Jeff Carroll

Founder of Allen & Associates Consulting, a development consulting firm specializing in affordable housing.

Founder of Tartan Residential, a firm specializing in the acquisition and development of affordable housing.

Co-founder of Delphin Properties, a firm specializing in the acquisition and development of manufactured home communities.

Wrote articles on affordable housing, development, property management, market feasibility, and financial analysis for Urban Land magazine, The Journal of Property Management, Community Management magazine, Merchandiser magazine, HousingThink, and a publication of the Texas A&M Real Estate Research Center known as Terra Grande.

Conducted seminars on affordable housing, development, property management, market feasibility, and financial analysis for the American Planning Association, Community Management magazine, the Georgia Department of Community Affairs, the Manufactured Housing Institute, the National Association of State and Local Equity Funds, the Virginia Community Development Corporation, and the National Council of Affordable Housing Market Analysts.

Specialties: Specialties include affordable housing, low-income housing tax credits, tax-exempt bond transactions, multifamily, manufactured housing, development, development consulting, market studies, rent comparability studies, appraisals, capital needs assessments, and utility studies.

Experience

President | Allen & Associates Consulting, Inc. | Charlotte, NC | 2000 – present
Founder of Allen & Associates Consulting, a real estate advisory firm specializing in affordable housing. Practice areas include low-income housing tax credits, tax-exempt bond transactions, HUD assisted and financed multifamily, USDA-RD assisted and financed properties, public housing, historic tax credits, conventional multifamily, and manufactured housing. Services include development consulting, rent comparability studies, market analysis, feasibility studies, appraisals, capital needs assessments, and utility studies. Performed over 3000 development consulting assignments in 46 states since 2000. Major projects include:

  • Market Feasibility – Completed market studies for 13 proposed tax credit apartment developments on behalf of the Georgia Department of Community Affairs. The portfolio included 5 family and 8 senior communities. Our analysis identified the 4 best deals for the housing finance agency to consider funding.
  • Valuation – Developed a disposition plan for a 30-property portfolio of apartments on behalf of a private owner. The 921-unit portfolio (located in MD, DE, PA and VA) was valued at $23 million. Our client relied on our valuations and advice to maximize sales proceeds for the portfolio.
  • Capital Needs Assessments – Completed capital needs assessments for an 8-property portfolio of RD-financed apartments on behalf of a private developer. The portfolio (located in FL) included 6 family and 2 senior communities. Our client utilized our assessments to develop a scope of work for the proposed acquisition and renovation of the 214-unit portfolio.
  • Utility Allowance Studies – Completed utility allowance studies for a portfolio of tax credit apartments on behalf of a large national owner/developer. The portfolio (located in CT, DC, IL, IN, MA, NC, OH, PA and VA) included 31 properties. Our client utilized our research to maximize rents and net operating income for the portfolio.
  • Underwriting – Conducted a financial review on behalf of a local housing authority for the proposed redevelopment of a vacant historic textile mill into loft apartments. Our client had been asked to issue $4 million in tax-exempt bonds for the $15 million project. Our assistance in underwriting the transaction resulted in the green light for the development.

President | Tartan Residential, Inc. | Charlotte, NC | 1997 – present
Founder of Tartan Residential, a firm specializing in the acquisition and development of affordable housing.

Co-Founder | Delphin Properties LLC | Charlotte, NC | 1998 – present
Co-founder of Delphin Properties, a firm specializing in the acquisition and development of manufactured home communities. Major projects include:

  • Crystal Lakes – A 338-unit manufactured home community serving seniors in Fort Myers, Florida. Purchased the partially-constructed development, completed construction, and sold it for a $1 million profit.
  • Mahler’s Glen – A 348-unit development originally planned as a manufactured home community serving families in Garner, North Carolina. Secured zoning and site plan approval, engineered the property (including a private wastewater treatment facility), and sold it to a national homebuilder for a $2 million profit.
  • Beacon Wood – A 363-unit development originally planned as a manufactured home community serving families in Crockery Township, Michigan. Secured zoning and site plan approval, engineered the property, and sold it to a regional homebuilder for a $1 million profit.

Director of Development | Clayton, Williams & Sherwood | Austin, TX | 1995 – 1997
Director of Development for Clayton, Williams & Sherwood, a privately-owned operator of manufactured home communities and apartment complexes. Major projects included:

  • Multifamily Development – Managed the construction and lease-up of two apartment communities consisting of 564 units and valued at $38 million. Each property leased up in excess of 25 units per month.
  • Manufactured Home Community Development – Put together development plans for 4 manufactured home communities and 2 manufactured home subdivisions consisting of 2047 units and valued at $63 million.

Assistant to the President | Southwest Property Trust | Dallas, TX | 1993 – 1995
Assistant to the President for Southwest Property Trust, a large apartment REIT. Provided support to management personnel operating a 12,000-unit apartment portfolio.

Investment Analyst/Manager | GE Capital | Dallas, TX | 1991 – 1993
Investment Analyst/Manager for GE Capital’s Residential Construction Lending business. Assisted in the management of a $500 million investment portfolio including 30 single family residential land development investments and 70 single family construction lines of credit.

Regional Manager | Clayton, Williams & Sherwood | Newport Beach, CA | 1989 – 1991
Regional Manager for Clayton, Williams & Sherwood, a privately-owned operator of manufactured home communities and apartment complexes. Major projects included:

  • Multifamily Management – Management of a 1200-unit apartment portfolio valued at over $72 million. Implemented a portfolio-wide 10 percent rent increase while cutting operating expenses 3 percent resulting in a $7 million increase in portfolio value.
  • Manufactured Home Community Management – Management of a 1200-unit manufactured home community portfolio valued at over $36 million. Implemented a 15 percent rent increase in a 500-unit community resulting in a $4 million increase in property value.

Education

Harvard Business School | MBA, Management, Real Estate, Economics | 1986 – 1988
Graduated in 1988 with an MBA from Harvard Business School. Emphasis in General Management and Real Estate with a minor concentration in Economics.

Clemson University | BS, Engineering, Economics | 1978 – 1983
Graduated in 1983 with a BS in Engineering from Clemson University. Minor concentration in Economics. Honors included Dean’s List and Alpha Lambda Delta honorary. Elected officer for Phi Delta Theta social fraternity. Awarded scholarship on Clemson’s varsity wrestling team.

Certifications, Designations and Affiliations

Mr. Carroll is a certified general appraiser, licensed to appraise real estate in the states of Delaware, Georgia, Maryland, North Carolina, South Carolina and Virginia. Mr. Carroll is also a designated member of the Appraisal Institute (MAI).

Mr. Carroll is a peer-reviewed member of the National Council of Housing Market Analysts (NCHMA), where he served on the Executive Committee and chaired the Data and Ethics Committees.