ATLANTA-Carroll Organization has closed on a private equity fund. The owner-operator of multifamily real estate is forging ahead with Carroll Co-Invest Fund I, which will target class A and class B-plus properties in the Southeast and Texas.
The fund will empower Carroll to acquire about $300 million worth of multifamily properties over the next 12 to 24 months. The company’s strategy is to grow the organization’s owned portfolio to 10,000 units over the next two years.
“We'll rely on and leverage existing relationships to target off-market deals,” Carroll CEO Patrick Carroll tells GlobeSt.com. “We have a solid track record of learning about great opportunities early. We will also continue to use our strong management capabilities to improve the properties we purchase.”
Raised in 90 days, Carroll says the recently closed fund is a geographically specific and fully discretionary investment fund. The company will also continue to partner on a “deal-by-deal” basis with joint venture equity partners.
“The multifamily industry is a strong, stable market place,” Carroll says. “Currently the industry is on a major upswing as positive demographics point toward a favorable market. Investment dollars are pouring into this space. We aim to fill an important place in the market both as an owner and an operator, providing investment opportunities and institutional quality property and asset management services.”
Carroll currently manages more than 20,000 multifamily units in 12 states. The company has also developed student housing, residential and retail; overseeing hundreds of millions of dollars in construction projects in its more than 35-year history.
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