As the US economy continues its post-pandemic recovery, Atlanta-based real estate investment firm CARROLL, founded by real estate entrepreneur M Patrick Carroll, reported strong second-quarter 2021 results.
CARROLL, which has long been a major player in the southeast United States’ real estate arena, recently completed the sale of two premier suburban Atlanta apartment communities.
The Company received a favorable return on investment on its sale of the ARIUM Station 29 and ARIUM Dunwoody apartment communities. CARROLL’s CEO, M Patrick Carroll, orchestrated the sales, which took place during the second quarter of 2021.
Both of CARROLL’s recently sold properties are gated garden-style apartment communities in suburban Atlanta. Both properties stand out among the numerous multi-family developments that ring the Atlanta metro area’s highway network.
ARIUM Station 29, located in central Tucker, Georgia, is a 217-unit apartment community. The complex sits on the eastern side of Northlake, one of Atlanta’s most expansive office submarkets. Northlake’s 19.5 million square feet of space appeals to businesses of varied types and sizes.
ARIUM Station 29 is convenient to the I-285, I-85, and I-75 expressways. The property also provides seamless access to restaurants, shopping, and entertainment.
ARIUM Dunwoody, set in the city of Dunwoody, Georgia, consists of 227 apartment units. The complex sits inside of I-285 and is within easy driving distance of GA-400.
The ARIUM Dunwoody complex is only two miles away from Central Perimeter, which is regarded as Atlanta’s biggest office submarket. ARIUM Dunwoody residents also enjoy easy access to Atlanta’s largest employment hubs. Finally, the Dunwoody area is known for its high-quality public school system.
Patrick Carroll purchased the two apartment communities largely because they are convenient to top-tier employment hubs. In fact, the two areas’ collective employment growth was predicted to perform better than the larger Atlanta metro area during the five-year period following CARROLL’s property acquisitions.
M Patrick Carroll, CARROLL’s Founder and CEO, explains the two Atlanta-area properties’ investment appeal. “We purchased ARIUM Station 29 and ARIUM Dunwoody due to their value-add potential and outstanding locations to employment centers and solid schools. The properties have performed well and exceeded our expectations.”
CARROLL held the two properties for two-and-a-half years, during which time the firm executed a carefully planned value-add business strategy for the communities. Units in both complexes received a variety of interior and exterior upgrades. The apartments’ amenities were also updated to attract potential tenants’ interest in a highly competitive multi-family housing market.
After an extensive market analysis, M. Patrick Carroll chose to sell the properties and obtain a favorable return for the firm’s financial backers. “Given the market climate and our team’s hard work, we decided it was time to sell and realize a return for our investors.”
The two apartment communities’ sale is the latest of CARROLL’s real estate investment resolutions. The Company plans to execute more property transactions in the coming months. M. Patrick Carroll is confident that the firm’s strong second-quarter 2021 performance will continue through the rest of the year.
M Patrick Carroll has performed extensive research on multifamily housing trends. As a result of his findings, he believes that this submarket represents good investment potential. Carroll’s Forbes Real Estate Council profile featured his analysis in a January 19, 2021 post.
After the Great Recession of 2008 wound down, many people gravitated back to urban living areas. These returning residents were frequently drawn to the cities’ readily available amenities and lively lifestyles. A typical metropolitan area offered convenient workplaces, restaurants, entertainment venues, and cultural events.
In 2021, M. Patrick Carroll projects that the trend will reverse itself. Stated another way, there will be an even larger relocation back to suburban living environments. He expects this trend to continue for at least several more years.
Suburban areas’ higher purchasing power is a major driver of this ongoing migration. These outlying areas have historically provided more affordable housing alternatives compared to urban sector housing choices.
While these suburban residents want more budget-friendly living options, they also wish to retain some desirable features of their city-based lifestyles. One major factor is the maintenance-free living offered by urban apartments and condos.
Residents also desire quality-of-life perks such as spacious outdoor areas and walkable amenities near their neighborhoods. In addition, these consumers want to live within easy driving distance of jobs and entertainment and cultural venues.
Finally, remote work’s growing popularity is playing a role in where residents choose to live. Astute multifamily property owners have invested in the technology necessary to offer this desirable lifestyle choice.
Taken together, these emerging trends have likely contributed to institutional investors’ attention to the multifamily market segment. CARROLL’s property investments continue to reflect this deep understanding of the real estate investment arena. The Company website provides more details on CARROLL’s investment strategy.
M Patrick Carroll, Founder and Chief Executive Officer of CARROLL, is an accomplished real estate investment executive. Carroll began building the foundation for his real estate investment business in his early 20s. Working as a clothing representative in Atlanta, he envisioned himself as the owner of a successful real estate company.
During his four years in the Atlanta business world, M. Patrick Carroll had cultivated many business connections. He had also gained valuable knowledge about starting and growing a company. Many successful Atlanta business owners played a part in transforming Carroll’s real estate company vision into reality.
In 2004, M. Patrick Carroll resigned from his job and launched CARROLL, his Atlanta-based real estate investment company. At 24 years old, he wanted the firm’s name to mirror his own bold ambition. Thus, Carroll presented the firm’s name in an all-caps format. This unconventional lettering style continues to be the hallmark of the company’s brand.
CARROLL is an Atlanta-based real estate firm that offers diversified real estate investment and management services. Founded in 2004, this privately held company strongly focuses on the multifamily communities market segment.
CARROLL’s slate of services includes property acquisitions along with property and asset management capabilities. The firm also offers fund management services.
To date, CARROLL has acquired over $2.7 billion of equity via CARROLL-sponsored funds and targeted joint ventures. In addition, CARROLL has developed, purchased, or sold over $12 billion of aggregate real estate.
CARROLL maintains regional offices in Houston, New York, Raleigh, and Tampa. This enables the firm to identify emerging opportunities in key markets.
Currently, CARROLL manages over 30,000 multifamily apartment units throughout seven states. In addition, the Company has acquired other multifamily 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 footprint in the retail development industry. Finally, CARROLL has maintained oversight of over $200 million of construction management projects for its owned properties and fee partners’ endeavors.
CARROLL’s internal capabilities are paired 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.