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CEO of Bee Safe Storage and Wine Cellar Featured in ‘Forbes’ Profile

December 6, 2022

2 Min Read
CEO of Bee Safe Storage and Wine Cellar Featured in ‘Forbes’ Profile

Roy Carroll, CEO of The Carroll Cos., a Greensboro, North Carolina-based developer of multi-family properties, mixed-use lifestyle centers and self-storage facilities, is the subject of a new feature profile in “Forbes” magazine that dubs him “The Guru of Greensboro.” The article chronicles Carroll's journey from college dropout to building a $2.9 billion real estate empire.

The piece goes in-depth on how Carroll, 60, has amassed a fortune by following a strict long-term-hold strategy on properties, including vacant land, until the time is right to sell, develop or convert. Carroll has used his approach since he acquired his first house at 14 years old using money he saved from doing odd jobs. In more than four decades, he’s sold just two apartment buildings and said he later regretted both deals.

The Carroll Cos. diversified holdings include more than 13,000 apartments and 29 self-storage facilities under the Bee Safe Storage and Wine Cellar brand, which launched in 2013. After multi-family properties, self-storage comprises the next largest portion of the company’s real estate portfolio at 9%. That figure stands to grow, with 15 projects in the Bee Safe development pipeline, according to the article. The existing portfolio is spread across the Carolinas, Tennessee and Texas.

Carroll also continues to explore new business outlets. An avid car collector, the entrepreneur is set to launch Car Caves, a luxury-vehicle storage business targeted at enthusiasts who want to show off their collections in units that allow personal customization with man-cave amenities such as bars and televisions. The first facility is expected to open in Greensboro next year, “Forbes” reported.

Carroll also discussed the similarities he sees between current real estate values and the bubble that burst during the Great Recession. His strategy to navigate any windfall is to continue to hold onto his portfolio while pausing new investment and construction. His company will also keep cash flow available to pursue acquisitions if prices come down, Carroll told the magazine.

“I'm trying to put every dollar I can on the sidelines today,” Carroll said. “Real estate development is a risky business. It’s my insurance to have capital on the side, so you can weather storms.”

Source: Forbes, The Guru Of Greensboro: How a College Dropout Built a $2.9 Billion Real Estate Empire

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