Carter Exchange Fully Subscribes $48.8M Maryland DST Offering

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Aug 01, 2024, 08:00 ET

TAMPA, Fla., Aug 1, 2024 /PRNewswire/ -- Carter Exchange Fund Management Company, LLC ("Carter Exchange"), a real estate company focused on tax-advantaged investment strategies, today announced the full subscription and closing of its $48.8 million DST offering, CX Courts of Avalon, DST, a Regulation D private placement for accredited investors that qualifies for 1031 like-kind exchange.

Carter Exchange, a Carter Funds, LLC ("Carter Funds") company, previously acquired Courts of Avalon, a multifamily property situated in the affluent Baltimore suburb¹ of Pikesville, Maryland. This prime location offers convenient access to downtown Baltimore via the nearby Owings Mills Metro Station, a significant commuting hub for a substantial portion of the Pikesville population. With 258 apartment homes and high-end amenities, Courts of Avalon is strategically positioned just minutes from the area's most prominent retail and commercial amenities.

The Baltimore metropolitan area is anchored by stable industries, notably in education, healthcare, and government.² Simultaneously, the region is experiencing strong growth in the technology and life sciences sectors.³ Among the prominent and large organizations with offices located within 10 minutes of the property are major employers including T. Rowe Price, Northrop Grumman, Leidos, and the Federal Bureau of Investigation's (F.B.I.) Baltimore Office.⁴

"We recognized Courts of Avalon as an exceptional opportunity to provide prospective DST investors with an institutional-quality 1031 Exchange-eligible investment solution in a gateway market with a diverse economy, highly educated workforce, strong demographics, and burgeoning technology and healthcare employment sectors. We are excited to have fully subscribed this offering and remain focused on our mission to continue to maximize performance at Courts of Avalon which ultimately drives additional value for our investors," said Dallas Whitaker, chief executive officer of Carter Exchange.

About Carter Funds
Carter Funds is a fully integrated real estate company with $3 billion in assets under management and is built on over 300 years of real estate experience. Carter Exchange, a Carter Funds company, is a national real estate investment and management company that sponsors institutional-quality real estate exchange programs intended to qualify for tax deferral under Section 1031 of the Internal Revenue Code. Learn more: www.carterfunds.com and www.carterexchange.com

Securities offered through Orchard Securities, LLC. Member FINRA/SIPC.

Media Contact:
Stacy Sheedy
VP of Marketing, Carter Funds
[email protected]
813-358-5982

Sources:

1 - U.S. Census Bureau & Applied Geographic Solutions. "Complete Profile, 2010-2020 Census, 2023 Estimates with 2026 Projections: 9000 Iron Horse Ln, Pikesville, MD 21208; 1-, 3-, 5-, & 10-mi radius." Calculated by SitesUSA, 2022, pp. 1-9.

2 - *As of Jan. 2024. US Bureau of Labor Statistics. "Baltimore Area Economic Summary." Mar. 2024, p. 1, https://www.bls.gov/regions/mid-atlantic/summary/blssummary_baltimore.pdf.

3 - Dubetz, A., Kesteven, C. & Melaas, A. "New Opportunities for Job Creation in Maryland's Life Sciences Industry." Milken Institute. 2021, p. 5, https://milkeninstitute.org/sites/default/files/2021-10/MI_MD_Life%20Sciences.pdf

4 - Baltimore County Government. "Top Employers." 2019, p. 1-2, https://www.baltimorecountymd.gov/departments/economicdev/meet-baltimore-county/stats-and-figures/top-employers.html.

SOURCE Carter Funds