About Our Firm

Founded in 2004, CARROLL has acquired more than $12.1 billion of real estate, successfully exited more than $8.8 billion, and developed and construction managed more than $500 million on behalf of our institutional partners, private investors, and our own principals.

CARROLL is now a part of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is strengthened by over 600 real estate professionals in more than 30 offices nationwide who manage approximately $36 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of real estate strategies across its clients.

CARROLL’s investment strategy utilizes our in-house capabilities to unlock value in properties that we believe to be underperforming and undervalued.

Through proactive management, redevelopment, and specific submarket selection, we aim to generate attractive, risk-adjusted returns. CARROLL has made a conscious effort to become institutional in our execution, reporting, and communications with our partners; while maintaining the mindset of an entrepreneur. We study trends, make quick, thoughtful decisions, and continually recruit and hire what we feel are the brightest minds in the business.


Investments in stabilized properties located in defensible markets with predictable cash flow


Investments in properties with potential for increased value by making physical and operational improvements

Divergent Strategies

When industry giants start drifting toward a trend, the herd mentality typically follows, leaving a void in other areas. This is where we thrive.

True Alignment

Not only do we seek to create returns in the business for our partners, we also invest alongside them.

Relentless Pursuit of Results

Our culture is defined by its people, those who personify “Boundless Ambition” and have an endless thirst for seeking success.

Industry-Leading Platform

We’ve built an investment and operational platform disrupting the industry by applying knowledge and best practices from multiple industries.

Ready to start your career with a company that has been voted one of the Best Places to Work? We seek to hire dedicated professionals in each market and create a culture of learning that is built to help you never stop growing.

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CARROLL 2004 – 2023

A New Era

On December 19, 2023, CARROLL was acquired by The RMR Group (Nasdaq: RMR).

$3.4B in Transaction Volume

Under our value-add strategy, we acquired 14 properties with a total purchase price of $1.3 billion, representing nearly 5,000 units across five high-growth Sun Belt states – bringing our inception-to-date acquisition volume to $12.1 billion and nearly 74,000 units. We exited 23 properties with a total sales price of $2.2 billion.

CARROLL raised $343 million of equity with the closing of our latest fund vehicle, Carroll Multifamily Venture VII, more than double of size of our previous vehicle.

A Record Year

After a year in 2020 that was defined by transitions, 2021 was a record year in transaction activity for the Firm – achieving the highest yearly transaction volume in CARROLL’s history. In 2021, we had a strategic focus on the Sun Belt region – including Western markets – providing us a forward position in those markets, while our asset management approach helped facilitate consistent returns and proceeds for our investors throughout the year. Our property management team produced resilient rent collections on top of record highs in occupancy and notable rent growth across our portfolio.

Success Through the Pandemic

During the COVID-19 pandemic, we achieved portfolio-wide average monthly rent collections from April through December of 95.9%, which out-performed the NHMC industry average of 94.7% for the same period thanks to the support of our best-in-class property management team and an unmatched platform of services. We also acquired 5 properties and exited 10 with a total transaction value of 860MM. We ended 2020 with a stable and diversified portfolio of ~30,000 units valued at over $5.4b.

Another Successful Year

CARROLL raised another $350M through CARROLL-sponsored funds, joint venture partnerships, and separate accounts, bringing total equity invested by CARROLL and its partners to more than $2.7B.

CARROLL acquired 17 properties, totaling ~5,100 units in six high-growth states (GA, FL, NC, TN, CO, TX). The total value of these properties was $1B. Additionally, CARROLL successfully exited 18 properties, totaling ~6,000 units. The total value of these sales is ~$1B. The sale of Savannah Lakes ranked as “The Real Deal’s” largest sale in South Florida in April.

CARROLL Raised $500M+

Over the course of the year, CARROLL raised more than $516M through CARROLL-sponsored funds, joint venture partnerships, and separate accounts.

In 2018, CARROLL continued to grow, doubling its size in 12 months. CARROLL acquired 27 new multifamily properties, totaling 8,359 Class A and B+ units. During this time period, CARROLL successfully exited 20 properties across six states.

CARROLL Acquires 40 Multifamily Properties

For CARROLL, 2017 was a record-breaking year. The firm more than doubled the totals raised from the previous rounds – ending with more than $560M raised in CARROLL-sponsored funds, joint venture partnerships, and separate accounts. CARROLL held an initial closing for “Carroll Multifamily Real Estate Fund V” in the fourth quarter of 2017.

CARROLL acquired 40 multifamily properties, totaling 13,525 Class A and B+ units. Additionally, CARROLL successfully exited 11 properties, ranging from Florida to Georgia.

Successfully Raised $250M+

In the fourth quarter of 2016, CARROLL successfully closed CARROLL-sponsored funds, joint venture partnerships, and separate accounts, which raised more than $250M.

Throughout 2016, CARROLL acquired 15 multifamily properties, totaling 5,015 Class A and B+ units. CARROLL successfully exited 20 properties – across five states – in 2016, its largest single-year disposition total to date.

CARROLL Celebrates 10 Years

In 2015, CARROLL celebrated its 10-year anniversary.

CARROLL successfully closed “Carroll Multifamily Real Estate Fund III” in the third quarter of 2015, and subsequently launched “Carroll Multifamily Real Estate Fund IV” in the fourth quarter. These efforts produced $275M in equity raised through CARROLL-sponsored funds, joint venture partnerships, and separate accounts.

These funds aided CARROLL in acquiring 20 additional multifamily properties, totaling 6,205 Class A and B+ units. CARROLL successfully exited Carroll at Green Trails in Houston, TX; ARIUM Trellis in Savannah, GA; and ARIUM Barber Park in Orlando, FL.

CARROLL Raised More Funds

In 2014, CARROLL successfully raised $241M of equity through CARROLL-sponsored funds, joint venture partnerships, and separate accounts. With these funds, CARROLL acquired 15 multifamily properties, totaling 5,563 Class A and B+ units.

During this year, CARROLL successfully exited five of its initial acquisitions: ARIUM Briar Forest in Houston, TX; Carroll at Bethesda Park in Lawrenceville, GA; ARIUM Tech Ridge in Austin, TX; ARIUM Westheimer in Houston, TX; and ARIUM Westheimer Villas in Houston, TX. Through these initial sales, CARROLL began to solidify its place in the multifamily industry.

Launching Carroll Multifamily Real Estate Fund III

CARROLL closed “Carroll Co-Invest Fund II” in the second quarter of 2013, which raised $280M of equity through CARROLL-sponsored funds, joint venture partnerships, and separate accounts.

At the conclusion of this fund, CARROLL successfully launched “Carroll Multifamily Real Estate Fund III.” which enabled CARROLL to acquire 22 multifamily properties, totaling 8,393 Class A and B+ units.

The Beginnings of Fund I and II

CARROLL successfully closed “Carroll Co-Invest Fund I” in the first quarter of 2012. With the momentum from the first round of funding, CARROLL launched “Carroll Co-Invest Fund II” in the second quarter of 2012.

Over the course of the year, CARROLL raised $74M in equity through CARROLL sponsored funds, joint venture partnerships, and separate accounts. CARROLL continued to grow, acquiring eight multifamily properties, totaling 2,600 Class A and B+ units.

Launched Carroll Co-Invest Fund I

In the second quarter of 2011, CARROLL launched its first fund: “Carroll Co-Invest Fund I” – marking a new phase of growth. CARROLL acquired four multifamily properties, which added 450 Class A and B units to the portfolio. From the get-go, CARROLL set out to be a multifamily business that set itself apart from the competition in practice and values.

CARROLL Acquires Several Property Management Companies

CARROLL acquired three property management companies: Affordable Realty Management in Alpharetta, GA; Hediger Enterprise in Greenville, SC; and Miles Properties Management Company in Atlanta, GA. Simultaneously, CARROLL remained intent on showing the market that the growing company was going to be a dominant force in the industry.

CARROLL Celebrates 5 Years

Every piece of the puzzle – from loans to equity to strategy – needed to fit perfectly or the Firm risked an early defeat. But five years into the endeavor, CARROLL, strong as ever, pushed forward.

First Successful Sale of Multifamily and Retail Assets

As CARROLL’s fourth year was coming to a close, the Firm looked to yield a return on its development, and successfully sold parts of its multifamily and retail portfolio.

Collectively, in the first few years, CARROLL successfully purchased, developed, managed, and sold multifamily and retail assets. CARROLL was quickly proving to be a viable player in the multifamily and retail space.

Expanding the Footprint in Boone, NC

In CARROLL’s third year, the firm developed in Boone, North Carolina. CARROLL developed a mixed-use community that was student housing and 20,000 sq. ft. of retail space. In addition to this asset, CARROLL developed a student housing multifamily community, also in Boone, NC. In 2007, CARROLL marked its early success with the development of a new logo.

Early Stages of CARROLL Growth

CARROLL continued to experience steady growth in its second full year.

During this time, the Firm expanded its footprint in the Southeast through North Carolina, Georgia, and South Carolina. In the early days, CARROLL focused primarily on developing villas, multiple infill residential developments, and a retail shopping center.

Beginning to Develop Residential Communities

CARROLL dove headfirst into the industry, unwilling to consider failure as an option.

As a start, CARROLL began developing villas in Highlands, NC, multiple infill residential developments in Atlanta, GA, and residential developments in Greenville, SC. The Firm also developed a retail shopping center in Greenville, SC.

With blind ambition, CARROLL moved forward confidently to build a large, profitable, organization – buying and selling both multifamily and retail assets in Georgia, North Carolina, and South Carolina.

The Beginning

The Firm was founded by M. Patrick Carroll in 2004 with initial investments in Georgia and Florida.

At just 24 years old, Patrick Carroll quit his job as a clothing rep with a dream of building a new real estate company from the ground up. 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 was born.