Atlanta-based real estate firm CARROLL has reshuffled its top leadership after the departure of President and Chief Investment Officer Josh Champion. The company has elevated two longtime insiders to fill the gap.
According to Atlanta Agent Magazine, Chief Operating Officer David Perez is now president and COO, while Executive Vice President of Investments Bret Richards takes over as CIO. Founder and CEO Patrick Carroll announced the changes in a press release praising both executives for steering the company through a period of heavy growth.
The short version
- Josh Champion has left CARROLL after 10 years.
- David Perez is now president and remains COO.
- Bret Richards is the new CIO.
- CARROLL has grown 50% recently and manages $8 billion in assets.
- The firm has completed $20 billion in transaction volume across 200 acquisitions and nearly 140 dispositions.
Who took over, and from where
Perez joined CARROLL as COO in 2017 and has been a steady presence through the company's expansion. Keeping him in the COO seat while adding the president title signals continuity. The company isn't looking for a strategy reset, just a steady hand on the wheel.
Richards arrived in 2021 from Equity Residential, where he spent 20 years on investments, including a stint at Blackstone's LivCor. His background fits a firm that has been buying and selling multifamily assets at a fast clip. Pairing him with Perez keeps operations and capital deployment in the same room.
Our analysis
Promotions from within tend to mean one of two things: a culture that develops talent, or a leadership that prefers predictability. In this case it's probably both. Champion's exit after a decade is a real change, but the firm has enough momentum that the board didn't need to look outside for a new direction.
The growth numbers do the talking: 50% expansion, $20 billion in transactions, and a portfolio now spread across 200 acquisitions. The bigger question for partners and investors is whether this team can keep that pace without Champion's relationships, or whether the next 12 months will see a deliberate slowdown while the new CIO settles in.
For competitors, the message is that CARROLL isn't for sale and isn't blinking. A clean internal succession usually means the next fund or capital raise is on schedule.
What it means for you
If you're a vendor, lender, or operator in multifamily, expect the same working style from CARROLL for now. The leadership change is structural, not directional. New CIO Richards is the contact to watch on acquisition targets and disposition strategy going forward.
If you're in the Atlanta brokerage or investment community, this is the kind of move that keeps institutional capital flowing into the Southeast multifamily market without interruption.
What to watch next
- CARROLL's next acquisition fund or capital raise announcement.
- Any portfolio sales that would reveal the new CIO's strategy.
- Whether Perez expands the COO role or hires a deputy to focus on operations.
Bottom line: a clean, in-house transition at a firm that is still scaling. Nothing dramatic, just a recalibrated seat at the table.
Frequently asked questions
Who left CARROLL?
Josh Champion, the former president and CIO, has departed after 10 years with the company.
Who is the new president of CARROLL?
David Perez, previously COO, is now president and remains COO.
Who is the new CIO at CARROLL?
Bret Richards, formerly Executive Vice President of Investments, has been named CIO.
How large is CARROLL's portfolio?
According to Atlanta Agent Magazine, CARROLL manages $8 billion in assets and has completed $20 billion in transaction volume.
Did CARROLL hire from outside for these roles?
No, both Perez and Richards were promoted from within the company.