CARROLL Hires Stephen Hendrix as Executive Vice President of Development

The National Real Estate Investment Firm Continues to Invest in New Avenues for Growth by Appointing Stephen Hendrix as Executive Vice President of Development

CARROLL, a national real estate investment firm, has hired Stephen Hendrix as Executive Vice President of Development. Hendrix will focus on delivering nationwide, ground-up development opportunities as part of the Firm’s growing investment strategy.

Hendrix brings more than 27 years of multifamily development/construction experience to CARROLL that includes an extensive portfolio of large-scale, high-profile, and high-density apartment communities throughout the Southeast. Most recently, he served as the Senior Vice President of Development at Novare Group, an Atlanta-based developer of mixed-use communities in the Sun Belt region. Prior to Novare, Hendrix held development and construction roles with Wood Partners and TriBridge Residential.  

“With continued per-door pricing sales expansion on existing housing and a limited supply pipeline in certain key markets, development represents an integral opportunity for CARROLL to grow its product portfolio and offer investors new ways to engage with CARROLL,” said M. Patrick Carroll, founder and CEO of CARROLL. “Stephen’s deep knowledge of multifamily development and construction, particularly in the Sun Belt, will be instrumental to the company as we expand this investment opportunity.”

CARROLL’s ground-up development venture will align closely with its current investment thesis, seeking markets in the Sun Belt region with strong economic fundamentals, primarily in suburban locations, and will initially focus on garden and mid-rise product. The Firm is initially targeting deals in 2022 with the ability to deliver within a 24-30 month window while also building a longer term pipeline that delivers a goal of 2,000 units a year in the long run.

“I look forward to joining the CARROLL team and working with some of the industry’s top talent,” said Hendrix. “I’ve known Pat for a long time and am excited to build out a new product and top-notch team for CARROLL. I think 2022 will be another great year for the Firm as we grow the footprint in multifamily development and construction.”

The hiring of Hendrix comes on the heels of CARROLL naming Franco Minton as Executive Vice President of People and Rob Gayle as Vice President of Business Development in February and January, respectively. Since the beginning of 2022, the Firm has continued its commitment to growth by reinvesting in key growth drivers – including people and products – in diversifying the Firm’s investing and services prowess.



CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Ga., CARROLL focuses on multifamily communities, including acquisitions, property and asset management services, and fund management. The Firm has raised more than $4.0 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $18.0 billion in real estate. CARROLL also has regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, and New York.

The company manages more than 33,000 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 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.