Carter Funds

What Carter Funds does

Carter Funds is a Tampa, Florida-based privately held real estate investment firm operating through four specialized divisions. The company originates and manages multifamily investments through Carter Multifamily, structures 1031 exchange and Delaware Statutory Trust (DST) offerings through Carter Exchange, invests in data centers and critical infrastructure through Aphorio Carter, and provides captive property management through Allegiant-Carter Management. Since founding around 2018, the firm reports approximately $3.4 billion in assets under management, $4.4 billion in cumulative acquisitions, 91 properties acquired, 59 currently owned, and 10,571 apartment homes under management across 19 states.

The firm generates revenue through three primary mechanisms: asset management fees on AUM across its sponsored multifamily and data center offerings, property management fees on owned and third-party assets through Allegiant-Carter Management, and recurring lease revenue from data center tenants via Aphorio Carter. Investment products are distributed through an internalized wholesaling team covering the Northeast, Central/Northern, and Southeast regions, which sells to independent broker-dealers and registered investment advisors serving individual investors.

Strategically, Carter Funds has extended beyond its multifamily origin into the data center vertical—launching Aphorio Carter in 2022, acquiring Fibertown in Bryan, Texas for approximately $55 million in 2023, and forming a partnership with 365 Data Centers for a 200MW development pipeline. The firm continues to acquire multifamily portfolios, including a $121 million deal in Mobile, Alabama in 2022, and has added senior distribution and data center leadership to support national scaling.

Name

Carter Funds

Legal name

Carter Funds, LLC

Website

https://carterfunds.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Carter Funds is a Tampa-based real estate investment firm managing ~$3.4B across multifamily, 1031 exchange/DST, and data center strategies, serving individual investors via an internalized broker-dealer and RIA distribution network across 19 states.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Real Estate Agents & Managers (For Others) (6531), Services-Facilities Support Management Services (8744)

akta.pro primary industry

Notary & Signing Agent Services (Remote/Onsite) (BPAJAOAF)

Keywords

• 1031 exchange offerings
• Multifamily real estate investments
• Data center investments
• DST investment programs
• Alternative real estate management

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Asset Management Fees: Carter Funds generates revenue through management fees based on assets under management (AUM). The firm manages approximately $3.4 billion in assets across its platforms (as of May 2026).
2. Property Management Services: Through Allegiant-Carter Management, the company provides property management services for its multifamily portfolio, generating recurring service fees.
3. Data Center Leasing: Aphorio Carter generates revenue through leasing data center space to enterprise tenants, including Fortune 500 companies, with mission-critical infrastructure supporting digital operations.
4. Data Center Development Partnership: Through the partnership with 365 Data Centers, Carter Funds develops data center capacity (200MW planned) to serve growing demand from AI, 5G, streaming, e-commerce, and cloud computing markets.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Carter Funds is a vertically integrated real estate investment firm headquartered in Tampa, Florida, that acquires, develops, and manages multifamily, data center, and commercial real estate assets through four operating divisions: Carter Exchange (1031 Exchange and DST programs), Carter Multifamily (value-add apartment acquisitions), Aphorio Carter (data center investments), and Allegiant-Carter Management (in-house property management). The firm oversees approximately $3.4 billion in assets under management and has executed more than $4.4 billion in historical acquisitions.

Product overview

Carter Funds operates as a vertically integrated real estate investment platform organized into four distinct divisions: Carter Exchange handles tax-advantaged 1031 Exchange and DST investments for private placement offerings; Carter Multifamily focuses on acquiring and developing value-add multifamily properties; Aphorio Carter manages data center and critical infrastructure investments; and Allegiant-Carter Management provides in-house property management services. The platform collectively manages approximately $3.4 billion in assets across data centers, multifamily, and commercial real estate in high-growth Southern and Mid-Atlantic U.S. markets.

Differentiator

Problem solved

Functional benefit

Brands

• Aphorio Carter: Data center and critical infrastructure investment division of Carter Funds, acquiring and developing enterprise data centers, colocation facilities, and AI/cloud data centers across the US
• Carter Exchange
• Carter Multifamily
• Allegiant-Carter Management

Quantifiable outcome

• 55.4% total return to DST investors on Retreat at the Park sale (Burlington, NC)
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• 365 Data CenterscoreStrategic or Co-development Partner · 7 May 2026365 Data Centers and Aphorio Carter (the data center division of Carter Funds) have partnered to develop 200MW of data centers across the U.S. The partnership initiated letters of intent for properties in Aurora, Colorado and Simpsonville, Kentucky. Aphorio Carter recently acquired two enterprise data centers in Kentucky—one in Simpsonville (21 acres) and another in Louisville (30 acres)—each supporting up to 1MW capacity. The companies are pursuing additional sites in Connecticut, Virginia, and Ohio, with first facilities expected online within nine to 24 months.
• Phoenix AmericanminorImplementation/ SI/ Consulting Partner · 26 January 2022New transfer agent for Carter Multifamily, handling due diligence administration, offering documents, and communications with the Broker-Dealer community.
• Orchard Securities, LLCcoreChannel Partner/ Reseller/ DistributorOrchard Securities, LLC (member FINRA/SIPC) serves as the securities offering partner for Carter Exchange DST offerings. Securities are offered through this registered broker-dealer channel.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Steadfast Companies: Steadfast is a vertically integrated multifamily investment and management firm that sponsors 1031 exchange and DST programs distributed through the broker-dealer/RIA channel — directly comparable to Carter Multifamily and Carter Exchange in product type, asset class focus, and distribution approach.
• CIM Group: CIM Group is an alternative asset manager focused on real estate and infrastructure investments, including value-add multifamily, data center-adjacent assets, and opportunistic strategies. It uses a similar vertically integrated acquisition, development, and asset management model to Carter Funds.
• Aria Capital Partners: Aria Capital Partners is a boutique DST and 1031 exchange sponsor focused on multifamily and commercial real estate, distributed through the broker-dealer/RIA channel. It is a closely comparable smaller alternative sponsor with similar product structure.
• Lightstone Group: Lightstone is a diversified real estate investment sponsor operating across multifamily, hospitality, and commercial real estate with significant 1031/DST offerings distributed through broker-dealers. It is a comparable mid-sized sponsor targeting similar high-net-worth advisor clients.
• Griffin Capital: Griffin Capital is a leading alternative investment sponsor that distributes DST, 1031 exchange, and interval fund products through independent broker-dealers and RIAs — virtually identical distribution model and product suite to Carter Funds. The firm is the former employer of Carter Funds SVP Deron Richens and operates across multifamily, office, and net lease real estate.
• Bluerock Capital Markets: Bluerock is a direct competitor in the institutional-quality DST and 1031 exchange sponsor space, with affiliated broker-dealer distribution and a focus on multifamily, single-family rental, and net lease real estate. Deron Richens, now SVP at Carter Funds, previously led internal sales at Bluerock, evidencing direct personnel and product overlap.
• Inland Real Estate Group: Inland is one of the largest sponsors of 1031/DST private placement offerings in the U.S. and distributes through a captive broker-dealer (Inland Securities). It is a closely comparable alternative to Carter Exchange in product structure, distribution, and target investor base.
• Passco Companies: Passco is a national sponsor of multifamily, office, industrial, and retail DST and private placement offerings distributed through broker-dealers and RIAs. The firm is a directly comparable mid-sized alternative investment sponsor focused on commercial real estate.

Broad incumbents

• Cantor Fitzgerald: Cantor Fitzgerald operates a broad financial services platform including institutional real estate investment management, fixed-income, and equity capital markets. It is a broader incumbent that competes for institutional real estate allocations and broker-dealer distribution relationships that Carter Funds also pursues.

Emerging players

• RangeWater Real Estate: RangeWater is a fast-growing multifamily acquisition, development, and management firm focused on the Southeast U.S. — overlapping with Carter Multifamily's geographic strategy and value-add Class B/C focus. It does not yet have a comparable DST distribution franchise but competes directly for acquisition targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CarterFundsLLC
• LinkedInlinkedin.com/company/carter-funds

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Carter Funds