Carter Exchange

What Carter Exchange does

Carter Exchange is a Tampa, Florida-based national real estate investment and management company that sponsors institutional-quality Delaware Statutory Trust (DST) programs intended to qualify for tax deferral under Section 1031 of the Internal Revenue Code. Founded in 2019 as a Carter Funds company, the firm targets real estate acquisitions in the multifamily, industrial, and specialty sectors. As of 2025, Carter Exchange manages $2.05 billion in Total DST AUM across 25 properties, comprising 21 multifamily assets with 6,144 apartment homes and 4 commercial properties totaling 900,000 square feet, structured into 23 DST programs and 26 private placement offerings since inception. Its first two full-cycle deals, completed in 2023, produced a 25.54% average annual return and 60.98% average total return, establishing a market-share-ranked track record as a DST sponsor.

The company's core product is the Carter Exchange DST program, a private placement security sold exclusively to accredited investors seeking to defer capital gains taxes by exchanging into institutional-quality real estate. Distribution is intermediated rather than direct: all offerings are private placements sold through registered broker-dealers, with Orchard Securities, LLC (Member FINRA/SIPC) serving as the managing broker-dealer, supplemented by a national network of registered investment advisors. The customer base is uniformly accredited individual investors executing 1031 exchanges, supported by educational video content, individual property PDFs, and the Carter Funds brand as marketing channels. Revenue is generated through DST program sponsorship fees, asset management fees on the AUM base, and acquisition and disposition fees tied to property transactions; pricing is not publicly disclosed. The leadership team, led by CEO and Co-Founder Dallas Whitaker (37 years in commercial real estate, $10B+ in career transactions) and President Gael Ragone ($4B+ in alternative investments), is shared across the broader Carter Funds ecosystem that includes Carter Multifamily, Aphorio Carter, and Allegiant Carter Management.

Name

Carter Exchange

Legal name

Carter Funds

Website

https://carterexchange.com

Company type

Private

Founded year

2019

Operating status

Operating

Short description

Carter Exchange is a Tampa-based sponsor of institutional-quality Delaware Statutory Trust (DST) real estate programs for accredited investors executing Section 1031 tax-deferred exchanges, managing $2.05B in AUM across 25 multifamily, industrial, and specialty properties.

Ownership category

akta.pro rank

Product category

Real Estate Investment / DST Sponsorship

NAICS

Investment Banking and Securities Intermediation (523150), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Real Estate (6500)

akta.pro primary industry

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL)

akta.pro secondary industries

Private Placement Agents (Reg D/144A) (FSAEALAA), 1031 Exchange Intermediary Services (BPAJAOAL)

Keywords

• 1031 exchange programs
• Delaware Statutory Trust
• Real estate investment
• Tax-deferred exchanges
• Multifamily DST offerings

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. DST Program Sponsorship: Carter Exchange sponsors Section 1031-syndicating Delaware statutory trust (DST) investment programs that provide institutional-quality real estate offerings with recurring monthly income, opportunities for growth, and portfolio diversification for investors participating in 1031 exchanges.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Carter Exchange sponsors Delaware Statutory Trust (DST) real estate investment programs that qualify for tax deferral under Section 1031 of the Internal Revenue Code, targeting accredited investors. The programs focus on multifamily, industrial, and specialty commercial real estate across the U.S. and are structured as private placement offerings distributed exclusively through registered broker-dealers and registered investment advisors.

Product overview

Carter Exchange is a real estate investment platform that sponsors institutional-quality Delaware Statutory Trust (DST) programs intended to qualify for tax deferral under Section 1031 of the Internal Revenue Code. The company operates as a single unified investment product platform focused on real estate exchange programs, targeting multifamily, industrial, and specialty sectors. As of 2025, Carter Exchange manages $2.05 billion in DST assets across 23 programs holding 25 properties (21 multifamily properties with 6,144 apartment homes and 4 commercial properties totaling 900,000 square feet). The portfolio includes individual named properties across multiple states including Reagan Crossing, Retreat at the Park, Evergreens at Mahan, Texas Industrial, Heritage at Riverstone, Mode at Hyattsville, Midwest Industrial Logistics, Texas Industrial II, and others. Carter Exchange is backed by parent company Carter Funds and has produced a 25.54% average annual return on its first two full-cycle deals completed in 2023.

Differentiator

Problem solved

Functional benefit

Products and services

• Carter Exchange DST Programs National Delaware Statutory Trust (DST) real estate investment programs sponsored by Carter Exchange that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Targeted at accredited investors and distributed exclusively through registered broker-dealers and registered investment advisors. Spans multifamily, industrial, and specialty commercial sectors and provides recurring monthly income, 1031 eligibility, and portfolio diversification.
• Midwest Industrial Logistics DST Offering An industrial property located in Fort Wayne, IN, structured as an open Carter Exchange DST private placement offering for 1031-eligible accredited investors.
• Mode at Hyattsville DST Offering A multifamily property located in Hyattsville, MD, structured as an open Carter Exchange DST private placement offering for 1031-eligible accredited investors.
• Texas Industrial II DST Offering An industrial property located in Forney, TX, structured as an open Carter Exchange DST private placement offering for 1031-eligible accredited investors.

Quantifiable outcome

• 25.54% average annual return from first two full-cycle deals completed in 2023
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• Orchard Securities, LLCcoreChannel Partner/ Reseller/ DistributorOrchard Securities, LLC, Member FINRA/SIPC serves as the managing Broker-Dealer for Carter Exchange. This is the primary distribution channel for all DST programs and private placement offerings.
• Carter FundscoreStrategic or Co-development PartnerCarter Exchange is a Carter Funds company. Carter Funds provides operational infrastructure, capital raising support, and investment management expertise. The team has acquired more than $3.5 billion of real estate since founding Carter Funds in 2019.
• Carter MultifamilycoreStrategic or Co-development PartnerCarter Multifamily is a sister company and co-founding partner. Dallas Whitaker is a co-founder and shareholder of both Carter Multifamily and Carter Exchange.
• Aphorio CartercoreStrategic or Co-development PartnerDallas Whitaker is a co-founder and shareholder of Aphorio Carter Critical Infrastructure Fund, which is part of the Carter ecosystem of real estate investment companies.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Passco Companies: Passco is a national sponsor of DST and other private placement real estate programs for 1031 exchange and direct investors, with a comparable multifamily and commercial focus. It is one of the larger established DST sponsors Carter Exchange competes against for broker-dealer distribution.
• Lightstone Group: Lightstone sponsors DST and other private real estate offerings across multifamily, hospitality, and commercial sectors. It is a direct competitor in the same sponsor-and-distribute model targeting 1031 investors.
• Bluerock: Bluerock is a private equity real estate investment manager that sponsors DSTs and interval funds for 1031 and direct investors. Its diversified portfolio and institutional approach make it a directly comparable sponsor competing for similar broker-dealer distribution.
• Capital Square: Capital Square is an active sponsor of Reg D private placement offerings and DST programs for 1031 investors, with a multifamily-tilted portfolio. It is a direct competitor for broker-dealer shelf space and accredited investor capital.
• ARA (American Real Estate Advisors): ARA is a long-standing sponsor of DST and Delaware statutory trust programs for institutional and individual 1031 exchange investors. It competes for the same private placement distribution channels and accredited investor relationships.
• KBS Realty Advisors: KBS is a national sponsor of private placement real estate programs, including DSTs, for accredited investors executing 1031 exchanges. It is a relevant comparable given its scale and broker-dealer distribution model.
• Inland Securities (Inland Real Estate Group): Inland Securities is one of the largest sponsors of 1031/DST programs in the U.S., distributing through a national broker-dealer and RIA network. It is the dominant scaled incumbent Carter Exchange benchmarks against in market share rankings.

Broad incumbents

• W. P. Carey: W. P. Carey is a large, publicly traded net-lease REIT with a broader investment platform that overlaps with Carter Exchange's commercial real estate focus. It represents the broad incumbent scale benchmark rather than a direct DST competitor.

Emerging players

• CrowdStreet: CrowdStreet is an online commercial real estate investment platform offering private placement-style real estate opportunities. It is comparable as an alternative distribution and sponsor platform reaching accredited investors, though it is not a 1031-specific DST sponsor.
• RealtyMogul: RealtyMogul is a real estate crowdfunding and private placement platform for accredited investors. It is an adjacent comparable for retail and RIA-led private real estate investing, with a lighter DST focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Carter Exchange