Larry Carroll brings a strong engineering foundation with 13 years in the oil and gas industry before transitioning into multifamily real estate investing just over two years ago. He began with a joint venture on a new construction 62-unit mixed-use property and joined the Warrior Program in July 2023 to accelerate his growth and expertise.
Property Name: Sawyers Mill
Location: 501 Fuller St, Arlington, TX
Number of Units: 133 units
Value Add Status: Yes
Major Improvements Planned or Completed: $1,200,000 CapEx including upgrades to 50 units, minor roof repairs, fascia, trim, and painting. Purchase Price: $13,000,000
Estimated Monthly Rent Increase: $100 per unit
Anticipated Value After Value Add: Approximately $21.5 million at a 5.5% cap rate projected at exit in 5 years.
Broker Relationship: The property was sourced through a trusted broker connection, highlighting the value of strong industry relationships.
Total Equity Raised: $5,669,728
Method: Raised under Regulation 506(b) syndication, leveraging private investors to fund the deal.
Bridge Loan: Structured as a 5-year fixed bridge loan with 3 years interest-only payments, providing flexibility to execute value-add plans and stabilize the asset.
Comprehensive Property Upgrades: Focused on upgrading 50 units and performing essential repairs such as roof and fascia work to increase property value and tenant satisfaction.
Rent Growth: Projected $100 monthly rent increase per unit to boost cash flow and overall asset value.
Raising Capital and Seller Transparency: Larry encountered significant hurdles raising capital and dealing with an untruthful seller. Initially, Fannie Mae/Freddie Mac financing was lined up, but the seller was counting delinquencies towards occupancy, forcing a pivot to bridge financing.
Team Collaboration: Larry credits Warrior member Shawn Ricehouse for assistance on this deal and praises the program for its educational value and networking opportunities with like-minded investors.
Partner with the Right People: Larry emphasizes the importance of strong partnerships, noting that no matter how thorough the due diligence, unexpected issues often arise post-purchase.
The program has been great for educational purposes and networking with likeminded people. Thank you for all you do for the community, education, and opportunities!
Larry Carroll’s Warrior Win at Sawyers Mill demonstrates how engineering discipline, strategic mentorship, and a strong investor network can overcome challenges and unlock multifamily real estate success. With a $13 million acquisition, $1.2 million in value-add improvements, and a well-structured syndication raise, Larry is on track for strong cash-on-cash returns and long-term growth. If you’re ready to elevate your multifamily investing journey like Larry, join Rod Khleif’s Warrior Coaching Program today. Gain access to expert mentorship, proven systems, and a powerful community that will help you close more deals, raise capital, and build lasting wealth. Apply now and become the next Warrior success story!
If you hold interest in multifamily property investing, then we have numerous multi-family real estate investing courses for you under which we offer the best multifamily investing coaching. All you need to do is to enroll yourself in one or more programs and we will provide the best apartment investing coaching as we connect you with apartment investors network. So, what are you waiting for? Enroll today!
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