CARROLL Founder Mr. Patrick Carroll Continues Business in Q2 with Two Property Sales
As the U.S. economy continues its post-pandemic recovery, Atlanta-based real estate investment firm CARROLL, founded by real estate entrepreneur M Patrick Carroll, reported strong results in the second quarter of 2021.
CARROLL, which has long been a major player in real estate in the Southeastern United States, recently completed the sale of two prime apartment communities in suburban Atlanta.
The Company obtained a favorable return on investment on the sale of the ARIUM Station 29 and ARIUM Dunwoody apartment communities. CARROLL CEO Mr Patrick Carroll orchestrated the sales, which took place during the second quarter of 2021.
CARROLL’s two gated apartment communities
The two properties recently sold by CARROLL are gated communities of garden-style apartments in suburban Atlanta. Both properties stand out among the many multi-family developments that surround Metro Atlanta’s road network.
ARIUM 29 station
ARIUM Station 29, located in downtown Tucker, Georgia, is a 217-unit apartment community. The complex is on the east side of Northlake, one of Atlanta’s largest office submarkets. Northlake’s 19.5 million square feet of space attracts businesses of all types and sizes.
The ARIUM 29 station is close to the I-285, I-85 and I-75 freeways. The property also offers seamless access to dining, shopping, and entertainment.
ARIUM Dunwoody, located in the town of Dunwoody, Georgia, consists of 227 apartments. The resort is inside I-285 and a short drive from GA-400.
The ARIUM Dunwoody Complex is just two miles from Central Perimeter, which is considered Atlanta’s largest office submarket. ARIUM Dunwoody residents also enjoy easy access to Atlanta’s largest employment hubs. Finally, the Dunwoody region is recognized for its high quality public school system.
Determining factors for CARROLL’s investment
Patrick Carroll purchased the two apartment communities largely because they are close to prime employment hubs. In fact, both regions’ collective employment growth was expected to be better than that of the greater Atlanta metro area during the five-year period following CARROLL’s real estate acquisitions.
Mr. Patrick Carroll, Founder and CEO of CARROLL, explains the investment appeal of the two Atlanta area properties. “We purchased ARIUM Station 29 and ARIUM Dunwoody because of their value-added potential and exceptional locations for strong job centers and schools. The properties performed well and exceeded our expectations.
Property upgrades and improvements
CARROLL held both properties for two and a half years, during which time the company executed a carefully planned value-added business strategy for the communities. Units in both complexes have received various interior and exterior upgrades. Apartment amenities have also been updated to attract the interest of potential tenants in a highly competitive multi-family housing market.
After a thorough market analysis, Mr. Patrick Carroll elected to sell the properties and secure a favorable return for the company’s lenders. “Given the market climate and the hard work of our team, we decided it was time to sell and realize a return for our investors.”
The sale of the two residences is the last of CARROLL’s real estate investment resolutions. The Company expects to execute more real estate transactions in the coming months. Mr. Patrick Carroll is confident that the company’s strong performance in the second quarter of 2021 will continue throughout the year.
Investments in multi-family housing are gaining traction
Mr. Patrick Carroll has done extensive research on trends in multifamily housing. Following his findings, he believes that this submarket represents good investment potential. Carroll’s Forbes Real Estate Council profile featured his analysis in a Jan. 19, 2021, post.
The resurgence of the suburban lifestyle
After the end of the Great Recession in 2008, many people returned to urban living areas. These returning residents were often drawn to the readily available amenities and bustling city lifestyles. A typical metropolitan area offered convenient workplaces, restaurants, entertainment venues, and cultural events.
In 2021, Mr. Patrick Carroll predicts that the trend will reverse. In other words, there will be even greater relocation to suburban living environments. He expects this trend to continue for at least several more years.
Factors driving the growth of suburban areas
The higher purchasing power of suburban areas is a major driver of this continued migration. These outlying areas have historically provided more affordable housing alternatives to urban sector housing choices.
Although these suburban residents want more economical living options, they also want to retain some desirable features of their city lifestyle. An important factor is the maintenance-free living offered by urban apartments and condos.
Residents also want quality of life benefits such as spacious outdoor spaces and walkable amenities close to their neighborhoods. Additionally, these consumers want to live within driving distance of jobs, entertainment and cultural venues.
Finally, the growing popularity of remote work plays a role in residents’ choice of residence. Astute multi-family real estate owners have invested in the technology needed to provide this desirable lifestyle choice.
Together, these emerging trends have likely helped draw the attention of institutional investors to the multifamily market segment. CARROLL’s real estate investments continue to reflect this deep understanding of the real estate investment business. The Company’s website provides more details on CARROLL’s investment strategy.
About Mr. Patrick Carroll
Mr. Patrick Carroll, founder and managing director of CARROLL, is an accomplished leader in real estate investment. Carroll began laying the groundwork for his real estate investment business in his early twenties. Working as a clothing representative in Atlanta, he saw himself as the owner of a successful real estate company.
During his four years in the Atlanta business world, Mr. Patrick Carroll had cultivated many business relationships. He had also gained valuable knowledge about starting and growing a business. Many successful Atlanta business owners have been instrumental in turning Carroll’s real estate company vision into reality.
In 2004, Mr. Patrick Carroll resigned from his position and started CARROLL, his Atlanta-based real estate investment company. At 24, he wanted the company name to reflect his own bold ambition. So, Carroll presented the company name in an all caps format. This unconventional style of lettering continues to be the hallmark of the company.
CARROLL is an Atlanta-based real estate company that offers diversified real estate investment and management services. Founded in 2004, this private company has a strong focus on the multi-family community market segment.
CARROLL’s suite of services includes property acquisitions as well as property and asset management capabilities. The company also offers fund management services.
To date, CARROLL has acquired over $2.7 billion in equity through CARROLL-sponsored funds and targeted joint ventures. Additionally, CARROLL has developed, purchased or sold over $12 billion in real estate.
CARROLL has regional offices in Houston, New York, Raleigh and Tampa. This allows the company to identify emerging opportunities in key markets.
CARROLL’s diversified portfolio of properties
Currently, CARROLL manages over 30,000 multi-family apartments in seven states. In addition, the Company has acquired other multi-family owner/operators across the country.
CARROLL’s proven development expertise is evident in its construction of single family residential communities and student housing complexes. The Company also has a strong presence in the retail development industry. Finally, CARROLL maintained oversight of over $200 million in construction management projects for its owned properties and fee partner efforts.
CARROLL’s internal capabilities are coupled with a reputation for impeccable due diligence. In addition, the Company’s beneficial external relationships enable it to successfully target, underwrite and execute a wide range of transactions. Visit the CARROLL website for more information on the firm’s services.