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ATLANTA, Aug. 18, 2022 (GLOBE NEWSWIRE) — CARROLL, a national real estate investment firm, today announced the final closing for its seventh investment vehicle, Carroll Multifamily Venture VII, LP Fund raised more than $340 million capital between two institutional investor closings — July 2022 and December 2021 — and will target multifamily assets consistent with the firm’s value-add strategy and core plus investment in the Sun Belt region with $5.5 billion in total buying 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 in 2019 at $125 million. The increased engagement 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 acquire deals on its own, increasing its credibility and market reach.
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 purchased with 100% ownership, a new investment strategy for the Firm.
“The launch of our latest funding vehicle demonstrates CARROLL’s growing 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 in support of our investment strategy.”
The rapid ascent of CARROLL’s Real Estate Fund Platform has been led by newly hired Senior Managing Director of Capital Markets and Investments Rob Lester and Senior Vice President of Investor Relations Stefanie Bertcher.
“This fundraising reflects investor confidence in the quality of our platform and reinforces our ability to generate investment performance,” said Rob Lester. “We are grateful for their strong support, many of whom have invested with us in multiple funds.”
“We launched our first fund vehicle in 2011 with a small capital increase of high net worth individuals and now, 11 years later, we are announcing the successful close of our seventh fund,” added Stefanie Bertcher. “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 market and the addition of five key new hires to strengthen the Firm’s executive leadership team.
CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Ga., and regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa and New York, CARROLL focuses on multifamily communities, including purchases. community and asset management services, startup development and fund management. The firm has raised more than $4.4 billion in capital through funds and joint ventures sponsored by CARROLL. CARROLL has successfully acquired, developed or sold more than $20.2 billion in 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 throughout the US. $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.
Erin Larson[email protected]
Image 1: CARROLL
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