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  • Letter from the CEO
  • About CARROLL
  • Leadership Team
  • Our Platform
  • Our Footprint
  • 2020 Results
  • Looking Ahead
  • Media Mentions
  • Thank You
  • Contacts

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A n n u a l
R e p o r t

 
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Contents

01. Letter from the CEO

02. About CARROLL

03. Leadership Team

04. Our Platform

05. Our Footprint

06. 2020 Results

07. Looking Ahead

08. Media Mentions

09. Thank You

10. Contacts

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CEO_Letter_2020

Letter from the CEO

Dear Investors, Employees, Customers, and Friends,

I hope you and your family are safe and healthy. After a year full of challenges that no one could have imagined, I am extremely proud of how CARROLL transitioned and excelled throughout 2020. It was a year in which we relied heavily on the strength of our portfolio management team, and we are exceptionally pleased with how well they performed. Led by David Perez and Scott Gilpatrick, our operations team transitioned to a largely virtual process. Across the organization, our teams worked collectively to make sure residents were well-informed and remained as comfortable as possible during quarantine. I am also proud to report that, despite transactional volume being down across the board, our investment management team, led by Casey barber, remained focused and active.

CARROLL accomplished the following milestones in 2020:

  • We achieved a portfolio-wide average monthly rent collection of 95.9 percent from April through December, which outperformed the NHMC industry average of 95.1 percent for the same period during the COVID-19 pandemic.
  • We made donations to 11 food banks and sent lunch to healthcare workers on the front lines in markets where our properties operate. In addition, I personally pledged $100K to help families struggling due to the virus, and issued a challenge to other business leaders to make a personal donation to help in their local communities.
  • Acquired five properties with a total purchase price of $380M, adding, 2,500 units across Georgia and Florida – bringing our inception-to-date acquisition volume to $7.8B and 57,000 units.
  • Completed the successful exit of 10 properties with a total sale price of $480M, representing 3,200 units that produced an average gross return of 23%/1.6x. CARROLL’s inception-to-date disposition volume is now $4.2B and 30,100 units.
  • Invested $100M of equity in 2020, raising total equity invested by CARROLL and its partners to more than $2.7B.
  • Ended 2020 with a solid, diversified portfolio of nearly 30,000 units valued at greater than $5.2B.

My sincere thanks go out to everyone who helped us achieve this successful year. During the pandemic, the multifamily asset class has shown what a resilient and attractive commercial sector it is, and we are extremely excited for what’s to come in 2021.

Sincerely,

M. Patrick Carroll, Founder & Chief Executive Officer

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Who We Are

CARROLL, a national real estate investment company, combines the infrastructure and abilities of an institutional investor with a best-in-class team of real estate operations professionals. This unique combination of skills has made us a top national real estate owner and operator. We acquire properties that exhibit attractive long-term investment characteristics, and improve the performance of these properties using our talented and passionate professionals.

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What We Believe

We pioneer new ways of real estate investing through cutting-edge strategies combined with industry-leading execution. Our investments focus on capital preservation, generation of current cash flow, and the implementation of value-creation strategies. This investment philosophy is what makes our company unique. While we will always be ambitious, CARROLL has both the discipline and the desire to be patient and wait for the right investment opportunities.

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About CARROLL

Founded in 2004 by M. Patrick Carroll, CARROLL has acquired more than $6.9 billion of real estate, successfully exited greater than $3.3 billion, and developed and construction-managed in excess of $200 million on behalf of our institutional partners, private investors, and our own principals over the past 10 years.

CARROLL’s investment strategy utilizes our in-house capabilities to unlock value in properties that we perceive
to be underperforming and undervalued. Through proactive management, redevelopment, and specific submarket selection, we aim to generate attractive risk-adjustment returns. CARROLL is institutional in our execution, reporting, and communication with our clients; while maintaining the mindset of an entrepreneur. We study trends, make quick and thoughtful decisions, and continually recruit and hire the brightest minds in the business.

Leadership Team

Patrick Carroll
M. Patrick Carroll
Founder & Chief Executive Officer
Full Bio
Josh Champion
Josh Champion
President & Chief Investment Officer
Full Bio
Melanie Johns
Melanie Johns
Chief Financial Officer
Full Bio
David Perez
David Perez
Chief Operating Officer
Full Bio
Scott Gilpatrick
Scott Gilpatrick
Vice President, Operations
Full Bio
Melanie Brasher
Melanie Brasher
Vice President, People
Full Bio
Pavan Nanduri
Pavan Nanduri
Vice President, Technology
Full Bio
Stefanie Bertcher
Stefanie Bertcher
Vice President, Finance
Full Bio
Noah Echols
Noah Echols
Vice President, Marketing
Full Bio
Sadler Walker
Sadler Walker
Vice President, Investments
Full Bio
Mike Martello
Mike Martello
Vice President, Investments
Full Bio
Casey Barber
Casey Barber
Vice President, Investments
Full Bio
Tracy Williams
Tracy Williams
Regional Vice President, Property Management
Full Bio
Jennifer Trapaso
Jennifer Trapaso
Regional Vice President, Property Management
Full Bio
Antoinette Williams
Antionette Williams
Regional Vice President, Property Management
Full Bio

Our Platform

Investment_Management
https://carrollorg.com/our-platform/investment-management
Investment Management

The Investment Management team at CARROLL assesses market conditions, pinpoints opportunities, and executes thoughtful strategies to realize results for our investors.

Property_Management
https://carrollorg.com/our-platform/property-management
Property Management

CARROLL Management Group is the nationally recognized operations arm of the business responsible for building world-class teams to effectively manage the on-site responsibilities of our portfolio.

Construction_Management
https://carrollorg.com/our-platform/construction-management
Construction Management

The Construction Management team manages value-add projects from ideation to design to construction.

ARIUM Living
https://carrollorg.com/our-platform/arium-living
ARIUM Living

ARIUM Living is a consumer brand built on a promise to continuously find ways to make apartment living better for our residents.

Nocturnal
https://carrollorg.com/our-platform/nocturnal
Nocturnal

NocturnalXD is an affiliate marketing service provided to help drive more efficient and effective marketing for each asset.

ITSSG
https://carrollorg.com/our-platform/itssg
ITSSG

ITSSG is an affiliate IT service offered to each of our properties that enhances processes both on- and offsite to streamline communication and practices

People Team
https://carrollorg.com/our-platform/people-team
People Team

CARROLL’s People team is focused on creating one of the best companies to work for by hiring and retaining the top talent in each market and cultivating that talent through a culture of learning.

Accounting
https://carrollorg.com/our-platform/accounting
Accounting

CARROLL’s Accounting team focuses on providing consistent and reliable financial analysis and reporting.

Our Footprint

CARROLL_Portfolio_2020

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results

2020 Results

CARROLL_2020_Performance

 

 

 

2020_State_Breakdown

 

 

2020_State_Breakdown_2

 

 

Investment_Fund_Graph_2020

 

 

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Looking Ahead

CARROLL always pushes the leading edge of trends in multifamily. While other firms focused on investing in urban areas during the past decade, CARROLL embraced suburban investments to the tune of $7.6 billion in multifamily communities, recognizing the inherent value in suburban lifestyle and the macro tailwinds to come. This same theory and execution process later repeated in the mid-2010s, with $4.6 billion in multifamily investments in Florida and Texas, as others focused on Gateway Markets. In 2017 and 2018, with construction costs exploding and new development concentrated on in-fill spots, we invested $3.6 billion into workforce housing, which precipitated strong inflows in the space and continues to provide strong cash flow and value today.

As we enter 2021, which will be a defining moment for multifamily, CARROLL continues to shift its platform to adjust to what we believe is a permanent new normal, dominated by acceleration in technology and work-from-home trends, with lifestyle and quality of life being the biggest drivers of demand. Commodity, down-the-fairway value-add acquisitions will be harder to come by given industry maturation, record dry powder from institutions, and private buyers increasing multifamily investment allocations. A more focused and disciplined team is needed to respond to this moment.

 

Media Mentions

CARROLL Continues 2020 Growth with Acquisitions
CARROLL Continues 2020 Growth with Acquisitions
ARIUM Communities Donate “Blessing Bags” Across the Country
ARIUM Communities Donate “Blessing Bags” Across the Country
CARROLL Successfully Executes the Sale of Six Properties
CARROLL Successfully Executes the Sale of Six Properties
CARROLL Expands Its Platform with End-to-End Solution for Multifamily Management
CARROLL Expands Its Platform with End-to-End Solution for Multifamily Management
CARROLL Executes Sale of Atlanta Multifamily Property
CARROLL Executes Sale of Atlanta Multifamily Property
CARROLL is Looking to Acquire in an Economic Downturn
CARROLL is Looking to Acquire in an Economic Downturn
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Thank You

We would like to thank our investors, partners, friends, families, and teams for their support in 2020. Even though the economy was shaken by a global pandemic, CARROLL made great strides in optimizing its processes, and launched aggressively back into transactions in Q4 with the strongest platform in the industry as our foundation. Most notably, with your help we outperformed the industry in rent collection, renewed our focus on charitable giving, exited 10 properties with an average gross return of 23%/1.6x, and invested $100 million in equity.

During the pandemic, the multifamily asset class has shown what a resilient and attractive commercial sector it is, and we are extremely excited for what’s to come in 2021.

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Contacts

Follow us

Noah Echols
VP | Marketing
404.812.8285
Stefanie Bertcher
VP | Finance
404.812.8218
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GLOBAL HEADQUARTERS

3340 Peachtree Road NE

Atlanta, Georgia 30326

404.812.8200

REGIONAL OFFICES

Tampa, FL

Houston, TX

Raleigh, NC

THE FIRM

  • The Firm
  • What We Believe
  • Portfolio
  • Leadership

OUR PLATFORM

  • Our Platform
  • Investment Management
  • Property Management
  • Construction Management
  • ARIUM Living
  • Nocturnal
  • ITSSG
  • People Team
  • Accounting

INSIGHTS

  • Insights
  • Whitepapers
  • Video
  • Perspectives
  • Press Releases
  • Insights Archive
  • Letter from the CEO
  • 2019 Annual Report

CAREERS

  • Careers
  • Life at CARROLL
  • Search Jobs

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All Rights reserved. Copyright 2021. CARROLL Organization

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