The Firm

The Beginning of Carroll

The firm was founded by Patrick Carroll in 2004 with initial investments in Georgia and Florida. 

At just 24 years old, Patrick Carroll quit his job as a clothing rep with a dream of building a new real estate company from the ground up. Carroll had lived in Atlanta for four years and had grown accustomed to the nuances of growing a business, traveling, and meeting many individuals who would soon help his budding dream become a reality. With a name big enough to match his ambition, CARROLL was born.

Beginning to Develop Residential Communities

CARROLL dove headfirst into the industry, unwilling to consider failure as an option.

As a start, CARROLL began developing villas in Highlands, NC, multiple infill residential developments in Atlanta, GA, and residential developments in Greenville, SC. The firm also developed a retail shopping center in Greenville, SC.

With blind ambition, CARROLL moved forward confidently to build a large, profitable, organization – buying and selling both multifamily and retail assets in Georgia, North Carolina, and South Carolina.

Early Stages of Carroll Growth

CARROLL continued to experience steady growth in its second full year.

During this time, the firm expanded its footprint in the Southeast through North Carolina, Georgia, and South Carolina. In the early days, CARROLL focused primarily on developing villas, multiple infill residential developments, and a retail shopping center.

Expanding the Footprint in Boone, NC

In CARROLL's third year, the firm developed in Boone, North Carolina. CARROLL developed a mixed-use community that was student housing and 20,000 sq. ft. of retail space. In addition to this asset, CARROLL developed a student housing multifamily community, also in Boone, NC. In 2007, CARROLL marked it's early success with the development of a new logo.

First Successful Sale of Multifamily and Retail Assets

As CARROLL's fourth year was coming to a close, the firm looked to yield a return on its development, and successfully sold parts of its multifamily and retail portfolio.

Collectively, in the first few years, CARROLL successfully purchased, developed, managed, and sold multifamily and retail assets. CARROLL was quickly proving to be a viable player in the multifamily and retail space.

Carroll Celebrates 5 Years

Every piece of the puzzle – from loans to equity to strategy – needed to fit perfectly or the firm risked an early defeat. But five years into the endeavor, CARROLL, strong as ever, pushed forward.

Carroll Acquires Several Property Management Companies

CARROLL acquired three property management companies: Affordable Realty Management in Alpharetta, GA; Hediger Enterprise in Greenville, SC; and Miles Properties Management Company in Atlanta, GA. Simultaneously, CARROLL remained intent on showing the market that the growing company was going to be a dominant force in the industry.

Launched Carroll Co-Invest Fund I

In the second quarter of 2011, CARROLL launched its first fund: "Carroll Co-Invest Fund I" – marking a new phase of growth. CARROLL acquired four multifamily properties, which added 450 Class A and B units to the portfolio. From the get-go, CARROLL set out to be a multifamily business that set itself apart from the competition in practice and values.

The Beginnings of Fund I and II

CARROLL successfully closed "Carroll Co-Invest Fund I" in the first quarter of 2012.​​​​​​ With the momentum from the first round of funding, CARROLL launched "Carroll Co-Invest Fund II" in the second quarter of 2012.

Over the course of the year, CARROLL raised $74M in equity through CARROLL sponsored funds, joint venture partnerships, and separate accounts. CARROLL continued to grow, acquiring eight multifamily properties, totaling 2,600 Class A and B+ units.

Launching Carroll Multifamily Real Estate Fund III

CARROLL closed "Carroll Co-Invest Fund II" in the second quarter of 2013, which raised $280M of equity through CARROLL-sponsored funds, joint venture partnerships, and separate accounts.

At the conclusion of this fund, CARROLL successfully launched "Carroll Multifamily Real Estate Fund III." which enabled CARROLL to acquire 22 multifamily properties, totaling 8,393 Class A and B+ units.

CARROLL Raised More Funds

In 2014, CARROLL successfully raised $241M of equity through CARROLL-sponsored funds, joint venture partnerships, and separate accounts. With these funds, CARROLL acquired 15 multifamily properties, totaling 5,563 Class A and B+ units.

During this year, CARROLL successfully exited five of its initial acquisitions: ARIUM Briar Forest in Houston, TX; Carroll at Bethesda Park in Lawrenceville, GA; ARIUM Tech Ridge in Austin, TX; ARIUM Westheimer in Houston, TX; and ARIUM Westheimer Villas in Houston, TX. Through these initial sales, CARROLL began to solidify its place in the multifamily industry.

CARROLL Celebrates 10 Years

In 2015, CARROLL celebrated its 10-year anniversary. 

CARROLL successfully closed "Carroll Multifamily Real Estate Fund III" in the third quarter of 2015, and subsequently launched "Carroll Multifamily Real Estate Fund IV" in the fourth quarter. These efforts produced $275M in equity raised through CARROLL-sponsored funds, joint venture partnerships, and separate accounts.

These funds aided CARROLL in acquiring 20 additional multifamily properties, totaling 6,205 Class A and B+ units. CARROLL successfully exited Carroll at Green Trails in Houston, TX; ARIUM Trellis in Savannah, GA; and ARIUM Barber Park in Orlando, FL.

Successfully raised $250M+

In the fourth quarter of 2016, CARROLL successfully closed CARROLL-sponsored funds, joint venture partnerships, and separate accounts, which raised more than $250M.

Throughout 2016, CARROLL acquired 15 multifamily properties, totaling 5,015 Class A and B+ units. CARROLL successfully exited 20 properties – across five states – in 2016, its largest single-year disposition total to date. 

CARROLL Acquires 40 Multifamily Properties

For CARROLL, 2017 was a record-breaking year. The firm more than doubled the totals raised from the previous rounds – ending with more than $560M raised in CARROLL-sponsored funds, joint venture partnerships, and separate accounts. CARROLL held an initial closing for "Carroll Multifamily Real Estate Fund V" in the fourth quarter of 2017.

CARROLL acquired 40 multifamily properties, totaling 13,525 Class A and B+ units. Additionally, CARROLL successfully exited 11 properties, ranging from Florida to Georgia.

CARROLL raised $500M+

Over the course of the year, CARROLL raised more than $516M through CARROLL-sponsored funds, joint venture partnerships, and separate accounts.

In 2018, CARROLL continued to grow, doubling its size in 12 months. CARROLL acquired 27 new multifamily properties, totaling 8,359 Class A and B+ units. During this time period, CARROLL successfully exited 20 properties across six states.

Another Successful Year

CARROLL raised another $350M through CARROLL-sponsored funds, joint venture partnerships, and separate accounts, bringing total equity invested by CARROLL and its partners to more than $2.7B.

CARROLL acquired 17 properties, totaling ~5,100 units in six high-growth states (GA, FL, NC, TN, CO, TX). The total value of these properties was $1B. Additionally, CARROLL successfully exited 18 properties, totaling ~6,000 units. The total value of these sales is ~$1B. The sale of Savannah Lakes ranked as "The Real Deal's" largest sale in South Florida in April.