M Patrick Carroll has recently ventured out of Atlanta in an effort to build his industry presence across the nation. Through the operation of his real estate investment firm, CARROLL, M Patrick Carroll has partnered up with GFH Financial Group to buy profitable properties in Las Vegas.
Although their first joint acquisitions are in Nevada, they have their sights set on the Pacific Northwest and beyond. As their multi-year expansion strategy plays out, there’s no telling how far their reach could go. For now, they’re focusing on two multi-family communities that show great promises of excellent returns in the coming years.
A Multi-Year Expansion Strategy Leads the Way
With a multi-year expansion strategy in mind, M Patrick Carroll took his time in developing a partnership with GFH Financial Group and acquiring their first shared assets. In fact, for the last three years, he has been keeping a close eye on Las Vegas real estate, waiting to make a move.
Before they could buy any assets, they had to determine their potential for offering both short- and long-term returns, after all. Throughout this process, their focus remained on finding properties that let them use a variety of investment strategies to further their growth.
Las Vegas Real Estate Market Projected Growth
The Las Vegas real estate market as a whole shows a lot of promise for investors like M Patrick Carroll. Overall, the occupancy rates sit at around 96% even though the difficulties of 2020. Furthermore, 90% of renters continued to pay their rent on time and in full during that time period.
Beyond that, the rental rates continue to grow as the city gets more and more popular with renters from all walks of life. In just ten years, the local population grew by 300,000 and rents have been increasing in kind. In just the past 12 months, rental rates have gone up over 21% and there’s no end in sight.
All those desirable figures have caught the attention of investment groups worldwide, resulting in more than $140 billion invested in multi-family properties just in 2020 alone. CARROLL and GFH Financial Group definitely couldn’t ignore those stats and decided to hop on board with their own acquisitions.
Joint Venture Starts with Purchase of Two LV Apartments
Together with GFH Financial Group, CARROLL purchased two multi-family communities to the tune of $200 million. For his portion of the funds, M Patrick Carroll tapped into the Carroll Multifamily Venture VI fund.
Their first apartment acquisition is the Emerald Springs complex with 436 units. The other is The Meadows, which features 383 apartments to rent out. Both sit in attractive locations near the Las Vegas suburbs and come with many excellent amenities, like fitness centers and swimming pools. They will rebrand the apartments under their Arium name, and then potentially funnel revenues into future improvements.
In addition to directing funds back into the communities, CARROLL’s M Patrick Carroll and his partners will undoubtedly pick up even more Las Vegas properties using their earnings. So, locals can expect to see even more Arium apartments land in the listings as these companies venture forth with their expansion plans.