ATLANTA, Oct. 06, 2022 (GLOBE NEWSWIRE) — CARROLL, an Atlanta-based national real estate investment firm, today released its third quarter report highlighting strong performance throughout the year despite challenging economic conditions. hard. In the third quarter, CARROLL continued to benefit from the current environment by divesting six assets while acquiring two, with divestitures now totaling $2.2 billion for 2022 and acquisitions totaling $1.3 billion. As the market recalibrates, these transactions reflect the company’s belief in exiting individual properties, as well as confidence to continue to acquire and grow in these same key Sun Belt markets.
Following Hurricane Ian’s destructive path through Florida, CARROLL stands with all those affected by the historic storm, especially those who are residents or members of the 43 CARROLL communities across the state. Along with reconstruction efforts, CARROLL is launching blood drives and collecting donations to help those affected by the storm. “Despite the gravity and still-emerging effects, we want to shine a light on our amazing communities, such as our ARIUM Citrus Run residents who were out at 5 a.m. Thursday morning to help crews and community leaders clean up their local streets.” , said David Perez, President and Chief Operating Officer of CARROLL. “These communities in Florida that have been impacted are extremely resilient, and we feel blessed to be able to serve them and our larger communities alongside them.”
“As CARROLL continues to evolve amid global economic uncertainty, I am continually impressed with the performance of our team of more than 750 employees across the country,” said Patrick Carroll, Founder and CEO of CARROLL. “2022 is a year in which our business proudly reinvests in key growth drivers, paving the way for near and long-term success. Despite the industry bracing for a downturn, I remain confident in the future of CARROLL because we have proven ourselves in any climate.”
Transactions and portfolio performance
From July through September, the company executed eight transactions in five states – two acquisitions and six divestitures – totaling $868.4 million in transaction volume. The two acquisitions, both located in South Florida, bring CARROLL’s number of units under management in Florida to nearly 15,000. Year-to-date, CARROLL has acquired a total of 14 properties, totaling 4,720 units. Notably, 58% of CARROLL’s acquisitions in 2022 are in Florida, a key market in the Southeast Solar Belt and a state which CARROLL first entered in April 2013.
CARROLL’s six disposals included a four-property portfolio of nearly 1,500 units in some of Metro Atlanta’s best-performing submarkets. Another release, a 520-unit community in Carrollton, Texas, was the final asset of a portfolio acquired by CARROLL in 2017, representing more than 1,100 units in total. Over the five-year period, CARROLL and its partners successfully executed equipment upgrades as part of a value-added strategy, improving asset competitiveness amid Dallas Fort’s rapid growth. -Worth MSA.
As in the second quarter, CARROLL’s third-party management solutions, led by Rob Gayle, vice president of business development, continued to grow, acquiring three new third-party missions representing more than 1,000 units. Year-to-date, the company has added more than 2,500 units in three states, reflecting the quality of the CARROLL property management platform and the respect it has among landlords. CARROLL expects continued growth in the fourth quarter with several new divestiture deals in the works, including a real estate lease in Atlanta.
Prioritizing philanthropy and ESG
To coincide with the start of a new school year, CEO Patrick Carroll donated $100,000 worth of sneakers to 600 young members of the Boys & Girls Clubs of Miami-Dade, surprising the kids with a pizza party, t- shirts, a DJ and a live painting by a local artist commemorating the charity event. CARROLL plans to bring Kicks for Kids to other cities in the United States. In addition to helping with the first Kicks for Kids event in Miami, employees across the United States donated a total of 130 volunteer hours to local organizations and causes to support the community impact program CARROLL.
As part of the company’s commitment to ESG, CARROLL has formalized its ESG Committee, which will serve as a review and selection group to advance the company’s ESG objectives and streamline its processes. Ongoing projects include reviewing and selecting social programs for partnerships that align with company values, implementing a standardized data collection process and platform on utilities and overseeing the addition of smart technologies to reduce environmental impact.
Investing in residents
CARROLL’s multi-family brand, ARIUM, concluded its 20-week brand campaign, reaching three million renters nationwide. The campaign included a 13-week singing contest called Sounds of Summer, which was a massive undertaking that featured user-generated content submitted by approximately 200 ARIUM residents. In addition to resident content, ARIUM partnered with influencers who judged the singers in new episodes released weekly via Facebook Live. More than 140 watch parties have taken place across the United States, allowing crews and on-site residents to share the journey of their neighbors, fostering a powerful sense of community among watchers and attendees around the world.
For the Sounds of Summer Grand Finale, ARIUM flew the five finalists to Atlanta – each from a different ARIUM community in the United States – to perform on stage in front of a live audience. Each finalist shone in the spotlight, singing in front of nearly 200 attendees and performing a group song with Texas Hill, a trio of televised singing competition alumni. Each talented finalist walked away with free rent, AMEX vacation vouchers and the unique experience of entering a national singing competition hosted by ARIUM, one of the nation’s leading apartment brands. Jason, a resident of an ARIUM community in Florida, was crowned the winner of Sounds of Summer 2022, taking home $1,500 cash (plus other prizes) and receiving a framed gold disc commemorating his achievement. Closing out the concert, American Idol winner and platinum recording artist David Cook performed.
As we approach the fourth quarter, CARROLL is well positioned to find new investment opportunities that expand its portfolio and vertically integrated platform. The company’s ability to be agile and execute transactions in all climates speaks to its unwavering strength. In addition to favorable market fundamentals, CARROLL’s seventh investment fund, which closed in August at more than double the size of the company’s previous vehicle, encourages the company to make strategic investments despite the unknowns ahead. the market.
CARROLL, a private real estate company, was founded in 2004. With headquarters in Atlanta, Georgia, and regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, New York and Los Angeles, CARROLL focuses on multi-family communities, including acquisitions, community and asset management services, base development and fund management. The company has raised more than $4.4 billion in equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold over $20.9 billion in real estate.
The company manages more than 32,000 multifamily units in nine states representing $7.6 billion in assets under management and has purchased other multifamily owner/operators across the United States. CARROLL has also developed student housing, residences single-family homes and retail communities, and has managed over $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.
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Image 1: CARROLL Logo
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