{"id":1004088386,"date":"2013-12-13T00:38:39","date_gmt":"2013-12-13T08:38:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004088386"},"modified":"2022-12-02T09:39:18","modified_gmt":"2022-12-02T17:39:18","slug":"stars-to-watch-2014-patrick-carroll","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stars-to-watch-2014-patrick-carroll\/","title":{"rendered":"Stars to Watch 2014: Patrick Carroll"},"content":{"rendered":"

Founder & CEO, Carroll Organization<\/strong><\/p>\n

Memorable Achievements:\u00a0<\/em>Seeking to establish the Carroll Organization\u2019s 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. \u201cI was a one-man developer trying to build an operational platform that would allow us to become vertically integrated,\u201d he said.<\/p>\n

Last year, the Carroll Organization closed on a banner $1 billion in acquisitions, purchasing\u00a0properties 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\u00a0more than $250 million.<\/p>\n

\u201cThey have a very large property and construction management (team of people) that are extremely talented,\u201d said Chris Westfahl, managing director of Silverpeak Real Estate Partners, a co-investor in Carroll Organization\u2019s transactions. \u201cThey have delivered above budget on all the deals they have done as far as rent increases.\u201d<\/p>\n

Best Advice Received:<\/em> Be patient.<\/p>\n

Secrets to Success:<\/em>\u00a0Great partners and employees. \u201cWe have picked not only great sources of capital who have been in the market much longer than us but also great sources of advice.\u201d<\/p>\n

Greatest Challenges:<\/em> Competing with the “old timers” who have been around a long time, although the company\u2019s track record of closing earns it credibility with sellers and capital partners. A personal challenge for Carroll is being patient, he says. \u201cMy vision will take a while to unfold.\u201d<\/p>\n

Advice to Others:<\/em> Find good partners. Find a niche and try to become an expert in that niche.<\/p>\n

What Others Say About Him:\u00a0<\/em>\u201cOften, real estate people have a \u2018know it all\u2019 attitude, but Pat is always soliciting advice, and he implements that advice, which is the sign of a great leader,\u201d said Mark Walsh, managing director of Silver Peak Real Estate Partners.<\/p>\n","protected":false},"excerpt":{"rendered":"

Founder & CEO, Carroll Organization Memorable Achievements:\u00a0Seeking to establish the Carroll Organization\u2019s operational capabilities, Carroll purchased the Alpharetta, Ga.-based Affordable Realty Management in 2009. 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