Hanna Capital, the investment company controlled by Frank Hanna III and David Hanna, has made a long-term strategic investment in Carroll Organization. Carroll Organization has completed over $400 million of multifamily acquisitions within the past 18 months, and expects to pass the half-billion dollar mark by the end of the second quarter.
Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, announced that Hanna Capital, LLC (Hanna Capital), the investment company controlled by Frank Hanna, III, and David Hanna, has made a long-term strategic investment in Carroll Organization’s future growth. With their equity stake, the principals of Hanna Capital seek to further enhance Carroll Organization’s capitalization and investment firepower, and to work closely with its senior management team to offer strategic advice regarding expansion of Carroll Organization’s vertically-integrated platform.
The announcement was made on behalf of Carroll Organization by M. Patrick Carroll, Founder and Chief Executive Officer, and Darren W. DeVore, Principal.
“In a very short time, Pat Carroll has built an outstanding real estate investment company with a strategy that is both disciplined and entrepreneurial, and a thoroughly professional team to execute on a business plan that creates long-term value,” said Frank Hanna, III. “Our investment is an endorsement of the Carroll Organization’s potential for even greater achievements, and we look forward to a fruitful partnership.”
“I’m extremely pleased that astute investors like Frank and David Hanna believe in what we’ve built and what we intend to do as multifamily real estate investors in the future,” said Mr. Carroll. “We are poised to expand our acquisitions of institutional-quality rental apartments in those U.S. markets that show strong job growth and favorable demographic trends, while continuing to develop our internal infrastructure and operational capabilities. This new financial and personal commitment from the Hannas is the best kind of boost we could ask for, at the best possible time.”
Carroll Organization has completed over $400 million of multifamily acquisitions within the past 18 months, and expects to pass the half-billion dollar mark by the end of the second quarter. The company sources many of its deals “off-market” directly from developers, but has also become known within the brokerage community as a go-to buyer that performs.
At the same time, Carroll Organization is engaging in extensive planning to fine-tune its business plan and develop the best possible platform. In coordination with Mr. Carroll, Mr. DeVore is applying his extensive past experience in investment management to broaden Carroll Organization’s investor relationships while also improving operations and team coordination.
“We intend to capitalize on increasing demand among institutional investors in the multi-family sector and grow quickly, but thoughtfully,” Mr. DeVore said. “Carroll Organization started out as an entrepreneurial business, and we don’t want to lose the drive and spirit associated with that. However we are finding ways to harness that power within a structure that will ultimately provide the best results for our investors.”
Mr. DeVore is a seasoned investment professional who previously held senior positions at Artisan Partners, an independent investment management firm focused on providing high value-added, active investment strategies on a global basis, and PIMCO, one of the largest fixed income managers in the world. At Artisan, Mr. DeVore was one of the architects of Artisan’s explosive growth from startup to leading global investment manager.
About Carroll Organization:
Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily property, including acquisitions, property and asset management services, and fund management. The firm has raised over $200 million of equity through Carroll Organization-sponsored funds and joint ventures, and its current investment portfolio is valued in excess of $450 million. Carroll Organization’s regional offices are located in Houston, Austin, Charlotte, Tampa and Miami. Today, the company manages over 14,000 multi-family units in 10 states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen millions of dollars in construction management for both our owned and fee managed portfolios. This strategy of vertical integration creates exceptional returns for investors and joint venture partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite and close transactions.
About Hanna Capital:
For over two decades, Hanna Capital has engaged in private equity and venture capital investing. During that time and through its various affiliates, Hanna Capital has underwritten over $20 billion in receivables and raised over $600 million, investing the latter in the following areas: consumer lending, health care insurance, cellular payment processing, auto finance, cloud computing, real estate management, bond trading, media distribution, architected materials, predictive algorithms, microelectronics, nutraceuticals, and investment brokerage.
SOURCE Carroll Organization