2021 Annual Report

After a year in 2020 that was defined by transitions, 2021 was a record year in transaction activity for the Firm – achieving the highest yearly transaction volume in CARROLL’s history.

Dear Investors, Partners, Employees, and Friends,

I hope you and your families are safe and healthy as we kick off 2022. I am pleased to reflect on another notable year for CARROLL. After a year in 2020 that was defined by transitions, 2021 was refreshingly transactional. So much so, that I am proud to report that 2021 was a record year in transaction activity for the Firm – achieving the highest yearly transaction volume in CARROLL’s history. In 2021, we had a strategic focus on the Sun Belt region – including Western markets – providing us a forward position in those markets, while our asset management approach helped facilitate consistent returns and proceeds for our investors throughout the year. Our property management team produced resilient rent collections on top of record highs in occupancy and notable rent growth across our portfolio, all results that make us extremely proud of our collective efforts throughout the year. Above all else, I am proud of the teamwork and work ethic demonstrated by all CARROLL employees and the relationships cultivated with our partners, investors, and customers.

CARROLL accomplished the following milestones in 2021:

Acquired 34 properties with a total purchase price of $3.35 billion – representing nearly 13,000 units across five high-growth states: Georgia, Florida, North Carolina, Nevada, and Colorado – bringing our inception-to-date acquisition volume to $11.1 billion and nearly 70,000 units.

Successfully exited 32 properties with a total sales price of $2.4 billion – representing nearly 10,200 units and a weighted average gross realized return of 27%/2.2x – bringing CARROLL’s inception-to-date disposition volume to $6.6 billion and nearly 40,300 units.

Invested $1.35 billion of equity in 2021, raising total equity invested by CARROLL and our partners to more than $4 billion.

Increased our commitment to fighting America’s homeless epidemic with a $250,000 donation to HOPE Atlanta, providing nearly 4,000 individuals with housing assistance. This donation was part of the nearly $1 million donated by CARROLL and its managed communities throughout the year to various local non-profit organizations in the communities we serve.

Fully invested the capital for our institutional fund vehicle, Carroll Multifamily Venture VI, LP.

Secured 12 third-party property management assignments totaling nearly 3,500 units across five states.

Closed out 2021 with a diversified portfolio of nearly 32,000 units valued at more than $7.5 billion.

It is with gratitude that I thank everyone who helped us achieve this accomplishment. As we begin 2022, we are confident in our Company’s strategy and the fundamentals of the multifamily industry, and we look forward to another year in CARROLL’s story.

Sincerely,
M. Patrick Carroll, Founder & Chief Executive Officer
 

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