What Carroll Properties does

Carroll Properties, Inc. is a privately held, family-controlled real estate development firm organized in 1979 as the successor to Richard King Realtors (founded 1942), headquartered at 225 West Washington, Suite 1450, Chicago, Illinois. The firm develops multi-family residential properties — including luxury market-rate apartments, senior housing, affordable housing, and historic-property condominium conversions — for its own account and through public syndications and private placements, concentrated in metropolitan Chicago (Chicago, Evanston, St. Charles). Core products include the E2 Apartments (356 uber-luxury units co-developed with Fifield Cos, opened 2015), Carroll Tower (senior housing with a reported two-year waiting list in St. Charles, IL), Boulevard Commons (several hundred affordable housing units in Chicago's Austin neighborhood), and the John McGill Mansion (a National Historic Landmark restored into luxury condominiums near the University of Chicago). A proposed 342-unit mixed-use project, Carroll Place, sits in the development pipeline for downtown Evanston.

The business model blends development-for-sale, development-and-hold rental income, and third-party development services (market research, site selection, entitlement, construction management, leasing). Capital stacks historically relied on FHA insurance, tax-exempt bonds, and housing and historic tax credits, though the firm has stated a strategic shift toward conventionally underwritten and financed developments. Distribution is relationship-driven: direct sales/leasing to end users, partnerships with public syndicators and institutional co-developers (notably Fifield Cos), and government engagement on entitlement and zoning. Property management for the portfolio is delivered through the affiliated Prairie Management company. The underlying operating technology is conventional real estate development and asset management — no proprietary software platform, app, API, or AI/ML capabilities are evidenced in source material.

Name

Carroll Properties

Legal name

Carroll Properties, Inc.

Website

https://carrollprop.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

11–50 employees

Short description

Carroll Properties is a privately held, family-controlled Chicago-based real estate developer that builds, owns, and leases multi-family residential properties — including luxury rentals, senior housing, affordable housing, and historic condominium conversions — for its own account and through public syndications and private placements in metropolitan Chicago.

Ownership category

akta.pro rank

Product category

Real Estate Development Services

NAICS

Residential Building Construction (23611), Lessors of Residential Buildings and Dwellings (53111), Real Estate Property Managers (53131)

SIC

Real Estate Dealers (For Their Own Account) (6532), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE)

akta.pro secondary industries

Multifamily Apartment Property Management (BPAJAFAA), Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• Real estate development
• Multi-family housing
• Residential development
• Historic property restoration
• Affordable housing redevelopment

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Others

Revenue model

1. Property Development: Carroll Properties generates revenue through developing multi-family residential properties for its own account, for public syndication, and/or private placements. The company also earns fees from providing comprehensive real estate development services including market research, site selection, construction management, and leasing.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Carroll Properties develops multi-family residential properties for its own account, for public syndication, and/or private placements in metropolitan Chicago. The company also provides comprehensive real estate development services spanning market research, site selection, construction management, and leasing. Projects include new construction, historic restoration, luxury rentals, and affordable housing redevelopment.

Product overview

Carroll Properties is a real estate development firm organized in 1979 as a pure development company, succeeding Richard King Realtors (founded 1942). The company operates as a single integrated platform offering residential property development and management services. Core offerings include multi-family residential development (E2 Apartments, Carroll Tower, Carroll Place), historic property rehabilitation and condo conversion (John McGill Mansion), and affordable housing redevelopment (Boulevard Commons). The company provides comprehensive development services spanning from site selection through construction management and permitting. A property management service is delivered through affiliated company Prairie Management. Carroll develops properties for its own account, for public syndication, and/or private placements, serving metropolitan Chicago communities with conventionally underwritten developments and historically utilizing public funding mechanisms including FHA insurance, tax exempt bonds, and housing tax credits.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Services

Quantifiable outcome

• John McGill Mansion restoration saved a National Registry property and converted derelict Henry Ives Cobb Mansion into luxury condominiums
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Fifield CoscoreStrategic or Co-development Partner · 3 March 2015Co-developers with Carroll Properties on the E2 project - Evanston's first uber-luxury apartment project with 356 units including 12 rental townhouses. The development consists of a 16-story tower at 1881 Oak Ave and a 14-story tower at 1890 Maple Ave, connected by a four-story structure including parking and fourth-floor amenity deck. This represents a significant co-development partnership for high-end residential development in downtown Evanston, Illinois.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Holsten Real Estate Development Corporation: Chicago-based affordable and mixed-income housing developer with strong LIHTC and public housing expertise. Comparable in affordable housing product (Boulevard Commons equivalent), Chicago focus, and use of public funding mechanisms.
• JDL Development: Chicago-focused multi-family and mixed-use developer known for large urban-infill high-rises (e.g., No. 9 Walton, The Grant). Comparable in product category (luxury and market-rate multifamily), Chicago metro focus, and project scale in the 300+ unit range.
• The NRP Group: National multifamily developer specializing in affordable and workforce housing using LIHTC and public financing. Comparable in reliance on public funding stack (tax credits, bonds) and affordable housing execution as demonstrated by Carroll's Boulevard Commons.
• Magellan Development Group: Chicago-based developer of large-scale mixed-use and high-rise residential projects (Lakeshore East, etc.). Comparable in urban-infill multifamily, mixed-use product, and Chicago focus, though at a meaningfully larger scale than Carroll.
• Golub & Company: Long-standing Chicago developer of luxury rental, condominium, and mixed-use properties. Comparable in product mix (multifamily, condo, mixed-use), Chicago focus, and use of co-development and public-private partnerships.
• Fifield Cos: Chicago-based multi-family developer and co-development partner with Carroll Properties on the 356-unit E2 project. Directly comparable in product type (urban-infill luxury apartments), target geography, and scale, and the most operationally aligned peer given the active partnership.
• CA Ventures (CA Residential): Chicago-headquartered multifamily developer and operator with student, market-rate, and affordable housing product. Comparable in multifamily focus and Chicago origins, though operates nationally and at larger scale.
• The John Buck Company: Chicago-based real estate investment and development firm active in multifamily, office, and mixed-use. Comparable in Chicago concentration, multifamily expertise, and family/founder-influenced ownership model.
• McHugh Properties: Chicago-based real estate firm with development, construction management, and property management arms. Comparable as a multi-disciplinary Chicago developer with construction management capabilities similar to Carroll's full-stack development services.

Broad incumbents

• Related Midwest: Chicago arm of national developer The Related Companies, active in luxury and mixed-use multifamily (e.g., One Bennett Park, The 78). Comparable product category but with substantially greater capital base and national platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/carroll-properties-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carroll Properties