CARROLL Closes $340M Fund
The firm has acquired 14 properties in five states through the use of its seventh vehicle.
Jasmine at Winters Chapel Apartments. Image courtesy of CARROLL
CARROLL has closed its seventh multifamily fund at $340 million. A company spokesperson told Multi-Housing News that the firm began fundraising for Carroll Multifamily Venture VII L.P. in fall 2021. CARROLL was able to raise that amount between two institutional investor closings in December 2021 and July 2022.
The company spokesperson also noted that the investor base includes pension funds, corporations and fund of funds. In addition, a quarter of the investments were made by returning investors, most of which increased their contributions compared to previous investments.
So far, CARROLL’s seventh fund has acquired 14 properties in five states, including Georgia, Florida, North Carolina, Texas and Arizona. The fund’s current portfolio is valued at $1.3 billion.
Considering the size and structure of this fund, the firm was able to fully purchase assets on its own. Three of the 14 properties in the current portfolio were acquired with full ownership, which is a new strategy for CARROLL. The spokesperson told MHN that fully-owned deals give CARROLL more flexibility with the asset when it comes to sourcing opportunities, property management and exiting the asset.
DOUBLE THE FUNDS RAISED
CARROLL’s seventh fund will focus on acquiring multifamily assets across the Sun Belt region with $5.5 billion in total buying power. The fund will follow the firm’s investment strategy of acquiring value-add and core-plus communities. While not part of the seventh fund, CARROLL followed that same strategy when it acquired a 592-unit community in Doraville, Ga., with the help of a $85.3 million loan.
According to CARROLL, this fund closed at more than double the funds raised compared to its previous investment vehicle, Carroll Multifamily Venture VI L.P. The firm’s sixth fund closed in 2019 at $125 million raised.
