As the owner and operator of the successful real estate firm, CARROLL, M Patrick Carroll always looks for up-and-coming markets. Although his major acquisitions started in Atlanta, Georgia, he’s steadily directing his gaze westward in 2021.
With that newfound focus, he discovered that Las Vegas is showing great promise – and finally made the big move into that market in September. He’s not doing it alone. GFH Financial Group has come on board through a mutually beneficial partnership with M Patrick Carroll’s CARROLL.
Kickstarting Their Multi-Year Expansion Strategy
Both CARROLL and GFH Financial Group have a shared focus on expanding their reach across the global real estate market. M Patrick Carroll started his company’s journey from Atlanta, but GFH Financial Group began in Bahrain before turning their focus stateside. Despite their difference in starting locales, both these entities see Las Vegas as a great place to invest their time, money, and effort.
With that move, CARROLL hopes to further its multi-year expansion strategy and achieve even more growth in the coming years. On the GFH Financial side of the equation, they made room for the Las Vegas acquisitions by selling off a portion of their industrial assets in the US.
Focusing on the Growth of the Las Vegas Real Estate Market
Real Estate expert M Patrick Carroll always takes his time in developing a strategic approach to all his investments. For that reason, he’s been eyeing the Las Vegas market for over three years. During that time, he compared the region’s characteristics to other markets in the western half of the nation, including Denver and the Pacific Northwest.
Las Vegas ended up being a clear winner due to its ability to allow a variety of investment strategies. Both CARROLL and GFH Financial Group hope to get plenty of short- and long-term wins as a result of their investment in this promising market.
Buying Two Las Vegas Apartment Communities to Start
To kick off their shared journey into the Las Vegas real estate market, M Patrick Carroll and his partners bought two apartment buildings for $200 million. The funds came out of the Carroll Multifamily Venture VI fund, allowing them to add to their 28,000 units in the southern states.
With a rental occupancy rate of over 96% across Las Vegas, it’s likely that their acquisition will offer great returns in the coming years. The rate of return could even increase as rents increase in the coming years. In fact, the current rental rates have jumped by over 21% in the prior year, making this acquisition a sure bet for both long- and short-term returns.
As M Patrick Carroll and his partners at GFH Financial Group operate their multi-family communities, they will earn even more funds that can be put toward future acquisitions. On top of that, they can redirect the funds back into the properties to make them even more desirable to tenants. With that approach, they’re likely to achieve great success, resulting in even more Las Vegas properties ending up in their hands.