Atlanta-based real estate holding company CARROLL Organization has just acquired The Meadows and Emerald Springs multi-family complexes in East Las Vegas, representing the company making its footsteps west and expanding its current portfolio to more than 28,000 units. Upon acquiring more than 800 units with this investment, CARROLL, under the leadership of CEO M Patrick Carroll, is rebranding the complexes with the ARIUM name. This is concurrent with updating the units and making major investments in adding and improving amenities and common areas to these developments.
Located just 20 minutes from entertainment and tourism hotspots on the Strip, the improved multi-family units are set to attract people who work on the Strip and prospective tenants who have been migrating to Las Vegas with remote jobs and digital businesses, in search of lower housing costs. With Clark County reporting a 2% population increase in 2020 despite the pandemic and the deleterious impacts, it had on the tourism sector, demand for multi-family units is starting to outpace the available supply. Young families and couples seeking larger units with more amenities than they could get in comparable West Coast cities, while the tourism industry is snapping back. The former is likely to continue relocating to Las Vegas now that vacancy rates are decreasing in America’s major cities overall as more people return to offices and other nonessential jobs.
M Patrick Carroll, the founder of CARROLL, saw an opportunity in Las Vegas that the company couldn’t afford to miss. Having overseen more than $13 billion of real estate transactions throughout this career, Carroll sees massive potential in the Las Vegas rental market as CARROLL continues their westward expansion. Rife with short-term opportunities like the pandemic-induced remote worker cohort and tourism employees getting their jobs back, the city also spells a great deal of long-term potential as well. With its reputation as a business-friendly state, Nevada continues to attract the mobile entrepreneur set and “digital nomads” who seek lower costs of living without sacrificing a cosmopolitan city full of nightlife. As more people in this cohort flock to Las Vegas, the demand will only increase for both renters and homebuyers alike.
ARIUM Emerald Springs has 436 units and ARIUM Meadows 383, and CARROLL is using their success with the 295-unit multi-family development Tortuga Pointe by ARIUM in St. Petersburg, Florida as an example to replicate in Las Vegas.
“The Tampa-St. Petersburg MSA [metropolitan statistical area] has performed exceptionally well throughout the pandemic and is poised to continue its position as one of the nation’s leaders in both population and job growth,” real estate expert M Patrick Carroll stated in reference to why CARROLL chose to invest in Tampa area properties. “Tortuga Pointe’s central and highly visible location on Gandy Boulevard provides residents with convenient access to all of the metro’s largest employment, retail, and entertainment centers. We are thrilled to add another great asset to our portfolio in the dynamic Tampa market.”
With both new ARIUM properties situated right off of Nellis Boulevard in East Las Vegas, extremely close to the Strip and shopping, dining, and entertainment, the acquisition easily follows the same pattern as Tortuga Pointe. A major thoroughfare and a fast-growing metropolitan region make the area riper for investment than a more remote location, or data showing that the area is experiencing a negative net migration.