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- Well Known Apartment Investor Is Parting Ways With A $7B Portfolio For Pennies On the Dollar
Well Known Apartment Investor Is Parting Ways With A $7B Portfolio For Pennies On the Dollar
Atlanta Based Entrepreneur and Real Estate Investor Patrick Carroll Is Selling His 28,000-Unit Multifamily Portfolio to Boston Based RMR Group for Only $80M In Cash
Michael Campbell
06 Aug
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Atlanta Based Entrepreneur and Real Estate Investor Patrick Carroll Is Selling His 28,000-Unit Multifamily Portfolio to Boston Based RMR Group for Only $80M In Cash
Over the past two decades Carroll has raised nearly $4.5B in capital, and has distributed more than $5B in dividends and returns back to investors. To date the portfolio consists of 28,000 units, spread across 81 apartment buildings, valued at about $7B.
However, despite the success of Carroll’s real estate business, he’s found himself at the center of a tremendous amount of controversy over the recent months:
Court documents revealed that Carroll's ex-wife has accused him of domestic abuse; he then posted a public video of himself admitting to the allegations
On two separate occasions, he was recorded spitting on a restaurant manager and using the N-word towards employees
Carroll is facing a defamation lawsuit from his ex-wife's attorney due to various derogatory social media posts
The various incidents that have come to light lead to a handful of key executives leaving the company. Sources strongly believe that the negative publicity surrounding the negotiations forced Carroll to take a losing position on the sale.
Quick Takeaways
Patrick Carroll Admits to Domestic Abuse, and Is Filmed Carrying Out Physical Assault and Using the N-Word
RMR Group Buys 28,000 Units From Carroll for Less Than $3K per Door
On Another Note
✺ Fed Raises Rates Another .25%: As Inflation continues to hover over the 2% mark, Fed Chair Jerome Powell signals more potential rate hikes to come; stating that there’s still, “a long way to go.” — Barrons
✺ Pickleball Courts Have Become A Must-Have Amenity: The game has been ranked the fastest-growing sport in the nation 3 years in a row. — Bisnow
✺ Adam Neumann Defaults on $31M Loan: After only 2 years of payments, former WeWork Founder and CEO, Adam Neumann, has defaulted on a $31M loan that was issued for the purchase of a Downtown San Jose Commercial Building — The Real Deal
✺ Philly Fails to Force Unlicensed Air BNB Hosts Out of the City: The City of Philadelphia is struggling to contain unlicensed short-term rental hosts as the number of unregulated units surpasses 5,900. — Bisnow
✺ LA Landlord Group Is Suing the City For Freezing Rent Increases: The city of Los Angeles is being sued by the local Apartment Association for blocking regularly allowable rent increases. — Bisnow
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