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 who 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

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.