As the founder of real estate investment firm, CARROLL, M Patrick Carroll has set out to expand their presence across the nation with new US acquisitions. Despite getting his start in the Atlanta, Georgia, area, he’s heading westward to enter the Las Vegas real estate market. Better yet, he’s not doing it alone. M Patrick Carroll’s CARROLL has partnered with GFH Financial Group to make a strong entry into this new market. Together, they hope to take advantage of the strong growth across the multi-family rental market by buying up proven properties. They’ve ventured forth into this realm with the acquisition of two apartment communities – and there are hopes of even more to come.
Real Estate Aids Their Multi-Year Expansion Strategy
By purchasing Las Vegas properties, M Patrick Carroll strives to add to his solid portfolio of over 28,000 units nationwide. Many of the units are located in the southeastern states, however, leaving a lot of room for growth. The west coast, in particular, hasn’t been tapped by CARROLL and their partners, so it just made sense to focus on growth in that area.
The decision to move into new markets largely came from the multi-year expansion strategy for the company. By diversifying in fast-moving markets, both CARROLL and GFH Financial Group can increase their revenues by leaps and bounds. They definitely took their time in identifying those markets, however, by looking over the stats for over three years before settling on Las Vegas.
Growth of Las Vegas Real Estate Market Looks Promising
Las Vegas shows great promise to real estate investors due to its continued population growth, high occupancy rates, and excellent rent payment figures. Between 2010 and 2020, for example, the total population in that area has increased by over 300,000 residents.
On top of that, rental occupancy rates sit at 96%, which is one of the highest in the country. Plus, despite all the challenges in 2020, over 90% of renters pay their rent on time and in full. When coupled with the fact that rental rates are increasing all the time – 21% in just the last year alone – it just makes sense that investors are turning their attention to Las Vegas.
In 2020, investment firms have directed more than $140 billion of their funds into the Las Vegas real estate market. To join the fray before it’s too late, M Patrick Carroll and his partners decided to put $200 million of their funds in as well through the acquisition of two apartment buildings.
Acquisition of Two Apartments Starts LV Real Estate Journey
Between their new multi-family property acquisitions, Emerald Springs and The Meadows, real estate expert M Patrick Carroll and GFH Financial Group collectively own over 800 rental units. Both of their properties sit in attractive suburban neighborhoods that give residents easy access to the city proper. They also come with football fields, swimming pools, and other top amenities, making it easy to attract and retain tenants.
As with all their multi-family acquisitions, these apartments will use the Arium branding and get new names. Even more Arium branded properties are likely to come, too, as CARROLL and GFH Financial Group achieve great success in this realm.