The RMR Group has entered into an agreement to acquire CARROLL, a multifamily platform, in an all-cash transaction for $80 million with potential additional earnout consideration of up to $20 million based on future capital deployment. This acquisition allows RMR to enter the multifamily sector and expands its private capital business, adding approximately $7 billion in assets under management and over 20 institutional partner relationships.
CARROLL provides asset and property management services to 81 multifamily properties with over 28,000 units primarily located in Sunbelt markets. The transaction is expected be immediately accretive to earnings according Adam Portnoy , president & chief executive officer of The RMR Group who stated “We are excited about this strategic acquisition which will further diversify and expand the reach of our company while augmenting our already considerable scale with differentiated operational expertise within a favored commercial real estate sector”
