National real estate investment firm CARROLL has announced the final closing of its seventh investment vehicle, Carroll Multifamily Venture VII, which will support expanded portfolio growth in the Sun Belt. The fund, which has raised over $340 million in capital between institutional investor closings in July 2022 and December 2021, will target multifamily communities in line with the firm’s value-add and core-plus investment strategy with $5.5 billion in total buying power.
Carroll Multifamily Venture VII is more than double the size of the firm’s prior investment vehicle, which closed at $125 million in 2019. According to CARROLL, the increased commitment comes after a record year in transaction activity and represents new investment opportunities.
In addition to purchasing multifamily communities through joint-venture partnerships, the size and structure of the investment vehicle will allow the firm to fully acquire assets on its own.
To date, the fund has acquired 14 properties valued at $1.3 billion in Arizona, Florida, Georgia, North Carolina, and Texas. Three of the 14 deals were acquired at 100% ownership, which is a new strategy for Atlanta-based CARROLL.
“The launch of our latest fund vehicle demonstrates the growth of CARROLL’s footprint in capital markets and the strong investor appetite in the multifamily sector,” said founder and CEO Patrick Carroll. “I am excited about the evolution of our organization and the foundation that these fund vehicles provide in support of our investment strategy.”
According to CARROLL, the rapid ascent of its real estate fund platform has been led by newly hired senior managing director of capital markets and investments Rob Lester and senior vice president of investor relations Stefanie Bertcher.
“This fundraise reflects investors’ confidence in the quality of our platform and reinforces our ability to generate investment performance,” said Lester. “We are grateful for their strong support, many of whom have invested with us across multiple funds.”
The closing of the fund comes on the heels of an activity report for the first half of 2022 announcing $2.6 billion in total transaction volume, the addition of a new market, as well as five new hires to bolster the firm’s executive leadership team.