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M Patrick Carroll Continues Deal-Making for Multifamily Real Estate

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M Patrick Carroll, the real estate investment and development expert, has recently led the execution of two major deals for his eponymous firm, CARROLL, of which he is the founder and CEO.

The new acquisition and management agreements are among eight M Patrick Carroll and CARROLL has completed in the past year, part of the founder’s strategy to find high-value opportunities, especially those that will perform well in a post-pandemic real estate market.

The two deals include four properties in total – a newly built community in Santa Rosa Beach, Florida, and three multifamily assets in Louisville, Kentucky.

The new agreements continue CARROLL’s dominance in the multifamily property space, including entry into a new market, and its launch into a new property management services space. The Atlanta-based firm is expected to continue its buying pattern by taking on additional investments and management contracts in the next 12 months.

Acquisition Increases Florida Multifamily Holdings

In September 2021, CARROLL purchased the Ariza Forest View community in Santa Rosa Beach. M Patrick Carroll was instrumental in closing the deal, which includes 283 units, which was facilitated via the Carroll Multifamily Venture VI, LP, the company’s institutional funding arm.

Built in 2020, the multifamily property is a garden-style complex and has been rebranded as ARIUM Santa Rosa Beach. Located between Destin and Panama City Beach, the new property is a short driving distance to some of the state’s most beautiful beaches and Florida’s most popular tourist destinations.

Situated in a submarket with considerable supply constraints, ARIUM Santa Rosa Beach is experiencing impressive occupancy rates and rent growth. The acquisition brings CARROLL’s Florida presence to more than 8,500 units.

Florida has been a significant presence for M Patrick Carroll since CARROLL’s launch in 2004. CARROLL today has a presence in multiple Florida markets. Since its launch, the company has completed 64 transactions involving nearly 24,000 property units.

Given the state’s sustained population growth, a pro-business economic and political climate, and a state with favorable tax laws, Florida continues to be a hotly desired market for CARROLL and its institutional investors. The state’s attractive features as a destination for residents of all ages will continue to make Florida a key part of CARROLL’s growth plans.

In 2021, CARROLL has completed 17 transactions for multifamily community properties thus far, collectively totaling 6,250 units with a total property value of nearly $1.3 billion.

Third-Party Management Solutions Thrive

In the past year, CARROLL has added eight contracts for third-party management services totaling nearly 2,500 units.

A September 2021 deal with a New York investor has CARROLL acting as the third-party manager of three multifamily assets in Louisville, Kentucky. The three properties, the Enclave at Breckenridge by ARIUM, Station J-Town by ARIUM, and Stonewater Park by ARIUM, total 996 units.

M Patrick Carroll’s CARROLL is a privately held real estate investment firm offering investment management, property oversight, and construction management services. It has executed more than $12.9 billion in real estate purchases and, as of June 2021, CARROLL-driven funds and joint ventures have generated more than $2.9 billion in equity.

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