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Feb. 19, 2013 /PRNewswire/ -- 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.