CARROLL Raises More Than $340 Million for Latest Fund Investment Vehicle
The National Real Estate Firm’s Seventh Investment Fund Will Support Expanded Portfolio Growth Through $5.5 Billion in Total Buying Power
CARROLL, a national real estate investment firm, today announced the final closing for its seventh investment vehicle, Carroll Multifamily Venture VII, L.P. The fund raised more than $340 million in capital between two institutional investor closings – July 2022 and December 2021 – and will target multifamily assets in line with the Firm’s value-add and core-plus investment strategy across the Sun Belt region with $5.5 billion in total buying power.
CARROLL’s seventh investment vehicle closed at more than double the size of the Firm’s prior vehicle, Carroll Multifamily Venture VI, L.P., which closed in 2019 at $125 million. The increased commitment follows a record year in transaction activity for the Firm and represents new investment opportunities. In addition to securing properties with joint venture partnerships, the size and structure of this vehicle will allow CARROLL to fully purchase deals on its own, enhancing its credibility and reach in the marketplace.
To date, Fund VII has acquired 14 properties in five states – Georgia, Florida, North Carolina, Texas, and Arizona – valued at $1.3 billion. As a result of the vehicle’s structure, three of the 14 deals were acquired at 100% ownership, a new investment strategy for the Firm.
“The launch of our latest fund vehicle demonstrates the growth of CARROLL’s footprint in capital markets and the strong investor appetite in the multifamily sector,” said Patrick Carroll, Founder and CEO of CARROLL. “I am excited about the evolution of our organization and the foundation that these fund vehicles provide in support of our investment strategy.”
The rapid ascent of CARROLL’s Real Estate Fund Platform has been led by newly hired Senior Managing Director of Capital Markets & Investments Rob Lester, and Senior Vice President of Investor Relations Stefanie Bertcher.
“This fundraise reflects investors’ confidence in the quality of our platform and reinforces our ability to generate investment performance,” said Rob Lester. “We are grateful for their strong support, many of whom have invested with us across multiple funds.”
“We launched our first fund vehicle in 2011 with a small capital raise of high net-worth individuals and now, 11 years later, we are announcing the successful closing of our seventh fund,” added Stefanie Bertcher. “The fact that this investment vehicle is the third sequential fund with a substantial increase in capital speaks volumes to the commitment we have made to our Fund platform and the confidence our investors have in us.”
This closing comes on the heels of an H1 2022 activity report that included $2.6 billion in total transaction volume, a new market, and the addition of five key new hires to bolster the Firm’s executive leadership team.
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, community 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 $20.2 billion in real estate.
The company manages more than 32,000 multifamily units across nine states representing $8.0 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.