Two recent deals highlight M Patrick Carroll’s continued commitment to the multifamily housing sector as a profitable real estate investment option.
In September 2021, M Patrick Carroll closed on the Ariza Forest View property, a 283-unit complex in Santa Rosa Beach, Florida. The deal was facilitated by the company’s institutional funding branch, Carroll Multifamily Venture VI, LP.
The garden-style property, built in 2020, is now known as ARIUM Santa Rosa Beach. Its location is between Destin and Panama City Beach, offering access to some of Florida’s prettiest beaches and popular tourist sites.
Already, ARIUM Santa Rosa Beach is seeing rent growth and strong occupancy rates.
Florida has long been a key location for M Patrick Carroll. Since its launch, CARROLL has closed on 64 transactions for a total of 24,000 units. The most recent purchase brings CARROLL’s current presence in Florida to more than 8,500 units.
CARROLL Closes Management Deal
Third-party management continues to be a growing component of CARROLL. In the past 12 months, CARROLL has closed on eight contracts providing management services on almost 2,500 units.
In September 2021, CARROLL closed on a deal to ask as property manager for three multifamily properties in Louisville, Kentucky. The properties, which total 996 units, include the Enclave at Breckenridge by ARIUM, Station J-Town by ARIUM, and Stonewater Park by ARIUM.
The Multifamily Housing Investment Strategy
Real estate expert M Patrick Carroll continues to believe that multifamily housing is a sound investment strategy, driven in large part by a massive migration away from cities and toward suburban locales.
The Florida acquisition is one of 17 transactions CARROLL has completed for multifamily community properties in 2021 to date. Those deals constitute 6,250 units and have a total property value of almost $1.3 billion.
The migration back to suburban multifamily properties has its roots in the 2008 Great Recession. During that time, many people were attracted to urban markets and the various amenities living in cities provided, including convenient access to employers, shopping and dining, and cultural and entertainment options.
However, the COVID-19 pandemic has seen a reversal of that trend, mostly due to the shift in those amenities to the suburbs. Today, couples, single people, parents with small families, and retirees are looking for more affordable housing options and easy access to large outdoor spaces.
These migrators are still looking for the amenities that made urban housing so popular in the past. And they’re finding that those perks are present in the suburbs.
Employers who were forced to shift to remote work models are choosing to reject large urban workspaces and adapt to the demand for permanent remote work or hybrid arrangements. Workers and businesses alike are enjoying the flexibility and cost savings provided by remote work.
Multifamily properties that deliver on the needs of remote workers are growing in popularity. Multifamily developers are equipping units with spacious floor plans that allow for a home office with space and privacy. Reliable wireless service, both in units and common areas, is increasingly in demand.
Homebuyers also want a no-maintenance living arrangement. With limited downtime, residents want to focus on families and friends rather than be bothered by home and yard maintenance.