2023 Fall Issue of Urban Land - 77

On a recent summer afternoon in Manhattan,
Daryl Carter, founder, chairman and CEO
of Irvine, California-based Avanath Capital
Management and a member of the ULI Global
Board, was walking along Lexington Avenue
when he-like a superstar-got recognized
on the street. The passerby, who previously
worked at Freddie Mac, simply wanted a
minute of Carter's time.
Carter-who began his career 41 years ago,
in the real estate department of Continental
Illinois Bank in Chicago, and who is always
a ready advocate for people of color in the
industry-was in New York on business and
happy to oblige.
" We started talking right then and there,
but, you know, we need the pipeline of people
coming in, " he says. " It should be addressed
on multiple fronts. One [front] is getting more
people -young folks of color-into the industry,
and mentoring them, so they can rise in the
industry. One of the reasons that we're very
diverse is that I keep an eye on talent. "
Many of the eight to 15 summer interns at
Avanath-named after Carter's daughter, Ava,
and son, Nathan-are diverse. Carter's goal is
to provide novices with more exposure to the
industry.
For example, Buwa Binitie, founder and CEO
of Dumas Collective, a real estate and social
impact conglomerate in Washington, D.C., has
benefited from Carter's guidance. Referring to
Carter as " an awe-inspiring unicorn figure, " Binitie
says Carter allowed him to intern earlier this
year and taught him how to scale a business.
" He embodies the essence of a trailblazer,
defying all odds and shattering barriers that
were once deemed unthinkable, " Binitie says.
" Daryl's remarkable success has not only given
us hope but has ignited our dreams to reach
unprecedented heights and [to] aspire to be
the next generation of giants in the industry. "
Dionne Nelson, president and CEO of Charlotte,
North Carolina developer Laurel Street,
agrees. She says looking out for others is
second nature to Carter. " He has never seen
his success in isolation, " says Nelson, who is an
industry veteran and ULI trustee.
He is also zealous when it comes to seeing
the next generation of leaders achieve the
same level of success he has, according to
Faron Hill, chair of the ULI Foundation and a
ULI Global Board Trustee.
" In all of my conversations with Daryl, the
fact that he is passionate about housing, building
communities, and being impactful in the
industry comes across, " Hill says. " He is always
willing to share his knowledge, past experiences,
and ideas on best practices so that
others might benefit from leveraging his expertise
as we travel our individual journeys in this
industry. "
Some of Avanath's previous interns have
been hired as permanent employees. (And
many of his employees have been with him for
decades.) Part of Carter's mission is to make
an impact on the future. " The pipeline needs to
continue, and then the other thing is, obviously,
getting people opportunities to grow in the
business, " Carter says.
Building an empire
Before starting Avanath, Carter founded the
real estate investment firm Capri Capital
Finance, around 1992, with his high school
friend Quintin Primo. The company acquired
$8 billion in real estate equity and debt investments
under management before they sold the
majority in 2005 to an affiliate of the Related
Companies.
Carter founded Avanath in 2008, just three
years later. Avanath has a holistic investment
strategy that involves eyeing investments via
an ESG perspective and focusing on operating
its communities in a manner that aims to
lessen any negative environmental impacts
they might face. The firm also designs daily
programming and community activities for
residents.
The company's first open-end affordable
housing fund, Avanath Affordable Housing
Renaissance Fund, was initially backed by international
investors, including anchor investor,
UBS Asset Management. Avanath used to raise
value-added, closed-end funds but no longer
does so.
Avanath currently has $3.7 billion of assets
under management, with properties in 14 states
that encompass more than 15,000 units.
The affordable housing guru seized such
opportunities early on, including setting up a
meeting in the late 1980s with his now close
friend Victor MacFarlane, executive chairman
of real estate investment management and
development firm MacFarlane Partners. MacFarlane
remembers their first meeting. " Daryl
FALL 2023
URBAN LAND
77
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2023 Fall Issue of Urban Land

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