CARROLL has acquired Emerald Springs and The Meadows, two multifamily communities in Las Vegas, Nev., boasting 436 and 383 units, respectively. Located off Nellis Boulevard in East Las Vegas, the two properties will be rebranded under the names ARIUM Emerald Springs and ARIUM Meadows. The assets were acquired through CARROLL’s latest institutional fund vehicle, Carroll Multifamily Venture VI, LP, and increases the firm’s presence nationally to more than 28,000 units.
“This acquisition represented a unique opportunity to enter a market we have been targeting for the past three years,” said CARROLL Founder and CEO M. Patrick Carroll. “Markets like Las Vegas, Denver, Phoenix, and the Pacific Northwest that allow varied investment strategies between core plus and value-add have been fundamental targets for CARROLL because of the short- and long-term successes they offer.”
CARROLL views Las Vegas as a high-growth, supply-constrained market that is experiencing rapid growth in the recovery from the pandemic. ARIUM Emerald Springs and ARIUM Meadows will offer a combined 819, garden-style units with great connectivity to the region’s employment, retail, and entertainment destinations. Located only 20 minutes from the Las Vegas Strip, the properties provide residents access to the city’s extensive employment center that accounts for more than 400,000 jobs.
CARROLL plans to renovate unit interiors and enhance amenity and common areas. ARIUM Emerald Springs and ARIUM Meadows will be managed by CARROLL under its “ARIUM” multifamily brand to ensure that residents’ experiences are driven by their needs.
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 $2.7B of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $13.1 billion of real estate. CARROLL also has regional offices in Houston, 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 communities, 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, and close transactions.