About Our Firm

RMR Residential is a part of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is strengthened by over 1,100 real estate professionals in more than 35 offices nationwide who manage over $41 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of real estate strategies across its clients.

RMR Residential’s investment strategy utilizes our in-house capabilities to unlock value in properties that we believe to be underperforming and undervalued.

Through proactive management, redevelopment, and specific submarket selection, we aim to generate attractive, risk-adjusted returns. RMR Residential has made a conscious effort to become institutional in our execution, reporting, and communications with our partners; while maintaining the mindset of an entrepreneur. We study trends, make quick, thoughtful decisions, and continually recruit and hire what we feel are the brightest minds in the business.

Core/Core+

Investments in stabilized properties located in defensible markets with predictable cash flow

Value-Add

Investments in properties with potential for increased value by making physical and operational improvements

Divergent Strategies

When industry giants start drifting toward a trend, the herd mentality typically follows, leaving a void in other areas. This is where we thrive.

True Alignment

Not only do we seek to create returns in the business for our partners, we also invest alongside them.

Relentless Pursuit of Results

Our culture is defined by its people, those who personify “Boundless Ambition” and have an endless thirst for seeking success.

Industry-Leading Platform

We’ve built an investment and operational platform disrupting the industry by applying knowledge and best practices from multiple industries.

Ready to start your career with a company that has been voted one of the Best Places to Work? We seek to hire dedicated professionals in each market and create a culture of learning that is built to help you never stop growing.

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RMR Residential 2004 – 2023

A New Era

On December 19, 2023, RMR Residential was acquired by The RMR Group (Nasdaq: RMR).

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$3.4B in Transaction Volume

Under our value-add strategy, we acquired 14 properties with a total purchase price of $1.3 billion, representing nearly 5,000 units across five high-growth Sun Belt states – bringing our inception-to-date acquisition volume to $12.1 billion and nearly 74,000 units. We exited 23 properties with a total sales price of $2.2 billion.

RMR Residential raised $343 million of equity with the closing of our latest fund vehicle, Carroll Multifamily Venture VII, more than double of size of our previous vehicle.

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A Record Year

After a year in 2020 that was defined by transitions, 2021 was a record year in transaction activity for the Firm – achieving the highest yearly transaction volume in RMR Residential’s history. In 2021, we had a strategic focus on the Sun Belt region – including Western markets – providing us a forward position in those markets, while our asset management approach helped facilitate consistent returns and proceeds for our investors throughout the year. Our property management team produced resilient rent collections on top of record highs in occupancy and notable rent growth across our portfolio.

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Success Through the Pandemic

During the COVID-19 pandemic, we achieved portfolio-wide average monthly rent collections from April through December of 95.9%, which out-performed the NHMC industry average of 94.7% for the same period thanks to the support of our best-in-class property management team and an unmatched platform of services. We also acquired 5 properties and exited 10 with a total transaction value of 860MM. We ended 2020 with a stable and diversified portfolio of ~30,000 units valued at over $5.4b.

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Another Successful Year

RMR Residential raised another $350M through RMR Residential-sponsored funds, joint venture partnerships, and separate accounts, bringing total equity invested by RMR Residential and its partners to more than $2.7B.

RMR Residential acquired 17 properties, totaling ~5,100 units in six high-growth states (GA, FL, NC, TN, CO, TX). The total value of these properties was $1B. Additionally, RMR Residential successfully exited 18 properties, totaling ~6,000 units. The total value of these sales is ~$1B. The sale of Savannah Lakes ranked as “The Real Deal’s” largest sale in South Florida in April.

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RMR Residential Raised $500M+

Over the course of the year, RMR Residential raised more than $516M through RMR Residential-sponsored funds, joint venture partnerships, and separate accounts.

In 2018, RMR Residential continued to grow, doubling its size in 12 months. RMR Residential acquired 27 new multifamily properties, totaling 8,359 Class A and B+ units. During this time period, RMR Residential successfully exited 20 properties across six states.

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RMR Residential Acquires 40 Multifamily Properties

For RMR Residential, 2017 was a record-breaking year. The firm more than doubled the totals raised from the previous rounds – ending with more than $560M raised in RMR Residential-sponsored funds, joint venture partnerships, and separate accounts. RMR Residential held an initial closing for “Carroll Multifamily Real Estate Fund V” in the fourth quarter of 2017.

RMR Residential acquired 40 multifamily properties, totaling 13,525 Class A and B+ units. Additionally, RMR Residential successfully exited 11 properties, ranging from Florida to Georgia.

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Successfully Raised $250M+

In the fourth quarter of 2016, RMR Residential successfully closed RMR Residential-sponsored funds, joint venture partnerships, and separate accounts, which raised more than $250M.

Throughout 2016, RMR Residential acquired 15 multifamily properties, totaling 5,015 Class A and B+ units. RMR Residential successfully exited 20 properties – across five states – in 2016, its largest single-year disposition total to date.

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RMR Residential Celebrates 10 Years

In 2015, RMR Residential celebrated its 10-year anniversary.

RMR Residential successfully closed “Carroll Multifamily Real Estate Fund III” in the third quarter of 2015, and subsequently launched “Carroll Multifamily Real Estate Fund IV” in the fourth quarter. These efforts produced $275M in equity raised through RMR Residential-sponsored funds, joint venture partnerships, and separate accounts.

These funds aided RMR Residential in acquiring 20 additional multifamily properties, totaling 6,205 Class A and B+ units. RMR Residential successfully exited Carroll at Green Trails in Houston, TX; ARIUM Trellis in Savannah, GA; and ARIUM Barber Park in Orlando, FL.

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RMR Residential Raised More Funds

In 2014, RMR Residential successfully raised $241M of equity through RMR Residential-sponsored funds, joint venture partnerships, and separate accounts. With these funds, RMR Residential acquired 15 multifamily properties, totaling 5,563 Class A and B+ units.

During this year, RMR Residential successfully exited five of its initial acquisitions: ARIUM Briar Forest in Houston, TX; Carroll at Bethesda Park in Lawrenceville, GA; ARIUM Tech Ridge in Austin, TX; ARIUM Westheimer in Houston, TX; and ARIUM Westheimer Villas in Houston, TX. Through these initial sales, RMR Residential began to solidify its place in the multifamily industry.

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Launching Carroll Multifamily Real Estate Fund III

RMR Residential closed “Carroll Co-Invest Fund II” in the second quarter of 2013, which raised $280M of equity through RMR Residential-sponsored funds, joint venture partnerships, and separate accounts.

At the conclusion of this fund, RMR Residential successfully launched “Carroll Multifamily Real Estate Fund III.” which enabled RMR Residential to acquire 22 multifamily properties, totaling 8,393 Class A and B+ units.

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The Beginnings of Fund I and II

RMR Residential successfully closed “Carroll Co-Invest Fund I” in the first quarter of 2012. With the momentum from the first round of funding, RMR Residential launched “Carroll Co-Invest Fund II” in the second quarter of 2012.

Over the course of the year, RMR Residential raised $74M in equity through RMR Residential sponsored funds, joint venture partnerships, and separate accounts. RMR Residential continued to grow, acquiring eight multifamily properties, totaling 2,600 Class A and B+ units.

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Launched Carroll Co-Invest Fund I

In the second quarter of 2011, RMR Residential launched its first fund: “Carroll Co-Invest Fund I” – marking a new phase of growth. RMR Residential acquired four multifamily properties, which added 450 Class A and B units to the portfolio. From the get-go, RMR Residential set out to be a multifamily business that set itself apart from the competition in practice and values.

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RMR Residential Acquires Several Property Management Companies

RMR Residential acquired three property management companies: Affordable Realty Management in Alpharetta, GA; Hediger Enterprise in Greenville, SC; and Miles Properties Management Company in Atlanta, GA. Simultaneously, RMR Residential remained intent on showing the market that the growing company was going to be a dominant force in the industry.

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RMR Residential Celebrates 5 Years

Every piece of the puzzle – from loans to equity to strategy – needed to fit perfectly or the Firm risked an early defeat. But five years into the endeavor, RMR Residential, strong as ever, pushed forward.

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First Successful Sale of Multifamily and Retail Assets

As RMR Residential’s fourth year was coming to a close, the Firm looked to yield a return on its development, and successfully sold parts of its multifamily and retail portfolio.

Collectively, in the first few years, RMR Residential successfully purchased, developed, managed, and sold multifamily and retail assets. RMR Residential was quickly proving to be a viable player in the multifamily and retail space.

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Expanding the Footprint in Boone, NC

In RMR Residential’s third year, the firm developed in Boone, North Carolina. RMR Residential developed a mixed-use community that was student housing and 20,000 sq. ft. of retail space. In addition to this asset, RMR Residential developed a student housing multifamily community, also in Boone, NC. In 2007, RMR Residential marked its early success with the development of a new logo.

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Early Stages of RMR Residential Growth

RMR Residential continued to experience steady growth in its second full year.

During this time, the Firm expanded its footprint in the Southeast through North Carolina, Georgia, and South Carolina. In the early days, RMR Residential focused primarily on developing villas, multiple infill residential developments, and a retail shopping center.

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Beginning to Develop Residential Communities

RMR Residential dove headfirst into the industry, unwilling to consider failure as an option.

As a start, RMR Residential began developing villas in Highlands, NC, multiple infill residential developments in Atlanta, GA, and residential developments in Greenville, SC. The Firm also developed a retail shopping center in Greenville, SC.

With blind ambition, RMR Residential moved forward confidently to build a large, profitable, organization – buying and selling both multifamily and retail assets in Georgia, North Carolina, and South Carolina.

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The Beginning

The Firm was founded by M. Patrick Carroll in 2004 with initial investments in Georgia and Florida.

At just 24 years old, Patrick Carroll quit his job as a clothing rep with a dream of building a new real estate company from the ground up. Carroll had lived in Atlanta for four years and had grown accustomed to the nuances of growing a business, traveling, and meeting many individuals who would soon help his budding dream become a reality. With a name big enough to match his ambition, RMR Residential was born.

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