ATLANTA—Hanna Capital is betting in the Carroll Organization. Hanna just made a long-term strategic investment in the privately-held real estate company’s future growth. Financial terms of Hanna’s equity stake were not disclosed.
Hanna principals Frank Hanna III and David Hanna have committed to beef up Carroll’s capitalization and investment fire power. The Hannas will work closely with Carroll’s senior management team, founder and CEO M. Patrick Carroll and principal Darren W. DeVore, to offer strategic advice about expanding the firm’s vertically integrated platform.
“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,” says Frank Hanna. “Our investment is an endorsement of the Carroll Organization’s potential for even greater achievements, and we look forward to a fruitful partnership.”
Carroll has completed more than $400 million of multifamily acquisitions over the past 18 months and expects to pass the $500 million mark by the end of the second quarter. The company sources many of its deals “off-market” directly from developers and has become known within the brokerage community as a go-to buyer that performs.
“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,” Carroll says. “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 is engaging in extensive planning to fine-tune its business plan and develop the best possible platform. Specifically, Carroll and DeVore are working to broaden the firm’s investor relationships and improve operations and team coordination.
“We intend to capitalize on increasing demand among institutional investors in the multi-family sector and grow quickly, but thoughtfully,” says DeVore. “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.”