The Carroll Organization is a privately owned real estate company finding success focusing on multifamily investments. Of course, the organization also manages and develops its investments in order to ensure a quality product. Carroll is recognized in the industry as the best fully-integrated owner and operator of multifamily real estate. In 2018, Caroll completed seventeen acquisitions across the United States, from South Florida to Tampa to Jacksonville to Atlanta to Charleston to Raleigh-Durham, to Houston totaling more than $900 million.
The firm has made a name for itself exiting properties at a profit, with little risk along the way. Caroll’s investments attract quality investors precisely because they have exited over 17 properties for an impressive total of more than $700, producing an average gross IRR of 32% and 1.7x equity multiple, and refinanced five properties returning an average of 20% of the capital invested.
M. Patrick Carroll, the Chief Executive Officer of Caroll Organization states, “The dynamic of muted wage growth in the low-to-medium skill jobs and a growing middle-class renter cohort leads us to invest in the space that has the highest demand.”
Since 2018, Carroll’s acquisitions expertly emphasize high-growth MSAs with favorable multifamily fundamentals in the Southeast and Southwest. Despite his historic focus in the coastal south, Carroll is looking to expand and target new markets such as Phoenix, Denver, Las Vegas, and the Mid-Atlantic in addition to growing his presence in the markets he is already invested in. After careful analysis, Caroll is confident that these cities will continue to grow, assuring a positive future for multifamily performance, due to their quality of life, population growth, as well as their diverse economies and business-friendly environments.
“We continue to execute a disciplined investment approach focused on markets and products that are durable and resilient over time,” says Carroll. “The dynamic of muted wage growth in the low-to-medium skill jobs and a growing middle-class renter cohort leads us to invest in the space that has the highest demand with little to no new supply.”
We are heeding Caroll’s advice and predictions because he has been an industry leader with a track record investors can trust. Over the last eight years, Carroll has acquired 138 properties worth more than $5.9 billion; Carroll has also sold 57 properties for a total of more than $2.6 billion, producing an average gross IRR of 30% and 1.8x equity multiple. Only top investors can tout the levels of returns that Carroll can. One of Caroll’s secrets to success is that he sources many of the Caroll Organization’s deals “off-market” directly from developers and owners, streamlining the entire process. With no plans to slow down, we are excited to see what Carroll does next.
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