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M Patrick Carroll’s CARROLL Joins GFH For $200 Million Las Vegas Acquisition

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By Exec Edge Editorial Staff

Atlanta-based real estate investment firm CARROLL recently broadened its industry presence even further. In early September 2021, this well-regarded company made its first foray into the rapidly growing Las Vegas market. This dynamic marketplace plays a key role in CARROLL’s multi-year expansion strategy. Led by CEO M Patrick Carroll, CARROLL formed a real estate investment partnership with Bahrain-based GFH Financial Group.

As ZAWYA reported, this respected Middle Eastern firm purchased two strategically located Las Vegas multifamily communities for a total of $200 million.

GFH’s cohesive investment strategy is based on the cultivation of a diverse portfolio of properties in fast-growing markets. The firm regards Las Vegas as a top-tier secondary market. GFH acquired the Las Vegas properties following the sale of several of its United States industrial assets.

CARROLL’s Strategic Las Vegas Investment

CARROLL’s Las Vegas real estate partnership represented the culmination of a three-year search for the right Las Vegas multifamily property. M Patrick Carroll, the Company’s Founder and CEO, explained the Las Vegas co-investments significance. “This acquisition represented a unique opportunity to enter a market we have been targeting for the past three years,” Carroll stated.

M Patrick Carroll also emphasized the importance of certain western United States markets that enabled multiple investment strategies. “Markets like Las Vegas, Denver, Phoenix, and the Pacific Northwest that allow varied investment strategies between core-plus and value-add have been fundamental targets for Carroll because of the short- and long-term successes they offer,” he concluded.

CARROLL’s strategic Las Vegas co-investment aligns the Company for further expansion in the western United States. Since its 2004 launch, CARROLL has focused its real estate investment and development activities in the eastern part of the country. Specifically, most of the Company’s 28,000 units are located in the Southeastern states.

To execute its part of the property transaction, CARROLL tapped its Carroll Multifamily Venture VI fund, its latest institutional funding vehicle. The purchase’s completion increased the Company’s national presence to over 28,000 units. CARROLL has become a recognized leader in the multifamily housing real estate investment arena.

Focus on the Las Vegas Rental Market

The Las Vegas rental market continues to exhibit exceptional strength. CoStar, a leading commercial real estate information, and analytics authority, states that Las Vegas’ aggregate occupancy rates are currently at 96.1%. This figure represents one of the United States’ highest occupancy percentages.

CoStar also notes that the Las Vegas metropolitan area currently shows a 21.9% increase in 12-month asking rental rates. This increase in landlords’ requested rental rates reflects the region’s strong population growth and resultant shortfall of available rental units.

The United States Census Bureau also provided confirmation of the Las Vegas area’s sustained expansion. The Bureau named Clark County, Nevada, as one of just five U.S. counties that experienced a gain of over 300,000 residents from 2010 to 2020.

GFH Capital CEO Razi Al Merbati confirmed the Las Vegas market’s robust character and strong investment potential. “This sector has proven its resilience with a more than 90% rental collection rate during COVID and has continued to witness significant investor interest.”

Al Merbati further summarized the Las Vegas rental market’s ongoing appeal to investors. “Around $140 billion was invested in multifamily in 2020, with 0.6% year-on-year growth in multifamily rents and growth in the average sales price of US single-family homes,” he concluded.

Two Las Vegas Multifamily Communities

Together, CARROLL and the GFH Financial Group acquired two Las Vegas apartment communities in desirable locations. The Emerald Springs complex contains 436 units while The Meadows community offers 383 units. Set off Nellis Boulevard in the East Las Vegas area, both properties are near the Las Vegas suburbs.

As Arabian Business notes, the two garden-style communities offer popular amenities such as fitness centers, football fields, and swimming pools. Each complex also contains a residents’ clubhouse.

After numerous interior and exterior updates, both properties will be rebranded as Arium Emerald Springs and Arium Meadows, respectively. The refreshed communities will join CARROLL’s Arium brand collective.

About GFH Financial Group

GFH Financial Group (or GFH) is a Middle Eastern financial investment group with an excellent reputation in the global investment arena. During its 20-year history, GFH has become known for its ability to navigate challenging economic cycles.

To achieve favorable outcomes, the Company targets recession-proof investments and defensive sectors. Currently, GFH manages over $12 billion of assets and asset funds.

In the residential market, GFH implements an investment strategy based on the cultivation of a diverse, low-volatility portfolio. Specifically, the Company focuses on areas that are experiencing strong demographic growth. To illustrate, Las Vegas is the top-ranking city in the United States’ high-growth secondary residential market.

About CARROLL

Atlanta-based CARROLL is a real estate investment firm with a full range of investment and management capabilities. Established in 2004, the privately held company has executed numerous investments in the multifamily housing sector. CARROLL has also completed the acquisition of other multifamily owners/operators across the United States.

CARROLL’s portfolio also includes single-family residential, student housing, and retail communities. The Company has successfully executed the development and/or management of these properties. Currently, the Company manages over 28,000 units throughout the United States.

CARROLL regularly executes property acquisitions and management agreements. The Company also offers asset and fund management services. Finally, CARROLL has maintained oversight of over $250 million of construction projects for its owned properties and fee partners.

For perspective, CARROLL has acquired more than $2.7 billion of equity to date. These transactions have been completed through the utilization of CARROLL-sponsored funds and multiple joint ventures. Under the leadership of M Patrick Carroll, the firm has purchased, sold, or developed more than $12 billion of real estate properties.

CARROLL’s proven real estate investment capabilities are enhanced by superb due diligence. The firm’s numerous external relationships also enable the identification, underwriting, and execution of a full range of investment transactions.

With offices in Raleigh, Tampa, New York, and Houston, CARROLL is well positioned to recognize emerging opportunities in growing markets.

About M Patrick Carroll

M Patrick Carroll, Founder, and CEO of CARROLL, has become known as a leader in the real estate investment arena. He laid the foundation for his highly successful career in his early 20s. While working as an Atlanta-based clothing representative, he developed the vision for his real estate investment firm.

A dynamic real estate entrepreneur, M Patrick Carroll had also cultivated a good business knowledge base and start-up logistics information. These resources collectively helped him to prepare for CARROLL’s 2004 launch.

At 24 years of age, M Patrick Carroll possessed endless drive and ambition. He wanted the business name to reflect these attributes. To meet that goal, he chose an all-caps format that continues to reflect CARROLL’s bold leadership within the real estate investment industry.

Today, CARROLL has built an enviable track record of residential and commercial real estate investments. M Patrick Carroll has become known as an astute investor known for his ability to discern favorable investment opportunities. Carroll and his company are well-positioned to capitalize on current and emerging trends and deliver positive results.

Contact:

Exec Edge

Twitter: @Exec_Edge