2023 Fall Issue of Urban Land - 78

Church Pension Group
CEO and President
Mary Kate Wold
with Avanath Capital
Management founder,
chairman, and CEO
Daryl Carter
is a memorable kind of guy, " MacFarlane says.
" He's tall, a former college basketball player
[at the University of Michigan] who went to
MIT. "
Since then, MacFarlane has been impressed
not only with Carter's " charisma and brilliance "
but also the way he conducts business.
" I think he's a really good investor, and I think
he's able to see trends and where they're
going, " MacFarlane says.
" He picked a niche in affordable housing
that, at one point, was solely the province of
banks and their CRA [Community Reinvestment
Act] departments, but it has become
a major institutional force in terms of solidity
of cashflows and ongoing capital increases
over time, [yet] at the same time, providing
a needed resource in this country in terms of
affordable housing, " MacFarlane explains.
Carter says MacFarlane not only helped
him directly but also in indirect ways, as well.
It boils down to Carter maintaining a " certain
temperament, " which he says young people of
color can benefit from today.
" I'm six feet, seven inches. Victor's, like, six
feet, five inches, so people would come up to
me and say, 'Oh, are you Victor McFarlane?' "
Carter says of early commercial real estate
conferences he attended. " I said, 'No, Victor
is older and richer, and I'm taller.' I would not
be offended by [the error]. I [would say], 'You
know, if you have a meeting with me, you can
get to know me, and you won't make that
mistake anymore.' "
78
URBAN LAND FALL 2023
Carter's confidence and work ethic stem
from his earliest mentors-his parents. His
father, an employee at an auto factory in
Detroit, never took a sick day over the course
of about 20 years.
His parents' providing a house and housing
stability for his family helped fuel Carter's
dedication to affordable housing. Making
affordable housing pencil out can be difficult,
so creativity is required, he says, but it's
worth the effort, given the proven correlation
between housing security and success. " It's
important to me-particularly in communities
of color-to create very safe, well-managed,
well-maintained housing, " he says.
A kindness approach
When it comes to managing his properties,
Carter abides by a principle that stems from
his upbringing: the notion that kindness goes
a long way. This principle includes making a
point of treating all residents the same way,
regardless of income, and offering them more
than simply a stable place to live.
As a result of its efforts, Avanath recently
received the Certified Organization for Resident
Engagement and Services, or CORES,
certification. In some instances, Avanath will
even renovate the apartments of long-term
residents without raising their rents. " When
that happens, everyone in that community
thinks you're amazing, " Carter says.
These business practices not only create
goodwill but also reward renters who have
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2023 Fall Issue of Urban Land

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