Carroll Organization Successfully Exits Charleston Property

The 200-unit community was initially acquired as a part of an off-market three-property portfolio purchase in late June 2017.

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.