MULTIFAMILY ACQUISITIONS & DEVELOPMENT

Carter Multifamily

Committed to building a high-quality portfolio of multifamily investments that will focus on growth and income.

MULTIFAMILY ACQUISITIONS & DEVELOPMENT

Carter Multifamily

We are committed to building a high-quality portfolio of multi-family investments that will focus on growth and income.

About Carter Multifamily

Carter Multifamily Fund Management Company, LLC (“CMF” or the “Sponsor”) is focused on the acquisition of value-add multifamily real estate and the development of garden-style multifamily properties targeting a rapidly growing population of workforce renters in high-growth Southern and Mid-Atlantic U.S. markets. Driven by approximately 300 years of combined experience in the multifamily industry, CMF’s leadership team leverages beneficial capital and key industry relationships to acquire multifamily investments focused on growth and income.

Why Multifamily?

$2.9T

In Assets

Largest Commercial Real Estate Sector in the U.S.¹

3.7M

Apartment shortage by 2035²

4M

More apartment residents than homeowners expected by 2030³

42M

Families who need affordable housing in the U.S.⁴

AVERAGE U.S. APARTMENT OCCUPANCY (as of April 2024)⁵

%

RENTERS LIVING IN APARTMENTS⁶

%

RENTERS CONSIDER HOME OWNERSHIP TOO EXPENSIVE⁷

%

Sources

¹ NAREIT. “Estimating the Size of the Commercial Real Estate Market.” 2 Feb. 2022, p. 1, https://www.reit.com/news/blog/market-commentary/estimating-size-commercial-real-estate-market.

² Goodman, Pendall & Zhu. “Headship and Homeownership: What Does the Future Hold?” Urban Institute. 8 Jun. 2015, p. 1, https://www.urban.org/research/publication/headship-and-homeownership-what-does-future-hold.

³ Munger, Paula. “The Future of Apartment Demand.” National Apartment Association. 14 Jun. 2022, p. 1, https://www.naahq.org/future-apartment-demand.

⁴ https://www.jchs.harvard.edu/blog/more-42-million-us-households-were-cost-burdened-2

⁵ https://www.globest.com/2024/05/07/apartment-occupancy-levels-stabilize-at-94/

⁶ Zillow. “Renters: Results from the Zillow Consumer Housing Trends Report 2022.” 27 Jul. 2022, https://www.zillow.com/research/renters-consumer-housing-trends-report-2022-31265/

⁷ https://www.forbes.com/advisor/renters-insurance/renting-statistics/

Who We Are

Our team’s professional experience includes holding C-level and executive leadership roles at top commercial real estate firms, including:

Carter & Associates, LLC

A full-service national real estate investment, development and advisory firm with a 59-year history of success.

Carter/Validus REIT Investment Management Company, LLC

A commercial real estate investment company sponsoring non-traded REITs with portfolios totaling more than $3.8 billion in aggregate contract purchase price.

Benchmark Asset Management, LLC

A commercial real estate investment company sponsoring non-traded REITs with portfolios totaling more than $3.8 billion in aggregate contract purchase price.

Colonial Properties Trust

A diversified real estate investment trust that, through its subsidiaries, owns a portfolio of multifamily, office and retail properties.

Carter Multifamily Leadership Team

Executive Leadership

John Carter

Chief Executive Officer

John Carter

Executive Chairman, Carter Funds

John E. Carter is an industry veteran with more than 40 years of real estate experience in all aspects of acquisitions, financing, disposition, leasing, and management.

In 2017, Mr. Carter founded Carter Funds and serves as Executive Chairman of Carter Multifamily and Carter Exchange, a DST (Multi-Investor 1031) Sponsor.

Mr. Carter also founded and served as President, CEO and Chairman of Carter Validus (“CV”) Mission Critical REIT I and II which were non-traded real estate investment trusts focused on acquiring net-leased healthcare and data center facilities. He also formed and served as President and CEO of the Carter Validus sponsors. Combined, the Carter Validus REITs have raised over $3.0 billion in equity and acquired portfolios totaling over $4.1 billion consisting of 150+ data centers and medical properties spanning 11 million rentable square feet. In 2016, under Mr. Carter’s leadership as CEO, Carter Validus REIT II was recognized as one of the best places to work, a top philanthropy company in Tampa, and as the fasting growing company in Florida with over 17,000% annual revenue growth. In October 2019, Carter Validus Mission Critical REIT merged into Carter Validus Mission Critical REIT II to form a $3.2 billion REIT. Mr. Carter retired from his roles at the CV sponsors in 2017 and from the REIT’s Boards in 2020.

In 2007, Mr. Carter was a founding board member of GulfShore Bank, a community bank located in Tampa, Florida, where he served on the board and on the Loan and Audit Committees until the bank was sold to Seacoast Bank in April 2017.

Mr. Carter formed his investment advisory business in 1992 and acquired, financed, managed, and sold over $9.7 billion of commercial real estate assets, across the U.S. for domestic and foreign investors over the following 16 years. He founded Newport Partners in 1990 and grew the company into a full-service real estate firm covering the major markets throughout Florida. In 2000, Mr. Carter merged Newport Partners into Carter & Associates, a large national developer formed in 1958, where he served as Vice Chairman and Principal for 17 years prior to retiring in 2017. In the 1980s, Mr. Carter worked at Citicorp where he focused on tax shelter, Industrial Revenue Bonds (IRBs), and other real estate financing transactions. He currently serves on the Institute for Portfolio Alternatives (IPA) and IPA PAC Boards and has been a member of IPA executive Committee and a member of NAREIT’s Public Non-Listed REIT Council Executive Committee.

Mr. Carter holds a bachelor’s degree in Economics from St. Lawrence University and a master’s degree in Business Administration from Harvard University.

Gael Ragone

Cindy Pfeifer

Cindy Pfeifer

Chief Executive Officer, Carter Multifamily

Cynthia M. Pfeifer serves as our Chief Executive Officer and as a member of the Investment Committee of our advisor.

Ms. Pfeifer brings more than 35 years of experience in the commercial and multifamily sectors to Carter Multifamily.

She most recently served as the USA Advisor and Joint Venture Partner for Pancho Real Estate Holdings, a privately-held global real estate holding and finance company based out of Israel from October 2011 to August 2017. In this role, she matched foreign capital with U.S. real estate and advised investors on domestic markets and real estate.

Ms. Pfeifer served as President and Chief Operating Officer at Lane Co. from October 2009 to October 2011 where she stabilized and repositioned the company during a recession while debt and equity renegotiations were occurring on a $1.0+ billion portfolio. During that time, she positioned the company for growth that led to one of the largest acquisitions in the company’s history ($150.0 million).

Ms. Pfeifer held the position of Chief Operating Officer from March 2007 to January 2009 and Chief Investment Officer from October 2006 to March 2007 for Place Properties, which was one of the top ten multifamily builders in the country and the largest developer of off-campus student housing and off-base military housing. During this time, she oversaw the development and acquisition of a $900.0 million portfolio (33 properties) over the course of three years – from 2006 to 2009 – while managing an additional $400.0 million portfolio of multifamily assets. She also led the team of development, construction, acquisition, and property management and leasing personnel to establish and implement the strategic and tactical plans to implement their Funds’ investment strategies.

Prior to Place Properties, Ms. Pfeifer was an Owner, Executive Vice President and Chief Financial Officer at Carter & Associates, L.L.C, a full service commercial real estate development, brokerage and management company. Ms. Pfeifer served in various leadership positions between 1985 and 2006, leading all financial and treasury functions, asset management, marketing & research, IT and human resources. She developed and implemented strategies to position the company to take advantage of market and business conditions in a highly competitive and rapidly changing industry.

Ms. Pfeifer obtained a bachelor’s degree in Business Administration, majoring in Accounting from The College of William and Mary in Williamsburg, Virginia in 1981.

Ray Hutchinson

Ray L. Hutchinson

CIO, Carter Funds | President Allegiant-Carter ManagementAllegiant-Carter Management

Ray L. Hutchinson serves as Chief Investment Officer of Carter Funds, President of Allegiant-Carter Management, and is a member of the Investment Committee Growth & Income Advisors, LLC.

Mr. Hutchinson is a multifamily expert with over 25 years of REIT executive leadership, development, investment and operational experience in institutionally owned real estate and brings a vast array of acquisition, construction, and disposition experience. He has been involved in well over $5 billion of investment activity including acquisitions, dispositions and development of garden, mid-rise and high-rise apartment homes. He also has extensive redevelopment experience having managed core and value-add portfolios with annual construction and redevelopment budgets of $35 million to $40 million.

He was a Partner and Chief Operating Officer of Chicago, Illinois-based Providence Management Company, LLC which owns and operates a portfolio of 12,000 apartment homes with a portfolio value of $1 billion. Mr. Hutchinson held key executive level positions from 2004 to 2010 with Birmingham, Alabama-based Colonial Properties Trust REIT – a Sunbelt REIT with over 45,000 units and $3.5 billion in value. While there, Mr. Hutchinson led and completed the integration of the $1.8 billion merger of Cornerstone Realty Trust into the operating platform of Colonial Properties Trust in 2005 and completed over $1.0 billion of dispositions to fund development pipeline requirements.

Prior to Colonial Properties Trust, Mr. Hutchinson served as Senior Vice-President of Charlotte, North Carolina-based Summit Properties REIT from 1992 to 2004, where he led a City Team that consisted of operations, acquisitions and development activities on a portfolio exceeding 10,000 apartment homes. He has also held senior leadership roles in local and state industry-specific associations and also served as a member of the National Multi-Housing Council’s Executive Committee, as well as serving as the former President of Big Brothers, Big Sisters of Birmingham.

Mr. Hutchinson received a bachelor’s degree in Business Administration majoring in Human Resources from the University of Central Florida in Orlando, Florida.

Equity Sales Leadership

Weldon Evans

Weldon Evans

Executive Vice President, National Sales Director

Weldon Evans serves as Executive Vice President – National Sales Director at Carter Funds. He brings more than 35 years of experience to the company, with a successful track record of organizing and implementing targeted marketing strategies to raise capital in the institutional and retail investment space. He also brings many years of management, marketing, and brokerage experience.

Mr. Evans most recently worked as National Sales Director for ExchangeRight in Pasadena, CA from 2019 to 2021 where he managed sales and distribution for Exchange Right Essential Income Strategy (REIT) and 1031 DST tax advantage offerings in the Independent Broker Dealers and RIA channels. Under Mr. Evans’ leadership, Exchange Right experienced the best year in the company’s history with sales totaling $90 million in 2020, more than doubling 2019 sales of $44 million, despite COVID-19 challenges.

From 2014-2019, Mr. Evans served as Senior Vice President of the Southern Region at Preferred Capital Securities (PAC) where he managed sales of PAC preferred stock offerings to Independent Broker Dealers and RIA channels. His territory was #1 in the country for 3 years running, contributing over $200 million in capital raised in the preferred offering.

Prior to 2014 Mr. Evans served as the Eastern Divisional Director of American International Group (AIG), where he managed sales, marketing, training and product distribution for annuities and retail investment strategies for the company’s Financial Advisor channel. Selling groups included FSC Securities, Commonwealth Financial, Cambridge, Bank of America, Ameriprise, VSR, Investors Capital, Geneos, IFG, Next Financial, Queststar Capital, Capital Investments, United Planners, First Allied, Berthel Fisher, Kalos, among others.

In 2003, Mr. Evans was named Senior Vice President of the Eastern Division of Bank of America Capital Management where he developed sales strategies and managed wholesalers and selling groups, including Merrill Lynch, Wells Fargo, UB, LPL, Raymond James, FSC, AIG, Royal Alliance, Sun America, Wachovia, A.G. Edwards, Commonwealth, Investors, Capital, Cambridge, PacWest, VSR, IFG, First Allied, and JP Turner, among others. Mr. Evans also served as Senior Vice President, Southwest Division at Dreyfus, Senior Vice President and Partner at Roger Engemann/Phoenix Investment Partners, Inc, President & Managing Director, North America for American International Group, Vice President & Southern Region Divisional Manager for Keystone Investment Distributors/Keyport Annuity, Vice President of National Accounts at Alex Brown and Sons Securities, Inc, Vice President of the Southern Region for Cis Capital Income Fund, and Vice President of Birtcher Real Estate Partners.

Mr. Evans obtained a bachelor’s degree from the University of North Carolina and currently holds FINRA Series 7, 26, 63, and 65 securities licenses

Bill Shea

Jim Bullock

CMF’s leadership team members have experience assembling or managing more than

$89 Billion $89 Billion

in multifamily transactions totaling more than

1 Million units 1 Million units

Leadership Team Bios

Acquisition Strategy

CMF will strive to acquire under managed, established, income-producing multifamily housing properties in high-growth markets throughout the U.S. that offer value-add enhancement opportunities and will meet the demands of Middle-Market America (“MMA”).

01

STRONG OCCUPANCY & JOB GROWTH MARKETS

Target Markets

Secondary and/or tertiary markets experiencing population, job and occupancy growth.

02

Workforce Apartment Housing

Assets

Existing Class B/C garden-style multifamily properties, typically pre-2005 construction.

03

VALUE ENHANCEMENT

Upside

Uncovering value-add opportunities through operational improvements, renovations and asset repositioning.

Value-Add Renovations

Carter Multifamily’s value-add program strategically enhances the operations and marketability of garden-style multifamily properties aimed to increase overall value and enhance returns.

Watch one of our properties transform

Impressive Track Record

Carter Funds is led by an experienced team that specializes in the management of alternative investments, sourcing accretive acquisitions in high-growth markets and developing systematic real estate support services to add long-term value.

APPROXIMATELY

300 YEARS

OF COMBINED EXPERIENCE IN MULTIFAMILY & COMMERCIAL REAL ESTATE

MANAGED OVER

$89 BILLION

IN MULTIFAMILY PROPERTIES & PORTFOLIOS TOTALING MORE THAN 1 MILLION UNITS

OVER

50 YEARS

OF COMBINED LEADERSHIP ROLES AT TOP MULTIFAMILY COMPANIES

MORE THAN

$3 BILLION

IN MERGERS

MORE THAN

$1.3 BILLION

IN MULTIFAMILY DEVELOPMENT PROJECTS

Contact Us To Learn More

MORE THAN

21,000

STUDENT HOUSING BEDS

Contact Us To Learn More

With our leadership team’s combined operational experience and track record of assembling multifamily portfolios totaling more than $89 billion in aggregate purchase price, we stand ready to effectively acquire a broad spectrum of multifamily real estate investments—from single-assets to multi-property portfolios.

This website and the contents contained herein are neither an offer to sell, nor a solicitation of an offer to buy, any security, which can be made only by a prospectus or offering memorandum that has been filed or registered with appropriate federal and state securities commissions and regulatory agencies, and sold only through registered broker dealers and registered investment advisors authorized to do so. All of the content on CarterFunds.com is the sole property and domain of Carter Funds and its respective affiliates. The content contained on this website may not be relied upon by any person for any purpose without the explicit prior written consent of Carter Funds and its affiliates. All information contained on this website will be qualified by the terms set forth in any applicable offering documents or prospectus. The information contained herein is subject to change for any purpose without notice.

There are a number of significant risks that should be considered and reviewed when considering an investment in real estate or real estate securities. These risks may have significant legal, financial, and tax consequences to an investor and should be considered carefully in consultation with such investor’s applicable advisors. Any such investment is suitable only for investors who have adequate financial means, desire a relatively long-term investment, who will not need liquidity from their investment, and can afford to lose their entire investment. Private placements are speculative.