CARROLL Exceeds $2 Billion in Transaction Volume During First Half of 2022
The National Real Estate Firm Looks Back on Its H1 Activity That Included 29 Transactions, 5 Executive Level Hires, 3 LP Deals, and a New Market
ATLANTA, July 13, 2022 (Newswire.com) - Following its record year in transaction activity, CARROLL, a national real estate investment firm, released a report highlighting its dynamic growth and performance in the first half of its eighteenth year.
Showing no signs of slowing down after a notable 2021, the Firm had another transaction-heavy quarter, highlighted by an $885.5 million portfolio disposition featuring 12 communities totaling 3,564 units across Florida, North Carolina, and Tennessee. This sale closed out the majority of the remaining assets from a 28-community portfolio - the largest acquisition in CARROLL's history - purchased in 2017 as the first joint venture transaction between PGIM Real Estate's U.S. core-plus equity strategy and CARROLL.
On the acquisition front, the Firm marked a new investment milestone in Q2 as it completed the acquisition of three wholly owned deals in high-growth Sun Belt MSAs for more than $200 million. Among these LP deals was a community in Phoenix, Arizona - which represents a new market for the Firm and an additional asset in its growing western U.S. portfolio - following two Las Vegas acquisitions in 2021.
CARROLL also continues to enhance its third-party management solution through strategic partnerships with owners seeking the advantage of CARROLL's management platform, securing 16 third-party assignments in the first half of 2022.
The Firm doubled down on its commitment to platform expansion through the hiring of top talent, bolstering its executive team with five new hires, most recently appointing Rob Lester as CARROLL's Senior Managing Director of Capital Markets & Investments. Additional executive level hires included Rob Gayle (Vice President of Business Development), Franco Minton (Managing Director of People), Stephen Hendrix (Managing Director of Development), and Sean Griffin (Vice President of Development).
"I am incredibly proud of CARROLL's first half 2022 performance as we continue to grow. Transactionally, the momentum we established in Q1 reached new heights in Q2, resulting in $2.6 billion in total transaction volume for the first half of the year," said Patrick Carroll, Founder and CEO of CARROLL. "We've also continued to invest in our platform and people by hiring top-notch talent and improving our competitiveness with enhanced benefits. Additionally, we have been very active in giving back to our communities and causes we are passionate about."
As CARROLL teams across the U.S. continue to find ways to enhance and increase the on-site experience for customers, the Firm's portfolio has partnered with Little Free Library to install library boxes at more than 90 ARIUM communities. In conjunction with this portfolio-wide initiative to expand literacy, teams volunteered more than 100 hours to 21 local organizations in support of the CARROLL Community Impact Program, now in its second year, aimed at creating a localized impact around each CARROLL community.
In June, CEO Patrick Carroll attended a fundraiser in New York and personally donated $1.5 million to C.A.R.E. for Special Children, a Brooklyn-based nonprofit dedicated to helping families of children with special needs. This donation came on the heels of donating a combined total of $200,000 to the Heart Fund, an international nonprofit focused on fighting cardiovascular disease in developing countries, and Jesuit High School, his alma mater. CARROLL also plans several children's focused philanthropy initiatives aimed at back-to-school efforts, led by Patrick Carroll's upcoming donation of 600 sneakers to the Boys and Girls Club of Miami.
Heading into H2, CARROLL will maintain its pursuit of strategic acquisitions across the Sun Belt. This aggressive acquisition approach will drive the capital project spending to levels above those in 2021. The Firm's ground-up multifamily development venture, reestablished in February 2022, features a current pipeline of projects representing more than 1,100 units and spanning three MSAs - Atlanta, Jacksonville, and Orlando. A groundbreaking is scheduled in Atlanta in Q4 with a self-performing team in place to execute the garden-style community.
About CARROLL
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 $20.1 billion in real estate.
The company manages more than 30,000 multifamily units across nine states representing $8.3 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.
Media Contact
Erinn Larson
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Source: CARROLL