PRESS RELEASE: Carroll Organization Enhances Asset Management Division Following $900M of Acquisitions in 2013

Atlanta, GA – Following the acquisition of over $900 million of multifamily properties in growth markets throughout Texas, Florida, Georgia, South Carolina, and Tennessee over the first ten months of 2013, the Carroll Organization is now selectively expanding its Asset Management division.  In addition to updating internal processes for oversight and control of capital improvement budgets and other costs, and enhancing research to stay on top of rental trends in the relevant markets, Carroll is expanding its asset management team to deepen its bench of talent.  Michael Brent Payne, formerly of Prudential Real Estate Investors, recently joined Carroll Organization as an asset manager and will be responsible for the company’s 10,000-unit multifamily portfolio. Pat Carroll, Founder & CEO of Carroll Organization, made the announcement.

“Our team has been extremely successful in sourcing and closing great value-add acquisitions this year,” Mr. Carroll said.  “Asset management is a strong suit for us and we are carefully growing that part of our business in keeping with our acquisition volume.  Our expectation is for each property to perform in accordance with its business plan, and the focus on asset management enables us to meet and exceed that expectation.”

“Michael has significant asset management and operations experience in the multifamily industry, and we are excited that he has chosen to bring his knowledge and talent to Carroll,” said Josh Champion, President-Investments for the Carroll Organization.

Mr. Payne will work closely with Mr. Champion, as well as Carroll Organization’s head of property management Linda Masterson, in directly overseeing the performance of the company’s assets.  Prior to joining the Carroll Organization, Mr. Payne served as an Investment Analyst for Prudential Real Estate Investors’ Asset Management Division.  At PREI, Mr. Payne oversaw a national portfolio consisting of 25 Class A multifamily properties valued at approximately $2 billion.  In addition, he successfully completed property transactions valued at $1.4 billion and provided oversight on monthly asset management reporting.

Mr. Payne earned a Bachelor of Business Administration in Accounting from Kennesaw State University, Michael J. Coles College of Business.