CARROLL Executes Multiple LP Acquisitions in Three Sun Belt MSAs for More Than $200 Million
These CARROLL-Owned Deals are a First for the National Real Estate Investment Firm, Representing a New Investment Milestone in its Growth
CARROLL, a national real estate investment firm, today announced the acquisition of three LP deals across North Carolina, Texas, and Arizona for a combined purchase price of more than $200 million. These three separate transactions represent more than $80 million in equity and add more than 650 total units to the Firm’s portfolio.
CARROLL’s track record as a GP and its continued growth in capital raising enables the Firm to fully acquire certain deals through its latest fund vehicle. This new chapter should enhance the Firm’s credibility in the marketplace and help secure more concentrated decision-making control for its investments.
With an average build year of 2017, the three properties are located in high-growth Sun Belt MSAs – Charlotte, Austin, and Phoenix. These cities all feature high in-migration trends, strong job growth, and diverse employment centers, presenting an opportunity for CARROLL to create additional value for residents and their respective communities. The Phoenix acquisition marks the Firm’s first entry into the Arizona market and it is reentering the Austin market with its most recent purchase. The Sun Belt region has notably outperformed other regions in recent years as individuals have been drawn to the region’s business friendly environment, warm weather, and relative affordability.
“As we continue to evolve as a company, we are excited that our recent fundraising efforts have provided us enough capital to wholly own these three deals in which we have strong conviction,” said M. Patrick Carroll, founder and CEO of CARROLL.
These three acquisitions bring CARROLL’s year-to-date transaction activity up to twenty-four with 10 acquisitions and 14 dispositions representing $2.0 billion in transaction volume.
CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Ga. and regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, and New York, CARROLL focuses on multifamily communities, including acquisitions, property and asset management services, ground-up development and fund management. The Firm has raised more than $4.4 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $19.7 billion in real estate.
The company manages more than 32,227 multifamily units across nine states representing $8.4 billion in assets under management and has purchased other multifamily owner/operators throughout the U.S. CARROLL has also developed student housing, single-family residential, and retail communities, and has managed more than $500 million in construction projects throughout the past 10 years. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit carrollorg.com.