M Patrick Carroll Grows Multifamily Portfolio with Florida Acquisition

As homeowners continue to seek suburban options with convenient amenities, M Patrick Carroll continues to seek investments that meet that demand.

M Patrick Carroll, the founder and CEO of CARROLL, the Atlanta-based real-estate investment company, added to its busy 2021 investment activity with the purchase of a new Florida multifamily complex. In addition, the company has inked another deal to provide third-party management services, a growing area of the company’s service-oriented activity.

Investment Strategy Focuses on Multifamily Properties

CARROLL has long seen the value in investing in multifamily properties. Since its founding in 2004, M Patrick Carroll’s firm has completed real estate purchases valued at $12.9 billion. As of June 2021, CARROLL’s joint ventures and funds have created in excess of $2.9 billion in equity.

As the country eases out of the COVID-19 pandemic, the desire for units with close access to strong employer bases, amenities and convenience are driving a migration from urban areas to the suburbs. It’s a reversal of a trend that began in 2008 with the Great Recession, when many people flocked to cities, drawn by access to businesses, strong dining and entertainment options, and the other conveniences of apartment and condo living.

Now, that migration is reversing for many of the same reasons. The twist is the changes in work habits brought on by the pandemic. Many companies have embraced a remote working model, making work-from-home or hybrid options the norm. For couples, parents with small families, retirees, and singles, that means a need for living quarters with access to open spaces and that same access to good shopping, dining, and entertainment.

For real estate tycoon M Patrick Carroll, that means providing living spaces that can respond, with spacious floor plans that allow for the creation of home offices with privacy and connectivity, strong WiFi and network connectivity, and shared space for working, children and pets.

In 2021, the firm has closed on 17 deals for multifamily properties. The 6,250 units have a total property value of nearly $1.3 billion.

New Florida Multifamily Property

M Patrick Carroll finalized the purchase of Ariza Forest View in September 2021. The Santa Rosa Beach, Florida, the property has 283 units and was part of the company’s Carroll Multifamily Venture VI, LP investment arm.

The property features garden-style units and is now ARIUM Santa Rosa Beach. The complex is between Destin and Panama City Beach and is a short drive to some of Florida’s prettiest beaches and top tourist spots.

CARROLL now has more than 8,500 units in Florida, continuing a strong presence in the state. Since its founding, CARROLL has closed on 64 transactions totaling almost 24,000 units. The new location is also seeing strong occupancy rates and rent growth.

Third-Party Management Deal Announced

In September 2021, CARROLL closed on a deal for third-party management of three multifamily properties in Louisville, Kentucky, the Enclave at Breckenridge by ARIUM, Station J-Town by ARIUM, and Stonewater Park by ARIUM. The 996 units are among 2,500 now managed by CARROLL in eight deals closed in 2021. The third-party management business expects to become a growing part of CARROLL’s investment and management strategy in the future, according to M Patrick Carroll.