2018 Annual Report
Carroll Organization is a leading privately-held real estate company in the United States. Learn More about Carroll.
Assets Under Management


Units Under Management


Letter from the CEO

I wanted to share with you a recap of our 2018 activity to highlight the progress we made as an organization. It is impossible to thank each employee, resident, partner, lender, supplier and everyone else that helped us achieve these exceptional results. However, please accept my sincere appreciation when I say thank you for all you do.

In a year of political uncertainty, fluctuating interest rates, overbuilding of multifamily housing in certain markets, and multiple consecutive years of rent growth, our company produced great and balanced results. We executed timely dispositions, made strategic acquisitions based on our view of the need in the marketplace, continued to improve the level of talent of our employees, and established new, strategic capital partnerships.

In summary, Carroll Organization acquired 27 properties, totaling ~9,000 units in 5 high growth states (GA, FL, NC, SC, TX) with a total value exceeding $1,400,000,000, completed the successful exit of 20 properties, totaling over $830,000,000 in sales, raised and invested $540,000,000 of equity in 2018 bringing total equity invested by Carroll Organization and our partners to over $2,200,000,000, and ended 2018 with a solid, diversified portfolio, valued at over $5,200,000,000.

Again, my sincere thanks goes out to everyone that helped us achieve such a well-balanced year. As we look forward to 2019, today our portfolio is 94% occupied with consistent growth in revenue and NOI. I believe we will have another positive year of operational performance, as well as thoughtful growth and sales.

Yours sincerely,
M. Patrick Carroll

What Makes Carroll the Best?

Pat Carroll, Founder and CEO

Investing in 2019

Josh Champion, President and Chief Investment Officer

Coming off of a year of record growth, Carroll Organization is charging into 2019 with strategic momentum. President and Chief Investment Officer, Josh Champion, breaks down our 2019 strategy in this 3-part video series.
2019 Investing Strategy - Carroll Organization
2019 Investing Strategy - Carroll Organization
2019 Investing Strategy - Carroll Organization

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Carroll Leadership

 Executive Team

m. patrick carroll
M. Patrick Carroll

M. Patrick Carroll founded Carroll Organization in 2004, and today he is focused on defining and implementing strategic plans designed to further expand Carroll’s existing platforms. 

Josh Champion

Josh oversees the day to day operations of the company’s investment platform, asset management, portfolio construction and fund management.

Jamie Lee

Jamie oversees all finance processes including financial reporting, budgeting, annual audits, financial modeling and analysis, investor transactions and investor reporting.

David Perez

David oversees the day-to-day operations side of the business, geared toward building and empowering strong teams, connecting people with processes and leveraging technology.

Andrew Zelman
Executive Vice President, Investments

Andrew is responsible for sourcing and executing new acquisition opportunities, including development of the business plan and structuring debt and equity. He is also responsible for managing the disposition process in collaboration with the asset management, operations and accounting teams.

Strategic Diversification

  • Core/Core Plus
  • Value Add

Geographic Diversification

  • Texas
  • Florida
  • North Carolina
  • South Carolina
  • Georgia
  • Tennessee
  • Alabama

2018 Activity

2018 By-the-Numbers

A year of record-breaking growth


Units Under Management

$ 830MM




$ 5.2B

Portfolio Value


Portfolio Occupancy


Same Store NOI Growth

Media Mentions

What Others Said About Carroll This Year