M. Patrick Carroll, chief executive officer of Carroll Organization
ATLANTA, GA—Carroll Organization, a privately-held real estate company focused on multifamily investment, management, and development has completed seventeen acquisitions totaling more than $900 million across South Florida, Tampa, Jacksonville, Atlanta, Charleston, Raleigh-Durham, and Houston so far this year.
The firm says it also exited seventeen properties totaling more than $700 million, producing an average gross IRR of 32% and 1.7x equity multiple, and refinanced five properties returning an average of 20% of the capital invested.
Looking ahead to the fourth quarter, Carroll Organization says it has ten acquisitions and nine dispositions in the pipeline.
“We continue to execute a disciplined investment approach focused on markets and product that are durable and resilient over time,” says M. Patrick Carroll, chief executive officer of Carroll Organization. “With consumer debt levels at an all-time high and personal savings rates near an all-time low, coupled with mortgage rates rising, the outlook for the multifamily industry is bright. The dynamic of muted wage growth in the low-to-medium skill jobs and a growing middle-class renter cohort leads us to invest in the space that has the highest demand with little to no new supply.”
All of Carroll's 2018 year-to-date acquisitions are in high-growth MSAs in the Southeast/Southwest with favorable multifamily fundamentals. Looking ahead to the fourth quarter and 2019, the firm will continue to target these markets, as well as Phoenix, Denver, Las Vegas, and the Mid-Atlantic. The outlook for multifamily performance in all these markets remains strong due to their diverse economies, business-friendly climates, job and population growth, and overall quality of life.
Since the beginning of 2012, Carroll has acquired 138 properties worth more than $5.9 billion, and disposed of 57 properties with a total sales price of more than $2.6 billion, producing an average gross IRR of 30% and 1.8x equity multiple. Carroll sourced many of its deals “off-market” directly from developers and owners and is recognized in the industry as a best in class, fully-integrated, owner and operator of multifamily real estate.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
