The RMR Group has completed its acquisition of MPC Partnership Holdings LLC, doing business as Carroll, for $80 million in cash.
Headquartered in Atlanta, Carroll is a residential firm that provides services to 81 multifamily properties with more than 28,000 units, mostly located in the Sunbelt, and approximately $7 billion in assets under management, according to a press release.
The RMR Group is an alternative asset management company based in Massachusetts, with a focus on commercial real estate.
Before the deal, multifamily real estate is the only area in which The RMR Group did not have a significant presence.
“We are excited to announce the strategic acquisition of CARROLL, a leading vertically integrated multifamily housing platform,” Adam Portnoy, president and CEO of The RMR Group, said in a statement. “This transaction will further diversify and expand the reach of RMR, augmenting RMR’s already considerable scale with differentiated operational expertise in a favored commercial real estate sector. Importantly, the CARROLL platform is uniquely positioned to continue benefitting from favorable demographic tailwinds in high-growth Sunbelt markets.”
According to the press release, the $80 million sale also has “the potential for incremental earnout consideration up to $20 million based on the deployment of the remaining capital commitments of the existing Carroll investment funds.”
