Carroll Organization, one of the countrys leading privately-held real estate companies focused on multifamily investment, management, and development closes out a productive first three quarters of 2018. Carroll successfully completed seventeen acquisitions totaling over $900 million across South Florida, Tampa, Jacksonville, Atlanta, Charleston, Raleigh-Durham, and Houston. The firm also exited seventeen properties totaling over $700 million producing an average gross IRR of 32% and 1.7x equity multiple and refinanced five properties returning an average of 20% of the capital invested. Looking ahead to the 4th quarter, Carroll Organization has ten acquisitions and nine dispositions in the pipeline.
We continue to execute a disciplined investment approach focused on markets and product that are durable and resilient over time, said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. With consumer debt levels at an all-time high and personal savings rates near an all-time low, coupled with mortgage rates rising, the outlook for the multifamily industry is bright. The dynamic of muted wage growth in the low-to-medium skill jobs and a growing middle-class renter cohort leads us to invest in the space that has the highest demand with little to no new supply.
All of Carrolls 2018 YTD acquisitions are in high-growth MSAs in the Southeast/Southwest with favorable multifamily fundamentals. Looking ahead to the 4th quarter and 2019, the firm will continue to target these markets as well as Phoenix, Denver, Las Vegas, and the Mid-Atlantic. The outlook for multifamily performance in all these markets remains strong due to their diverse economies, business-friendly climates, job and population growth, and overall quality of life.
Since the beginning of 2012, Carroll has acquired 138 properties totaling over $5.9 billion and disposed of 57 properties with a total sales price of over $2.6 billion producing an average gross IRR of 30% and 1.8x equity multiple. Carroll sourced many of its deals off-market directly from developers and owners and is recognized in the industry as a best in class, fully-integrated, owner and operator of multifamily real estate.
About Carroll Organization
Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $2 billion of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased, developed or sold over $8.5 billion of real estate. Carroll Organization’s regional offices are located in Houston and Orlando. Today, the company manages over 30,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen more than $125 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit www.CarrollOrganization.com.
Stefanie Bertcher, 404-812-8218