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Letters from the CEO
January 2020

2019 Letter from the CEO

By all measurable indicators 2019 was our most successful year to-date, and we could not have done it without the most talented employees in the business and the close partnerships we share with each of our investors.

Dear Investors, Employees, Customers and Friends,

I wanted to share with you a recap of our 2019 activity and achievements to highlight what a productive year this has been for CARROLL. It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do.

This year we made strategic acquisitions and recapitalizations based on our view of the need in the marketplace, executed timely dispositions, continued to improve the level of talent of our employees, and established new, strategic capital partnerships.

In summary, CARROLL accomplished the following milestones in 2019:

  • Rebranded Carroll Organization and consolidated all business lines under a unified CARROLL brand.
  • Launched a new institutional real estate vehicle, Carroll Multifamily Venture VI, LP, totaling $125 Million of Commitments.
  • Acquired 17 properties, totaling  ~5,100 units in 6 high growth states (GA, FL, NC, TN, CO, TX). The total value of these properties is ~$1.0 Billion.
  • Completed the successful exit of 18 properties, totaling ~6,000 units. The total value of these sales is ~$1.0 Billion.
  • Expanded portfolio to Mountain West region with purchase of ARIUM at Highlands Ranch in Denver, CO.
  • Raised and invested $350 Million of equity in 2019 bringing total equity invested by CARROLL and our partners to over $2.7 Billion.
  • Awarded 4 third-party property management assignments totaling 1,200 units and $175 Million in Assets under Management.

My sincere thanks go out to everyone that helped us achieve such a successful year. As we look forward to 2020, we remain very bullish on the multifamily asset class as it continues to be the most reliable and compelling commercial sector.

Yours sincerely,

Patrick Carroll

CARROLL Founder and Chief Executive Officer

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