2023 Fall Issue of Urban Land - 79

stayed the course, in some cases, for decades.
Part of Avanath's strategy is to uplift all of the
residents in its portfolio and help them attain
the lifestyles they desire. When it comes to
Section 8 residents, Carter says that although
many people are critical of them, the program's
issue is not with the residents but with
" some bad owners and managers. "
Carter says he has found success in the
communities where he has properties due
to the unique perspective Avanath provides.
" Part of serving them well is having team
members who understand those neighborhoods,
who grew up in those neighborhoods.
I'd say our residents value the fact that we are
a very diverse company. I think it translates
into certain metrics. For instance, our turnover
is very low. "
Indeed, Avanath's renter turnover was 14
percent last year, compared with industry
average turnover of 40 percent to 60 percent.
Because properties with high turnover
often indicate problems-including high crime
rates-what makes the difference is neighbors
knowing each other. " As low a turnover as you
can maintain, it will become safer, " he says.
Avanath's properties also have a high standard
of cleanliness and maintenance. Carter
says that it is important to him to create " very
safe, well-managed, well-maintained housing "
for the benefit of the communities.
Board work
Ken McIntyre, CEO of the Real Estate Executive
Council (REEC), says Carter has an
astounding commitment to his work. " He's
willing to listen, " McIntyre says. " He's willing
to learn. He's willing to take chances, but he's
committed to moving forward and achieving
a better outcome-and by 'better outcome,'
I mean successful returns for his investors, as
well as the improvement of the communities
that he's operating in. "
Carter is a founder, alongside MacFarlane,
of REEC, a not-for-profit that aims to increase
opportunities for Black and LatinX professionals
in commercial real estate. This goal is also
something he stresses as a member of the
Urban Land Institute Global Board of Directors,
where he says it is vital that members
make a concerted effort to focus on diversity.
" It's a key initiative of ULI, but one of the
things I do is, I challenge even my global
board members to look at their companies, "
he says. " Many of our other global board
members, their companies aren't very diverse,
and I challenge them and say, 'Hey, we can do
better.' "
Avanath's annual
investor meeting last
December in Brooklyn,
New York
FALL 2023
URBAN LAND
79
FEATURES
A V ANA TH CAPIT AL

2023 Fall Issue of Urban Land

Table of Contents for the Digital Edition of 2023 Fall Issue of Urban Land

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