Carroll Properties, Inc. (“Carroll”) is a real estate development firm that specializes in residential rental properties. Carroll was organized in 1979 as a pure development company. Carroll is the successor company to a family owned real estate business – the Richard King Realtors. King Realtors was founded in Chicago in 1942. The firm operated in metropolitan Chicago until the late 1970’s.
Carroll develops multi-family, residential properties for its own account, for public syndication, and/or private placements. Historically, many of our developments made use of public funding mechanisms – FHA insurance, federal subsidies, tax exempt bonds, various housing tax credits, etc. Over the last several years, however, the focus of our company has shifted to conventionally underwritten and financed developments.
Carroll devotes considerable time and resources to the planning and detail of its developments. For example, the McGill Parc Mansion restoration required extensive materials research to match the exterior limestone elements of this historic (1893) Mansion. Carroll’s restoration of McGill’s saved this National Registry property and converted a once derelict Henry Ives Cobb Mansion into luxury condominium residents. Ten luxury town homes were constructed on McGill’s adjacent grounds. The design and extensive detail of these beautiful town homes was inspired by the original McGill Mansion.
The construction of the mid-rise Carroll Tower building presented a different array of development opportunities for the company. This development had to serve the special physical and financial needs of Senior Citizens, while presenting a design aesthetically in sync with neighboring historic properties. Carroll Tower has as a two year waiting list for apartments, which is testament to its continuing success.
Carroll continues to seek challenging, urban land fill projects. The company’s proposed Carroll Place 342-unit mixed use residential development in downtown Evanston IL will present such a challenge and an opportunity.