CARROLL, a national real estate investment firm, today announced the sale of a 520-unit, garden-style community in Carrollton, Texas, a suburb of the Dallas-Fort Worth metro. The property represented the last remaining asset from a three-community portfolio acquired in 2017 that accounted for more than 1,100 total units.
During the five-year hold, CARROLL and its partners successfully executed amenity upgrades as part of a value-add strategy that included clubhouse/gym renovations, outdoor gathering area enhancements, pool upgrades, and green initiatives, among others. These enhancements, while aimed at increasing resident satisfaction, also helped elevate the competitiveness of the product - built in 2000 - amidst the rapid growth of the Dallas-Fort Worth MSA. At the time of acquisition, this community represented an opportunity for CARROLL to provide housing access to an underserved segment of the multifamily market.
"Exiting the final asset from that 2017 acquisition marks another milestone in our Firm's evolution," said Patrick Carroll, Founder and CEO of CARROLL. "The strong fundamentals we recognized in the DFW area enabled our team to strategically execute our business plan while leaving sufficient upside for the next owner."
The national owner and operator recently announced the final closing of its seventh investment vehicle, Carroll Multifamily Venture VII, L.P. The fund, which raised more than $340 million in capital between two institutional investor closings, will target multifamily assets in line with the Firm's value-add and core-plus investment strategy across the Sun Belt region.
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 acquisitions, community and asset management services, ground-up development, and fund management. The Firm has raised more than $4.4 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $20.4 billion in real estate.
The company manages more than 33,000 multifamily units across nine states, representing $8.1 billion in assets under management, and has purchased other multifamily owner/operators throughout the U.S. CARROLL has also developed student housing, single-family residential, and retail communities, and has managed more than $500 million in construction projects throughout the past 10 years. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit carrollorg.com.
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Original Source: CARROLL Continues Success With the Sale of 520 Units in Dallas-Fort Worth Suburb