to core-plus deals. “Value-added cap rates have compressed a lot more than coreplus cap rates,” said Nelson. “It’s been incredibly competitive, and we weren’t able to get the returns that we wanted in the value-add space.”

Carroll Organization, which a couple of years ago was mainly seeking new luxury properties, is now looking to capitalize on strong renter demand for workforce housing. “We feel the biggest sweet spot for us is that Class-B to B-plus type space,” Carroll said. “It’s not the bottom, it’s not the top, but it represents what 70-75% of people renting apartments can actually afford on a monthly basis.”

Nuveen Real Estate, which operates seven funds across the risk spectrum, lately has also put more emphasis on the middle market.

“We believe the best opportunities going forward remain in multi-family communities that cater to the middle-income household renter,” said Nikita Rao, Nuveen’s managing director of portfolio management, housing and real estate for the Americas. “By virtue of this, we are underweight [in] high-rise and luxury buildings.” The TIAA affiliate acquired approximately $2.7 billion of apartment properties last year and disposed of about $600 million. Its acquisitions target this year is about $2.4 billion.

Blake Okland, Newmark’s multi-family chief, said he expects capital to continue to flow to secondary and tertiary markets as investors seek higher yields. He also said he expects investments in sub-sectors such as student and senior housing to continue growing.

Even some slippage in occupancy and rent growth likely wouldn’t have a drastic impact on the sector, Okland said. “We should get worried when we see overleverage, or material removal of liquidity and capital sources,” he said. “We’re not seeing that, and we’re not overexposed to any one thing beyond supply and demand.”

A substantial chunk of 2018’s sales increase came in Manhattan and New York’s outer boroughs. The city’s trading volume surged to $9.7 billion, after slumping to $4.3 billion in 2017. Cushman was the leading broker, with a 37% market share. Ten of the nation’s 12 largest single-property deals last year were in New York.

Douglas Harmon, a chairman of capital markets at Cushman, said 2017’s New York activity was dampened by factors including post-election jitters and “the hangover from a buoyant 2015-16.” Last year, he said, listings picked up as many private owners and REITs “took the opportunity to prune or recapitalize” holdings in the face of strong demand from “a broad base of global institutional investors under-allocated to multi-family.”

Sizable sales gains also were recorded last year in the Los Angeles, Phoenix, North Carolina and Houston markets. The Denver area saw the largest volume decrease: 25%.

In the brokerage race, CBRE handled $26 billion of sales last year, a 25.5% share of the brokered total. Second-place Newmark had $16.6 billion of trades for a 16.3% share, followed by HFF ($14.8 billion, 14.5%), Cushman ($10.5 billion, 10.3%), JLL ($6.6 billion, 6.4%) and Eastdil ($6.5 billion, 6.4%). Marcus & Millichap ($5.9 billion, 5.8%) boosted its volume by 86% — the biggest gain of the top 10 brokers — and moved up two notches to seventh place. 

SOURCE: realert.com

Letters from the CEO
December 2017

2017 - Letter From the CEO

I wanted to share with you a recap of our 2017 activity to highlight the progress we made as an organization. It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do.

I wanted to share with you a recap of our 2017 activity to highlight the progress we made as an organization. It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do.

In a year of political uncertainty, overbuilding of multifamily housing in certain markets, and multiple consecutive years of rent growth, our company produced great and balanced results. We executed timely dispositions, made strategic acquisitions based on our view of the need in the marketplace, continued to improve the level of talent of our employees, and established new (hopefully long-term) strategic capital partnerships. 

In summary, Carroll Organization accomplished the following milestones in 2017:

  • Acquired 40 properties, totaling 13,000 units in 6 high growth states (GA, FL, NC, SC, TN, TX). The total value of these properties exceeds $1,600,000,000.
  • Completed the successful exit of 11 properties, totaling over $800,000,000 in sales
  • Held an initial closing of Fund V, raising over $55,000,000 of institutional capital 
  • Raised and invested $580,000,000 of equity in 2017 bringing total equity invested by Carroll Organization and our partners to over $1,700,000,000
  • Ended 2017 with a solid, diversified portfolio, valued at over $3,500,000,000

Again, my sincere thanks go out to everyone that helped us achieve such a well-balanced year. As we look forward to 2018, today our portfolio is 94% occupied. I believe we will have another positive year of operational performance, as well as thoughtful growth and sales.

Yours sincerely,
M. Patrick Carroll

 

 

 

About Carroll Organization | 2017

2017 by the numbers

Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $1.7 billion of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased, developed or sold over $7.0 billion of real estate. Carroll Organization's regional offices are located in Houston and Orlando. Today, the company manages over 30,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $100 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions.

December 2017

2017 - Letter From the CEO

I wanted to share with you a recap of our 2017 activity to highlight the progress we made as an organization. It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do.

I wanted to share with you a recap of our 2017 activity to highlight the progress we made as an organization. It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do.

In a year of political uncertainty, overbuilding of multifamily housing in certain markets, and multiple consecutive years of rent growth, our company produced great and balanced results. We executed timely dispositions, made strategic acquisitions based on our view of the need in the marketplace, continued to improve the level of talent of our employees, and established new (hopefully long-term) strategic capital partnerships. 

In summary, Carroll Organization accomplished the following milestones in 2017:

  • Acquired 40 properties, totaling 13,000 units in 6 high growth states (GA, FL, NC, SC, TN, TX). The total value of these properties exceeds $1,600,000,000.
  • Completed the successful exit of 11 properties, totaling over $800,000,000 in sales
  • Held an initial closing of Fund V, raising over $55,000,000 of institutional capital 
  • Raised and invested $580,000,000 of equity in 2017 bringing total equity invested by Carroll Organization and our partners to over $1,700,000,000
  • Ended 2017 with a solid, diversified portfolio, valued at over $3,500,000,000

Again, my sincere thanks go out to everyone that helped us achieve such a well-balanced year. As we look forward to 2018, today our portfolio is 94% occupied. I believe we will have another positive year of operational performance, as well as thoughtful growth and sales.

Yours sincerely,
M. Patrick Carroll

 

2017 Acquisition Highlights

Image removed.

 

About Carroll Organization

Image removed.

Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $1.7 billion of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased, developed or sold over $7.0 billion of real estate. Carroll Organization's regional offices are located in Houston and Orlando. Today, the company manages over 30,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $100 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions.

Letters from the CEO
December 2016

2016 - Letter From the CEO

2016 was an exciting and successful year for Carroll Organization as it generated record proceeds from the disposition of 20 properties totaling $706 Million. By successfully executing on its business plan and achieving strong operational results, Carroll Organization was able to exit these properties with attractive risk-adjusted returns. On the acquisition front, Carroll Organization acquired 15 high-quality properties across six states totaling $800 Million, adding to its existing portfolio of properties, which now totals over $2.6 Billion.

2016 was an exciting and successful year for Carroll Organization as it generated record proceeds from the disposition of 20 properties totaling $706 Million. By successfully executing on its business plan and achieving strong operational results, Carroll Organization was able to exit these properties with attractive risk-adjusted returns. On the acquisition front, Carroll Organization acquired 15 high-quality properties across six states totaling $800 Million, adding to its existing portfolio of properties, which now totals over $2.6 Billion.

We know that all of this success would not be possible without your continued trust and confidence in us. Thank you. Our best wishes for a healthy and prosperous new year!

2016 Key Highlights

Fundraising

  • Closed fundraising on Carroll Multifamily Real Estate Fund IV, LP
  • Raised and invested $250 MM in joint venture and discretionary fund capital bringing total equity invested by Carroll Organization across platforms to $1.2 Billion.

Performance

  • 20 dispositions totaling $706 Million.

New Investment Activity

  • Acquired 15 properties totaling $800 Million (5,015 units) across six states: Georgia, Florida, Kansas, North Carolina, South Carolina, and Texas.

Organization

  • Carroll Organization made several strategic hires in the areas of asset management, construction management, investor relations, and property management.

 

About Carroll Organization

Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and investment management. Carroll Organization provides real estate investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $1 billion of equity through Carroll Organization sponsored real estate funds and joint ventures. Carroll Organization has successfully purchased and developed over $4 billion of real estate. Carroll Organization's regional offices are located in Houston and Miami. Today, Carroll Organization manages over 20,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. Carroll Organization has also developed student housing, single-family residential and retail properties, and has overseen $100 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions.

Letters from the CEO
December 2015

2015 - Letter From the CEO

Carroll Organization had a very active year in 2015, capitalizing on opportunities to acquire new properties and exit some of our earlier investments. A breakdown of our 2015 activity is as follows:

Carroll Organization had a very active year in 2015, capitalizing on opportunities to acquire new properties and exit some of our earlier investments. A breakdown of our 2015 activity is as follows:

  • Acquired 20 properties (6,201 units)
  • Exited 4 properties ($120,000,000 in sales)
  • Raised and Invested $350,000,000 in equity

We enter 2016 focused on a similar strategy; we will continue to make investments in multifamily assets that show clear potential for value creation, while producing strong cash flows for our investors. We will also look to sell properties where we believe completion of our business plans have created value that we can best capture through a current sale. We like this balanced strategy of identifying excellent acquisition opportunities at the same time we exit mature investments and realize attractive returns.

The fundamentals of the multifamily industry continue to be extremely favorable for new investments as we start the second quarter of 2016. Across our portfolio we are seeing strong performance, especially in submarkets that have seen little to no new construction. We will continue to target properties that we consider to be highly defensible due to barriers of entry for new construction and with attractive features such as proximity to excellent schools and employment centers, that we believe provide excellent risk adjusted returns.

The growth of our business has allowed us to continue to hire motivated and talented people. Carroll Organization now has over 600 employees, all focused on achieving excellence in:

  • Identifying new Acquisition Opportunities
  • Providing Property Management Services for our properties and residents
  • Providing Asset Management Services for our Investors
  • Providing Construction Management Services
  • Financial Reporting and Investor Relations

I am looking forward to another great year for our company, and for the multifamily industry.

Regards,

M. Patrick Carroll

Printer Friendly, PDF & Email