Stars to Watch 2014: Patrick Carroll
- Dec 13, 2013
Founder & CEO, Carroll Organization
Memorable Achievements: Seeking to establish the Carroll Organization’s operational capabilities, Carroll purchased the Alpharetta, Ga.-based Affordable Realty Management in 2009. In 2010, he purchased Hediger Enterprise of Greenville, S.C., and Miles Properties of Atlanta. “I was a one-man developer trying to build an operational platform that would allow us to become vertically integrated,” he said.
Last year, the Carroll Organization closed on a banner $1 billion in acquisitions, purchasing properties in Texas, Florida, Georgia, South Carolina and Tennessee. Among its purchases were The Resort at Pembroke Pines in Miami for $225 million (the largest acquisition in the market at the time), Chattahoochee Landing and Abbey at East Cobb in Atlanta, and more than $300 million in major transactions in Fort Lauderdale, Houston and Jacksonville. It also made other acquisitions in Jacksonville, Orlando and Savannah, while its total purchases in Houston came to more than $250 million.
“They have a very large property and construction management (team of people) that are extremely talented,” said Chris Westfahl, managing director of Silverpeak Real Estate Partners, a co-investor in Carroll Organization’s transactions. “They have delivered above budget on all the deals they have done as far as rent increases.”
Best Advice Received: Be patient.
Secrets to Success: Great partners and employees. “We have picked not only great sources of capital who have been in the market much longer than us but also great sources of advice.”
Greatest Challenges: Competing with the “old timers” who have been around a long time, although the company’s track record of closing earns it credibility with sellers and capital partners. A personal challenge for Carroll is being patient, he says. “My vision will take a while to unfold.”
Advice to Others: Find good partners. Find a niche and try to become an expert in that niche.
What Others Say About Him: “Often, real estate people have a ‘know it all’ attitude, but Pat is always soliciting advice, and he implements that advice, which is the sign of a great leader,” said Mark Walsh, managing director of Silver Peak Real Estate Partners.