- Patrick Carroll is one of the most successful developers in the country – recently completing a $1 billion redevelopment project in downtown LA. Now, Mr. Carroll has joined forces with Grosvenor for a $200 million acquisition in Las Vegas. This deal will be a major step in expanding their investment portfolio to include not only national but international assets as well. With this new partnership, it’s clear that Mr. Carroll aims to continue building on his success by investing in some of the most exciting markets.
In light of their extensive business and operational experience, M Patrick Carroll will be a significant addition to GFH and will leverage his network to assist GFH’s operations. GFH has recently signed a strategic alliance with ILP (international limited partnerships) and the transaction announced today is GFH’s first step in utilizing this strategic alliance. Headquartered in Dubai, GFH is a leading diversified global asset management and finance company listed on the Dubai Financial Market (DFM). GFH is currently one of the largest financial institutions in the Middle East, owning a portfolio of stakes in financial services and other regional companies.
Las Vegas Acquisition
Carroll and his team have assembled an impressive portfolio of commercial real estate assets that are expected to generate meaningful cash flow and appreciation. Las Vegas Acquisition will consist of the Thomas S. Murphy Center in downtown Las Vegas as well as the apartment, commercial, and hotel units and an additional site of approximately one million square feet for future development. The combined property is home to six restaurants, a bar, retail shops, a coffee shop, an art gallery, a dance studio, and three office buildings. The property includes a 150-room hotel along with 53 residences. Las Vegas Acquisition’s development team consists of M Patrick Carroll as well as Aaron Mertsch, Rob Milam, Taylor Siegel, and Don Clark, who will lead Las Vegas Acquisition’s project efforts.
The international investment firm, GFH Financial Group, announced the acquisition of a portfolio of real estate assets in Las Vegas from M Patrick Carroll and his family’s company, CARROLL. The investment includes a diverse mix of development sites and completed properties that will be redeveloped to include residential and hotel components for the anticipated growth in demand in the city. With over $1 billion worth of transactions already executed by GFH since its inception, this is the largest transaction to date for the company.
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