CARROLL’s Third-Party Management Platform Continues Exponential Growth with 3-Property Louisville, Ky., Assignment
The three-property assignment comprises nearly 1,000 units and further positions the Firm as the premier property management partner for U.S. real estate ventures
CARROLL continues to grow its third-party management services, adding eight third-party assignments (nearly 2,500 units) in the past 12 months. CARROLL’s turnkey solution for real estate investors in need of quality management resources has positioned the Firm as the premier property management partner for U.S. real estate ventures.
In September, a New York-based investor awarded CARROLL the management of three Louisville, Ky., assets (Station J-Town by ARIUM, Enclave at Breckenridge by ARIUM, and Stonewater Park by ARIUM), comprising 996 units. The client’s faith in CARROLL to perform in a new city underlies the company’s ability to execute plans and add value to any project. CARROLL plans to bolster occupancy quickly and accelerate rent growth to catch up to strong market fundamentals.
CARROLL’s diverse and scalable service offering delivers an industry-leading property operations platform, asset and construction project management capabilities, a full-suite of marketing and advertising services through its NOCTURNAL brand, and a comprehensive hardware and software technology offering. As demand increases, CARROLL continues to provide customized construction, IT, and marketing solutions, proven to be cost-effective and time saving.
The company’s most recent mandate completion, The Brooke by ARIUM, highlights the value CARROLL’s third-party management platform brings to property owners. In its 12-month contract for management of the community (July 2020 – August 2021) CARROLL created growth across several key success indicators: a decrease in concessions of more than $2,300/month (down to zero concessions at closing), a 24% increase in 30-day average new-lease growth, a $50 average occupied rent increase, while increasing average occupancy from 91.5% to 94.3%.
“Investors turn to CARROLL when they want a management partner who has the ability identify a prudent path toward adding value to their property,” said David Perez, Chief Operating Officer at CARROLL. “We believe in aligning our goals and building collaborative relationships with our partners in order to enhance investment value.”
By in-housing the full suite of management services, CARROLL’s third-party management offering enables a seamless transition for owner and on-site teams, ultimately maximizing revenue and NOI opportunities from day one.
Being a management partner of choice, CARROLL places diligent emphasis on the criteria that prospective clients look for in a mutually beneficial working relationship. Through unparalleled expertise, informed solutions, insights and recommendations leveraging world-class data and analytics, and quickly mobilizing resources with reliable and constructive correspondence between teams – CARROLL delivers measurable results for owners and investors.
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 $3.0B of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold more than $13.2 billion of real estate.
CARROLL has regional offices in Dallas, Denver, Raleigh, Tampa, and New York. The company manages 28,000 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, and has overseen more than $250 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, close, and manage transactions.