CARROLL raises more than $340 million for latest investment fund

National Real Estate Company’s seventh investment fund will support expanded portfolio growth through $5.5 billion in total purchasing power

Press release

August 18, 2022, 1:15 PM EDT

CARROLL, a national real estate investment firm, today announced the final closing of its seventh investment vehicle, Carroll Multifamily Venture VII, LP. The fund raised more than $340 million in capital between two institutional investor closings – July 2022 and December 2021 – and will target multifamily assets in line with the firm’s value-add and core-plus investment strategy in the region of Sun Belt with $5.5 billion in total purchasing power.

CARROLL’s seventh investment vehicle closed at more than double the size of the firm’s previous vehicle, Carroll Multifamily Venture VI, LP, which closed 2019 at $125 million. The increased commitment follows a record year in transaction activity for the Firm and represents new investment opportunities. In addition to securing properties with joint venture partnerships, the size and structure of this vehicle will allow CARROLL to fully source deals on its own, increasing its credibility and reach in the market.

To date, Fund VII has acquired 14 properties in five states – Georgia, Florida, North Carolina, Texas and Arizona – valued at $1.3 billion. As a result of the vehicle structure, three of the 14 deals were acquired with 100% ownership, a new investment strategy for the firm.

“The launch of our newest fund demonstrates the growth of CARROLL’s footprint in the capital markets and strong investor appetite in the multifamily sector,” said Patrick Carroll, Founder and CEO of CARROLL. “I am excited about the evolution of our organization and the foundation these funds provide to support our investment strategy.”

The rapid rise of CARROLL’s real estate fund platform is led by newly appointed Senior Managing Director of Capital Markets and Investments Rob Lester and Senior Vice President of Investor Relations Stephanie Bertcher.

“This fundraising reflects investor confidence in the quality of our platform and strengthens our ability to generate investment performance,” said Rob Lester. “We are grateful for their strong support, many of whom have invested with us across multiple funds.”

“We launched our first fund in 2011 with a small capital raise from high net worth individuals and now, 11 years later, we are announcing the successful closing of our seventh fund,” added Stephanie Bercher. “The fact that this investment vehicle is the third consecutive fund with a significant capital increase speaks volumes for the commitment we have made to our Fund platform and the confidence our investors have in us.”

This closing follows a first half 2022 activity report that included $2.6 billion in total transaction volume, a new marketplace and the addition of five key new hires to strengthen the firm’s executive leadership team.

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About CARROLL

CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Georgia, and regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa and New York, CARROLL focuses on multifamily communities, including acquisitions, services for community and asset management, foundation development and fund management. The firm has raised more than $4.4 billion in equity capital through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $20.2 billion worth of real estate.

The company manages more than 32,000 multifamily units in nine states, representing $8.0 billion in assets under management, and has acquired other multifamily owner/operators in the US. CARROLL has also developed student housing, single-family residential and commercial communities and has managed more than $500 million in construction projects over the past 10 years. From due diligence to execution, CARROLL has the internal capabilities and external relationships to identify, underwrite and close transactions. For more information, visit carrollorg.com.

Contact with the media

Erin Larson
[email protected]

Source: CARROLL

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