A man who built a $7.4 billion apartment building empire, developer and multifamily investor M. Patrick Carroll has been on a wild ride in recent years.
Back in 2019, he faced arrest, lawsuits, restraining orders and a messy divorce from ex-wife Lindsey Truex.
In February 2022, Carroll moved to Miami Beach, where he paid $16.4 million for an 8,000-square-foot lakeside home for himself and girlfriend, model Alina Bykova.
Since then, he has found himself in more trouble in the new city.
Just last month, real deal First reported the incident, captured on security video, in which Carroll allegedly spat at the Miami restaurant manager. He denied the assault and claimed the manager was trying to provoke a confrontation.
Carroll declined to be interviewed for this story. Instead, a spokesman sent a text message containing a boilerplate statement from his attorney, Duncan Levine.
“Mr. Carroll is a highly successful self-made businessman whose companies bring in millions of dollars each year,” Levine wrote. “As a well-known philanthropist, he donated his hard-earned millions to charity.”
Except UNICEF.in a Page Six Interview In January, Carroll said he would recoup a $1.5 million donation to a world-renowned children’s charity after his bank “flagged the recipient as a fraudulent organization” and that his “charitable funds were best spent.” In other places”.
But as he faces a personal storm, Carroll is preparing for his biggest move yet: finding a buyer for his Atlanta-based company, the Carroll Organization, which has amassed nearly 30,000 units across the Southeast and Southwest.
“It’s something he’s been flirting with for a while,” said Henry Stimler, a debt broker at Newmark. “He wanted to test the market to see if he could get the numbers he wanted. Market Talk and tell him what it’s worth.”
Last year, Stimler said, he brokered more than $500 million in financing for Carroll. “Pat isn’t buying as aggressively now,” Stimler said. “Before this year, he made a lot of acquisitions. Now that the market is on hold, it would be wise to explore selling the entire company.”
Stimler refuses to get involved in the personal aspects of his clients’ lives.
Success aside, it’s hard to ignore Carol’s dark side. His controversy paints a portrait of a shrewd, self-made businessman prone to eruptions of violence and confrontation.
Levine, however, has a different opinion of Carroll.
“He built a huge real estate empire from nothing, and now he spends his time helping those in need, especially disadvantaged children,” Levine said in the statement. “That’s what he chooses to do with his time, not in Tried out in the media over stale, repetitive and absurd allegations.”
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His success and love of fine things are on full display on Instagram. He has more than 1 million followers on the platform, where he posts lavish parties at his new residence, doting on his three sons and ostentatious glimpses of his courtside seat with the Miami Heat. The tycoon also retweeted TV interviews and self-promotional clips of his philanthropic work, such as donating sneakers to the Boys and Girls Club.
Over the past two decades, Carol has grown from a small business selling homes and developing small residential projects to being the owner of a well-run multifamily business group. Over its 19 years in business, the company has raised $4.4 billion in equity while buying, developing and selling more than $20 billion in real estate, according to the company’s 2022 annual report. Carroll has also brought in some strong equity partners in some deals.
In 2019, his firm, along with New York-based commercial real estate debt and equity capital firm PCCP, purchased a 400-unit apartment complex in Sunrise, Florida, for $87 million.
Carroll also worked with global investment manager PGIM on the acquisition of $2 billion in multifamily residential projects comprising approximately 15,000 apartments in Florida, North Carolina, Tennessee, Texas and South Carolina.
Last year, his firm bought 14 properties for a total of $1.3 billion, sold 23 projects for $2.2 billion and raised $343 million in equity, the firm’s 2022 annual report said. In his CEO letter, Carroll wrote that his company “demonstrated its ability to navigate a challenging economic environment.”
Unscrupulous
On October 30, 2021, three days after a family court judge in Hillsborough County, Florida, delivered his final judgment and approved a divorce-marriage settlement, Carroll sent an email expressing his respect for former attorney Michael · Lundy (Michael Lundy) hostility-wife.
“I am very grateful for this opportunity to expose you, your disgusting partner McLundy and the law firm you work for,” Carroll wrote. “I have proof that you used illegal tapes (which is a crime), Mikey is actually in the closet, he’s wearing a nice scarf, he’s fat, etc.”
Carroll claimed he “due to [Lundy]…in very public documents. ”
Truex and Lundy declined to comment.
The email is one of several pieces of evidence in a defamation lawsuit Lundy filed against Carroll in 2021 that documents his ongoing sordid story with his ex-spouse and their legal representatives.
Carol’s anger boiled over on Instagram, where he lashed out at Lundy and his ex-wife after filing for divorce in 2019. He posted a story with a screenshot of Lundy’s magazine profile and wrote: “Please someone read a little bit about this guy’s hormone replacement therapy. He secretes estrogen.”
Lundy’s case is still pending.
During the 2019-2020 divorce proceedings, Truex obtained a temporary domestic violence restraining order against him, court records show. Carroll was required to wear an ankle monitor, which he displayed on his Instagram story. On the pic, Carroll wrote: “McLundy…you can come out. You’re safe.
At the time, Carroll was arrested twice on misdemeanor charges for allegedly violating a restraining order, according to a Tampa police report. He declined to enter a plea last year and the case was closed, court records show.
In a counterclaim to the defamation suit, Carroll accused Truex’s legal team of conspiring to extract more money from him and “encouraging prosecutors and law enforcement to pursue criminal charges and pressure Carroll’s hand.”
In court testimony last November, Carroll described Lundy as “something like a dirty, dirty criminal, you know, shady.” According to excerpts from the testimony, Carroll believed that Lundy “participated in the illegal recording.”
He had reason to be skeptical. In October 2021, the pseudonym “Bill Lumpkin” from Orlando, Florida, registered the website realpatrickcarroll.com, according to a lawsuit filed in Miami-Dade Circuit Court in January.
According to the site, the crude site featured “clusters of low-quality images” and a “gorgeous bright red banner at the top”. daily beastchronicling Carroll’s contentious divorce and other allegedly insane events.
But court documents show that the most important elements of the site are an audio clip and a transcript detailing a 2019 call between Carroll and Lindsay, in which he allegedly admitted to two incidents of domestic violence.
In his lawsuit, Carroll says the recordings are genuine and were made without his knowledge or consent, in violation of Florida law. The filing said the defendants were not identified.
In February, Judge Miami-Dade granted Carroll a temporary injunction ordering the site’s shutdown.
Most recently, Truex filed a motion for contempt of Carroll last month. He responded with a motion to amend the divorce agreement. In court documents, Carroll claimed his ex-wife was unfit to be their son’s guardian, pointing to videos of her allegedly having sex in their backyard, The Daily Beast reported.
Earlier this year, Carroll posted a screenshot of the alleged tryst on Instagram, writing, “This is my son’s white trash mother…keep taking me to court for $$$.” real deal Obtained a copy of the screenshot.
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With chaos swirling around him, Carroll is seeking an exit strategy from his eponymous company. The Carroll Organization hired investment bank UBS to explore a partial or full sale of the company, Bisnow said.
“The most likely buyers are large REIT owners using third-party property management,” Newmark’s Stimler said. “They will inherit Carroll’s property management company, which can take over their existing properties while acquiring a company with a large portfolio.”
Compared with when the multifamily housing industry was red-hot a few years ago, with rising interest rates and more difficult access to capital markets, landlords are still “capitalizing at unbelievable rates,” said Todd Cohen, a multifamily broker at Lee & Associates. “Sell assets.
Still, Cohen added, the buyer base for a company of Carroll’s size is limited. “There are family offices, REITs and giants like Blackstone that can play a role,” Cohen said. “But it doesn’t sound like they’re on the market [for big acquisitions]. Foreign entities may express interest. ”
In fact, Blackstone took a big step into the multifamily housing market last year when it acquired publicly traded Preferred Apartment Communities for $5.8 billion. Levine declined to discuss Carroll’s motivations for the sale, but insisted his client’s negative press had nothing to do with the company.
“So far, the reports have had absolutely no impact on Mr. Carroll’s business,” Levine said. “This frenzied obsession with digging up old court documents including false allegations about Mr Carroll’s personal life is a waste of time.”
