CARROLL Successfully Executes the Sale of Six Properties
These significant Q4 deals demonstrate continued momentum in the multifamily sector for the national real estate investment company.
CARROLL has executed the sale of six multifamily communities, valued at approximately $255 million, representing nearly 2,000 units across Texas, North Carolina, and Florida.
CARROLL acquired these properties through its investment vehicles, Carroll Multifamily Real Estate IV and Carroll Multifamily Real Estate Fund V, LP. These properties include four Arlington, Texas, communities: Summit Ridge, Cobblestone, Aspen Court, and Autumnwood, along with Forest Hills, Wilmington, N.C.; and ARIUM Deerwood, Jacksonville, FL.
The five properties located in North Carolina and Texas were part of a 28-property Bedrock portfolio acquisition in 2017 – a blockbuster moment for CARROLL that helped catapult the company’s position as a multifamily investor. The $1 billion Bedrock portfolio acquisition in 2017 included approximately 8,500 units across four states; prior to the sale of these five properties in October of this year, CARROLL sold six additional Bedrock properties for $170 million.
“When we acquired these assets, we saw an opportunity in the marketplace to capitalize on the majority of the rental population by investing in naturally affordable assets that catered to 80-120 percent of the area’s median income, where the income to rent ratio provided for future growth and value, while still remaining affordable to the masses,” said Josh Champion, CARROLL president and chief investment officer. “The disposition of these assets continues to prove our thoughtful diligence and thesis around this investment strategy, and CARROLL will continue to pursue opportunities to buy and sell in this segment to provide great risk-adjusted returns to our investors and partners.”
Coming on the heels of three major acquisitions in the Atlanta area in October, the success of these transactions demonstrates CARROLL’s continued momentum and growth in the midst of a global pandemic. The investment firm has exited nearly $500 million worth of deals this year, and continues to manage nearly 30,000 units across the country.
Looking to the new year, CARROLL will continue to bolster its platform through a full suite of service solutions for partners and investors with its end-to-end property management services, while also maintaining its long-term strategy of investing in Sunbelt markets. The move to provide these offerings externally as standalone or bundled services will allow CARROLL to take a long-range view of the multifamily sector and related verticals.