CARROLL, a leading privately held real estate company headquartered in Atlanta, Georgia, recently acquired two multifamily communities in Las Vegas, Nevada: Emerald Springs and The Meadows. M Patrick Carroll is the Founder and CEO of CARROLL and played an instrumental role in the company’s market expansion efforts. Both properties were acquired via CARROLL’s institutional fund vehicle, Carroll Multifamily Venture VI, LP, and will be rebranded as ARIUM assets: ARIUM Emerald Springs and ARIUM Meadows.
Located off Nellis Boulevard in East Las Vegas, situated merely 20 minutes from the Las Vegas Strip, the properties present unique residential opportunities for those working in the tourism industry, which accounts for more than 400,000 jobs in the metro area. Additionally, they offer residents excellent access to the city’s retail and entertainment destinations.
CARROLL sees Las Vegas as a high-growth, supply-constrained market that is set to experience rapid growth as the city recovers from the COVID-19 pandemic. Data from 2020 reveals that Clark County’s population grew by nearly 2%, or 40,000 residents, despite the pandemic. Rent growth, which initially declined at the beginning of the pandemic, has already rebounded. Demand for multifamily units is outpacing supply, driving vacancy rates down.
Speaking on this growth opportunity, experienced real estate investor M Patrick Carroll reported, “This acquisition represents a unique opportunity to enter a market we have been targeting for the past three years.” He explained, “Markets like Las Vegas, Denver, Phoenix, and the Pacific Northwest that allow varied investment strategies between core-plus and value-add have been fundamental targets for CARROLL because of the short- and long-term successes they offer.”
The acquisition falls in line with the company’s current investment approach: “[Its] Core/Core+ strategy targets longer-term holds with growth attributes, including moderate capital infusion and repositioning to allow for more appreciation, while [its] value-add strategy targets well-located assets with rents below market to apply [its] repeatable value-add programs that provide an additional upside to grow revenue and NOI [net operating income].”
Both assets will undergo interior renovations and see improvements in their amenity and common areas. Together, they will add a combined 819 garden-style units – 436 and 383 units, respectively – to the CARROLL portfolio, increasing the firm’s national presence to more than 28,000 units.
Under the leadership of M Patrick Carroll, CARROLL manages multifamily units across eight states. Since its inception in 2004, the firm has successfully purchased, developed, or sold more than $13.1 billion of real estate. The firm has also developed student housing, single-family residential housing, and retail communities, and has overseen more than $250 million of construction management for both owned and fee partners.
ARIUM Emerald Springs and ARIUM Meadows are only two of the five multifamily assets CARROLL has acquired in 2021. Additional acquisitions include Tortuga Pointe by ARIUM, Lansbrook Village by ARIUM, and ARIUM Lakeview.
Tortuga Pointe by ARIUM is a 295-unit multifamily community in St. Petersburg, Florida. It represented an opportunity for CARROLL to acquire a high-quality asset at a favorable basis below replacement cost and at an attractive cap rate.
“The Tampa-St. Petersburg MSA [metropolitan statistical area] has performed exceptionally well throughout the pandemic and is poised to continue its position as one of the nation’s leaders in both population and job growth,” noted M Patrick Carroll. “Tortuga Pointe’s central and highly visible location on Gandy Boulevard provides residents with convenient access to all of the metro’s largest employment, retail, and entertainment centers. We are thrilled to add another great asset to our portfolio in the dynamic Tampa market.”
Lansbrook Village by ARIUM is a 774-unit multifamily asset near the Tampa International Airport and Westshore business district. CARROLL has owned the property since 2014; however, it purchased back the 25 remaining condos in 2021. This represented an opportunity to recapitalize a high-quality, well-performing asset located in the Tampa area.
ARIUM Lakeview is a 522-unit property located in Ocoee, Florida. It sits on 52-plus acres and is situated next to a picturesque 19-acre lake. The acquisition represented an opportunity for the company to acquire a well-located, value-add asset in the rapidly-growing Orlando market.
M Patrick Carroll shared, “Orlando experienced a dramatic rebound in the first half of 2021, with record levels of demand for multifamily [residences] driving unprecedented occupancy gains and rent growth.” He continued, “Orlando has a dynamic business climate that continues to diversify far beyond its tourism roots [and benefits] from a highly-skilled workforce and broadening industry base [that features] rising healthcare and technology sectors. Apartment fundamentals should remain strong as the area is expected to continue as one of the nation’s leaders in both employment and population growth during the coming years.”
In total, these five acquisitions were purchased for $495 million, adding nearly 2,400 units to the CARROLL portfolio in 2021.
About M Patrick Carroll
M Patrick Carroll is the founder and CEO of CARROLL. He leads the firm in strategic acquisitions and dispositions and has steered the successful exit of more than 88 properties from the company’s portfolio, which has translated into $4.2 billion in sales and produced an average gross internal rate of return (IRR) of approximately 26%.
In addition to his strong business acumen, M Patrick Carroll fosters a strong sense of philanthropy, donating his time, money, and reputation to various charitable causes. He serves on the Jesuit High School Foundation Board, the Boys and Girls Club of Tampa Bay Board, and is a member of several industry affiliates. He donates to more than 50 charities worldwide, focusing on health, wellness, and early childhood development. M Patrick Carroll recently became part owner of Società Polisportiva Ars et Labor (SPAL), a historic football team from Ferrara, Emilia-Romagna, Italy.
CARROLL is a prominent real estate investment company that has acquired more than 60,000 multifamily units. Its current portfolio includes more than 30,000 residential and commercial properties across the East Coast. Established in 2004, the firm presently holds more than $5.8 billion in managed assets. CARROLL has acquired more than $7.6 billion in assets and has sold more than $4.2 billion in assets, sponsoring a total of 272 transactions. The company has developed more than $200 million in properties on behalf of its institutional partners, principals, and private investors.
Aside from its many achievements in the real estate industry, CARROLL was recently recognized as one of the best places to work in 2021. The National Apartment Association named CARROLL a winner in its “Large Property Management Group” category.