The Carroll Organization has received its first sizeable separate account mandate, PERE has learned. Sources have confirmed that the Atlanta-based multifamily specialist has formed a $100 million separate account with an undisclosed institution to invest in Class A and B+ multifamily real estate throughout the Southeast and mid-Atlantic regions within the US.
Through this investment vehicle, the Carroll Organization expects to acquire and manage value-added and core-plus real estate investments. Officials at the firm declined to comment.
This separate account is the largest vehicle the Carroll Organization has managed on behalf of institutional capital. In December, the firm closed on $30 million in equity for Carroll Fund II and its sidecar vehicle. For its first fund in late 2011, Carroll garnered a little more than $50 million in equity commitments.
This investment mandate immediately follows news of the Carroll Organization receiving an investment from private equity and venture capital firm Hanna Capital to help grow its footprint and accelerate its growth. Hanna’s investment, which garnered it a 10 percent stake in the firm, is not connected to this separate account vehicle.
To read more on the Carroll Organization and its new investment mandate, see this month’s PERE Magazine.