M Patrick Carroll advises real estate developers and investors to be responsive to a dramatic shift in demand for residential multifamily homes. The shifts reflect a growing interest in suburban living as the COVID-19 pandemic continues to shape markets across the United States.

Real estate tycoon M Patrick Carroll provided those insights as he announced strong results in the second quarter of 2021 for CARROLL, the real estate investment firm he founded and serves today as chief executive officer.

Seek Suburban Amenities, Carroll Urges Real Estate Investors

M Patrick Carroll notes that the shift towards suburban living is a reversal from that of a dozen years ago. As the country recovered from the Great Recession, Carroll noted many people were drawn to urban living, attracted to the convenience that metropolitan spaces provided, the proximity to major employers, and the abundance of restaurants, entertainment options, and cultural amenities.

COVID-19 has changed all of that. As employees increasingly are able to work from home and urban areas have seen spikes in positive cases, hospitalizations and deaths, many are opting for suburban spaces. The suburbs also offer convenient dining and entertainment, while offering less dense living at a time when being in close quarters is not always welcome.

M Patrick Carroll predicts that this relocation to the suburbs is likely to last for at least a couple more years.

For investors and developers, that means looking at properties that provide those same amenities residents were looking for a decade ago, along with some new needs for modern living.

Apartment owners and developers should consider locations that have easy access to major employer destinations, highways, and vibrant restaurants and recreational options. The units they offer should include in-home dedicated office space to allow for remote workers to work privately.

Apartments and complexes also need reliable Internet connectivity and wireless networks both in units and in common areas such as clubhouses, pool areas, business centers, and lobbies. Areas, where residents can walk a pandemic-purchased dog or play with children, are also attractive options.

Successful Apartment Sales Drive Q2 Results

Carroll personally managed the sale of two garden-style, gated complexes in the Atlanta metro area to highlight the strong quarter. Both feature access to Atlanta’s highway network, desirable employer hubs, and solid schools.

The first, ARIUM Station 29 in Tucker, Georgia, features 217 apartment units on the eastern edge of Northlake, a high-growth submarket for offices with 19.5 million square feet of space. It’s close to I-285, I-75, and I-85.

ARIUM Dunwoody is a 227-unit complex in Dunwoody, Georgia, on the inside of I-285 and has quick access to GA-400. It’s also just two miles from Central Perimeter, known as Atlanta’s largest office submarket.

In both complexes, which Carroll owned for two-and-a-half years, the company completed value-added improvements to the interiors and exteriors.

About M Patrick Carroll and CARROLL

M Patrick Carroll founded CARROLL in 2004. The company has acquired more than $2.7 billion in equity and developed, purchased or sold more than $12 billion in aggregate real estate.

In both complexes, which Carroll owned for two-and-a-half years, the company completed value-added improvements to the interiors and exteriors.