CARROLL Expands and Diversifies Portfolio Through Help of LCOR Partnership — News Feed
By: Michael Patrick Carroll
Tags: Partnerships, Real Estate Investments, Real Estate, Portfolio, Real Estate Development

CARROLL and LCOR are both highly respected real estate investment firms known for their expertise in recapitalization, development, and acquisitions. Through their partnership, the two companies have an opportunity to merge skills and specialties to augment everything from leverage in negotiations to overall buying power.

Michael Patrick Carroll is the CEO of the privately held company, founded in 2004, and he’s been impressed with how LCOR has managed to improve his company’s position in the market. The two organizations are using this advantage to expand and diversify their portfolios.

Successful Collaborations

It’s the Sunbelt region that the two companies have recently explored over the past year, owing largely to its sustained popularity. CARROLL has long specialized in multifamily units and Michael Patrick Carroll has tracked its demand throughout different economic periods. He’s seen that a well-managed property can maximize its revenue by selecting the right tenants.

By focusing on new developments in this area, in addition to acquisitions and recapitalization, the two organizations have strengthened their relationship and established a strong degree of trust between the teams. One of the most notable achievements was the recapitalization of Tortuga Pointe by ARIUM and ARIUM Morgan Falls. The combined transaction volume of this project was valued at $200 million.

Why the Partnership Works

CEO M. Patrick Carroll of Tampa remarked “Our partnership with LCOR works well because of our like-minded approach, strong leadership and complementary levels of expertise.” CARROLL is known for its management style while LCOR has seen success largely within the development space. The two have worked together to identify creative recap opportunities and then structured the deals to make the most of the bottom line.

This type of cooperation isn’t always smooth sailing, particularly when one leader has a difficult time ceding power in any given situation. Michael Patrick Carroll is happy to let another person take the lead, particularly if that person has already proved they have the right combination of talent and instincts. Unsurprisingly, he’s known for hiring some of the most promising talent in his industry.

Successful Projects

The two firms have managed to acquire several key properties in the South over the past year.

St. Petersburg

Tortuga Pointe is a multifamily community with 295 units in St. Petersburg. It was acquired in 2020 after evaluating the cap rate relative to recent deals in the area. This is exactly the kind of opportunity that Tampa-based Michael Patrick Carroll looks for. The Sunbelt is undoubtedly one of the most desirable places in Florida, and this was a rare combination of a high quality asset coupled with a below replacement cost.

Carroll is known for assessing all of the risks associated with each acquisition, but he doesn’t let this prevent him from taking strong and decisive action when needed. His firm is known for management because he understands the real story behind both the numbers he calculates and the people he works with.

Sandy Springs

CARROLL also partnered with LCOR for the acquisition of The Cascade at Morgan Falls and the Fountains at Morgan Falls Communities. Under this deal, the two were combined to form a single entity under one name: ARIUM Morgan Falls.

Between the two firms, more than $30 million was invested into the properties to revamp everything from their look to their functionality for residents, guests, prospective tenants, and the general public. This included an overhaul of everything from the exterior to the amenities. The firms also worked on improving the individual units to bring more people to the table. The goal was to reposition the community and align its features with the ARIUM brand.

This kind of unification has a lot to do with the public’s perception. In an acquisition like this, M. Patrick Carroll tries to establish a certain degree of harmony within the two communities, and this can be done using anything from color to signage to management policies. Both firms understand how subtle factors can have a big impact on resident reactions.

Looking Ahead

LCOR is pleased to partner with real estate entrepreneur M. Patrick Carroll because he shares the same values, and both firms look forward to a fulfilling partnership and more exciting opportunities to come. The two firms have already proved that they have what it takes to come to the same table. The professionals who make up each company feel free to speak up and share their understanding of the situation.

At every stage, M. Patrick Carroll remembers just how important his team is when it comes to making decisions and moving the company forward. He has a strong handle on how to make each real estate transaction profitable, but he’s also smart enough to rely on other experts in the field. Doing so not only fills in any gaps that he might have in the market, it also gives him a broader perspective of any deals that he might make in the future.

CARROLL’s Rise to the Top

CARROLL is headquartered in Atlanta with regional offices in Tampa, New York, Houston, and Raleigh. With more than 15 years in the market, the company has experience with everything from fund to asset management. Through both joint ventures and CARROLL-sponsored funds, the firm has raised more than $2.7 billion in equity and successfully purchased, developed, or sold more than $11.7 billion in real estate. Today, the company manages more than 30,000 multifamily units in seven states. The firm has also made deals throughout the US during its tenure.

While multifamily properties are CARROLL’s specialty, M. Patrick Carroll has also branched out into student housing, single-family residences, and retail ventures. CARROLL has overseen more than $225 million of construction management both its owned properties and fee partners. CARROLL is known for its due diligence and careful execution throughout every stage of the process. From selecting the opportunities to underwriting each aspect of the deal, every detail is accounted for.

It’s the execution strategies of Tampa’s M. Patrick Carroll that have singled him out in the property world, and he continues to perfect his approach on a daily basis. He’s long known the power of discipline when he works on billion-dollar transactions, and he’s well-versed in how property proceeds can be used to build momentum into each new project. Colleagues within the industry have learned to look to him for a more nuanced view of the market, particularly when it comes to how multifamily units are faring in the Southern states.

About M. Patrick Carroll

Tampa’s M. Patrick Carroll is both the founder and CEO of CARROLL and a celebrated philanthropist. As an industry thought leader, he’s renowned for his instincts and experience in real estate and his ability to manage complex projects with aplomb. Even at a young age, he had a vision for a real estate company that would showcase his skills and allow him to build a much larger empire. Instead of opting for a traditional secondary education route, he decided to harness his passion to become one of the youngest real estate developers in the nation.

His company has managed billions of dollars of assets, including tens of thousands of residential and commercial properties. It’s his hard work and ingenuity that have led to his individual, corporate success, and collaborative success. Carroll is known for working with the best and brightest in his field and leaning on their expertise and knowledge when need be. He’s an ambitious entrepreneur who has managed to climb the ladder while holding others up along the way.

To that end, Michael Patrick Carroll is known for his charitable work in his city. He’s a board member of the Boys and Girls Club of Tampa and an active participant in the lives of the youth who rely on the services that he helps to provide. Carroll has also donated to more than 50 charities all over the world, contributing to the health and wellness of individuals around the globe. He’s particularly concerned about early childhood development, as this is the best way to help change the course of a person’s life.

In his personal life, Carroll has three sons who he strives to be a role model for each and every day. His commitment to everyone around him is both steadfast and genuine. He’s a motivational speaker and activist who shows young people that there’s more than one way to become successful in your field. Having the drive and grit to do what it takes has been critical to his success, and he continues to derive professional and personal satisfaction from all that he’s managed to build.

Regardless of the journey a young person chooses to take, he wants to impart the importance of these values so they can enjoy the same rewards.