Founded in 2004 by M. Patrick Carroll, CARROLL has acquired over $6.9 billion of real estate, successfully exited over $3.3 billion, and developed and construction managed over $200 million on behalf of our institutional partners, private investors, and our own principals.

CARROLL's investment strategy utilizes our in-house capabilities to unlock value in properties that we perceive to be underperforming and undervalued. Through proactive management, redevelopment, and specific submarket selection, we aim to generate attractive risk adjusted returns. CARROLL has made a conscious effort to become institutional in our execution, reporting, and communications with our clients; while maintaining the mindset of an entrepreneur. We study trends, make quick thoughtful decisions, and continually recruit and hire the brightest minds in the business.

Timeline

2004 - 2019
2004 - Carroll

The Beginning of Carroll

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

At just 24 years old, Pat Carroll had just 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.

2005 - Carroll

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.

 

2006 - Carroll

Early Stages of Carroll Growth

CARROLL continued to experience steady growth in it's second full year.

During this time, the firm expanded its footprint in the Southeast in 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.

2007 - Carroll

Expanding the Footprint in Boone, NC

In CARROLL's third year, the firm developed in Boone, North Carolina. CARROLL developed an mixed use community that was a mix between 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.

2008 - Carroll

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, the firm 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 proved to be a viable player in the multifamily and retail space.

2009 - Carroll

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.

2010 - Carroll

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. All the while, CARROLL maintained intent on showing the market that CARROLL offers the best of the best.

2011 - Carroll

Launched Carroll Co-Invest Fund I

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

2012 - Carroll

The Beginnings of Fund I and II

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

Through the efforts, 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.

2013 - Carroll

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". With this fund, CARROLL acquired twenty-two multifamily properties, totaling 8,393 Class A and B+ units.

2014 - Carroll

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, CARROLLacquired fifteen 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 space.

2015 - Carroll

CARROLL Celebrates 10 Years

In 2015, CARROLL celebrated its ten-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 of 2015. These efforts produced $275M in equity raised through CARROLL Sponsored funds, joint venture partnerships, and separate accounts.

These funds aided CARROLL in acquiring twenty 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.

2016 - Carroll

Successfully raised over $250M+

In the fourth quarter of 2016, CARROLL successfully closed CARROLL Sponsored funds, joint venture partnerships, and separate accounts, which raised over $250M.

Over the course of 2016, CARROLL acquired fifteen multifamily properties, totaling 5,015 Class A and B+ units. CARROLL successfully exited twenty properties in 2016 - the largest quantity to date. These properties ranged from Charlotte, NC to Houston, TX to Orlando, FL to Atlanta GA.

2017 - Carroll

CARROLL Acquires 40 Multifamily Properties

The year 2017 was a record-breaking one for CARROLL. In this year alone, CARROLL more than doubled the total raised from the previous rounds - ending with over $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 forty multifamily properties, totaling 13,525 Class A and B+ units. Additionally, CARROLL successfully exited eleven properties, ranging from Orlando, FL to Jacksonville, FL to Marietta, GA.

2018 - Carroll

CARROLL raised over $500M+

Over the course of the year, CARROLL raised over $516M through CARROLL Sponsored funds, joint venture partnerships, and separate accounts.

In 2018, CARROLL continued to grow, doubling its size in twelve months. CARROLL acquired twenty seven new multifamily properties, totaling 8,359 Class A and B+ units. During this time period, CARROLL successfully exited twenty properties, ranging from Overland Park, KS to Charlotte NC to Charleston, SC to Tampa, FL to Atlanta, GA to Memphis, TN.

2019 - Carroll

We're Not Done Yet

Year to date, CARROLL has raised $74M through CARROLL Sponsored funds, joint venture partnerships, and separate accounts.

CARROLL has acquired nine properties, totaling 2,559 Class A and B+ units. Additionally, CARROLL successfully exited ten deals. The Savannah Lakes sale ranked as The Real Deal's largest sale in South Florida in April. CARROLL will look to expand its footprint to new markets in the coming months.

INVESTMENT APPROACH

Core/Core+

Investments in stabilized properties located in defensible markets with predictable cash flow

Value Add

Investments in properties with potential for increased value by making physical and operational improvements

EXECUTIVE LEADERSHIP

M. Patrick Carroll
Josh Champion
Jamie Lee - CARROLL CFO
Jamie S. Lee
David Perez