Atlanta-based CARROLL to Invest in Multi-Family Housing in East Las Vegas
Atlanta, Georgia-based real estate company CARROLL has acquired two large multi-family developments in Las Vegas, The Meadows, and Emerald Springs. The properties were purchased through Carroll Multifamily Venture VI LP, the company’s institutional fund vehicle under the leadership of Founder and CEO M Patrick Carroll, and they will now carry the ARIUM brand (ARIUM Emerald Springs and ARIUM Meadows).
Located just 20 minutes from the Las Vegas Strip, CARROLL has purchased two prime multi-family communities in East Las Vegas. CARROLL manages multi-family properties across eight states with most of their 28,000 residential and commercial units concentrated on the East Coast, and the latest acquisition represents a move to emerging markets out west.
Las Vegas initially took a major hit at the onset of the COVID-19 pandemic. Social distancing and curtailing of business and recreational travel resulted in the decimation of the local economy, which highly depends on tourism and entertainment. However, the pandemic created a fork in the road for Nevada’s economy. While the tourism industry suffered as vacations and business conferences were canceled and people stayed home, impacting local jobs and causing permanent and temporary business closures alike, digital entrepreneurs and remote tech employees sought new beginnings in Las Vegas.
With lower living costs compared to other West Coast cities and a business-friendly environment, Clark County attracted 40,000 new residents in 2020– long before the COVID-19 vaccines even rolled out, which then slightly reinvigorating the travel and entertainment sectors.
First Las Vegas saw a small influx of new homebuyers taking advantage of low-interest rates and lower housing prices than comparable cities. Now it faces a new cohort of renters demanding quality multi-family housing. Demand for multi-family units is vastly outstripping supply in the city, as the demand for tourism and entertainment is rising in tandem.
CARROLL’s M Patrick Carroll saw that Las Vegas presented an investment opportunity that could not be missed. With ARIUM Emerald Springs and ARIUM Meadows in such a prime location, CARROLL plans to invest in colossal renovations and upgrades to the 819 units they just acquired. Given that the tourism industry provides over 400,000 local jobs, the industry is expected to spring back to life as the pandemic wanes. As the large resorts on the Strip are seeing concerts, comedy shows, and weddings slowly return, the increase in demand has led to the return of jobs. Renters who want to be closer to new or regained jobs are apt to find their new home at ARIUM Emerald Springs or ARIUM Meadows.
With this new crop of renters split between tourism employees and remote workers with young families, real estate expert M Patrick Carroll is confident in its decision to invest in housing in Las Vegas as the city presents myriad short-term and long-term opportunities for the real estate sector.