Invest for

High Returns

with Purpose.

Your investment can

earn you profit and help

Americans find a home.

Invest for High Returns

with Purpose.

Your investment can earn you profit

and help Americans find a home.

Invest in America's housing crisis with attractive returns.

Designed for impact and investor flexibility.

15%

Average Annual Growth Target

USD 25,000

Minimum Investment

Liquidity

after 1-year lockup period

Exclusive

Investment Opportunities

Welcome to CCM Development Fund III

At CCM, we believe investments should do more than grow wealth—they should leave a legacy. Development Fund III is your opportunity to invest for attractive returns while addressing one of the most pressing issues we face: the U.S. housing crisis. Fund III is designed with you in mind:

Quarterly Distributions

Receive or compound returns for long-term growth

Top-Tier Partnerships

Collaborating with the best developers and operators

Tailored Share Classes

Flexible investment options for diverse portfolios

Investment Classes

Choose the right tier based on your investment goal:

Founder Class

Best for high-net-worth investors seeking lower fees and priority returns. (capped at $5M)

- Minimum investment: $1 million 

- Capital Call required (funding in stages as needed)

- Lowest management fee: 1.5%

- Earn the first 10% of returns before fees apply

- 15% performance fee after the 10% hurdle rate 

Open Access Class

A dynamic option with reduced fees for larger commitments.

- Minimum investment: $25,000

- Staged funding option for investments over $500,000 (funding in stages as required by the fund manager)

- Management fee: 1.75%

- Earn the first 8% of returns before fees apply

- Performance Fee:

- 15% on returns above the 8% hurdle rate for investments above $500,000 

- 20% on returns above the 8% hurdle rate for investments below $500,000 

Join a growing community of investors who are turning challenges into opportunities.

Why Act Now?

America’s housing shortage is at a critical point. Rising interest rates and years of underbuilding have left millions without a place to call home.

By investing in Development Fund III, you’re not only contributing to a solution—you’re securing a stronger future for yourself and millions of Americans.

With Fund III, you play a pivotal role in bringing new homes to life while enjoying strong returns.

Existing Joint Ventures

Minneapolis

Kennesaw, Georgia

Alpharetta, GA

Cincinnati, Ohio

Vineland

Deltona, Florida

Shorewood, Minnesota

CCM's Team Experience

$1.5B

Assets Managed

15,000+

Units Closed

$400M+

Equity Investment

$500M+

Construction Lending

$50M+

Profits Distributed

Message from our CEO

Read transcript

When I established Carpathian Capital Management in 2012, I drew from lessons I had learned early in my career in consulting, investment banking and finance. I saw firsthand how, in times of crisis, people could find opportunities, meet market demands, and create lasting value.

I recognized such an opportunity as America began to recover from the 2008 financial crisis. After careful analysis, I chose to focus on residential real estate.

At Carpathian Capital, we create opportunities for investors, clients, and employees alike. We give investors access to exclusive real estate investments that are typically out of reach. We invest with best-in-class developers and homebuilders, helping them bring much-needed housing to America. For our employees, we provide meaningful projects to work on, with the freedom to innovate and grow.

What sets us apart is our personal approach. We operate with professionalism and an entrepreneurial spirit, free from corporate red tape, which allows us to be flexible, creative, and solution-oriented. We build strong relationships with our investors through direct communication and a hands-on approach to investment management.

I’ve personally built close relationships with nearly all our investors over the last 12 years, ensuring trust and open communication—key factors in our success, with most becoming repeat investors over many years.

As the housing shortage continues, we’ve leaned in by launching our unique third Development Fund, bringing together investors, developers, and homebuilders to create homes in high-growth areas while targeting attractive risk-adjusted returns.  We believe that addressing the housing shortage offers both an investment opportunity and a way to build stronger communities.

My team and I look forward to discussing how our residential development strategy could contribute to building wealth as part of your investment portfolio. 

Why Invest with Us

  • Experienced team

  • Proven track-record

  • Community-focused projects

Meet the Team

Eric Bialke

Senior Director Real

Estate Joint Ventures

Senior Director Real Estate Joint Ventures

Matt Forster

Chief Operating Officer

Chief Operating Officer

Steve Nolander

Senior Director of

Commercial Lending

Senior Director of Commercial Lending

Dan Kragt

Senior Director of Finance

Senior Director of Finance

Rick Hillard

Investment Manager –

Real Estate Joint Ventures

Investment Manager – Real Estate Joint Ventures

Why should you invest with us?

Proven Expertise

Decades of experience in real estate, banking, and asset management.

Strong Track Record

Over $1.5B in assets managed and $400M equity investments.

Rigorous Due Diligence

Our thorough vetting minimizes risks and ensures peace of mind.

Transparent Reporting

Stay informed every step of the way.

Scalability

Invest in large-scale real estate projects with higher potential returns.

Trusted Leadership

Direct access to our leadership team.

Frequently Asked Questions

What is an accredited investor?

An accredited investor is someone who meets one of the following criteria: 

- A net worth of at least $1 million, either alone or together with a spouse or spousal equivalent (excluding the value of the person's primary residence)

- Earned an income that exceeded $200,000 (or $300,000 together with a spouse or spousal equivalent) in each of the prior two years, and reasonably expects the same for the current year

- A Series 7, 65, or 82 license in good standing

What is the minimum investment?

You can invest in Development Fund III for as low as $25,000.  

What are the expected returns?

The fund targets a net Average Annual Growth (IRR) of 15% or more.

What is IRR? 

IRR is a measure of the profitability of an investment, expressed as an annualized percentage rate. It calculates the effective interest rate at which the initial investment grows over time, considering all the money invested and returned.

How often are distributions made?

Investors can now opt in to receive income/distributions on a quarterly basis. If you choose not to receive quarterly distributions earnings, they will remain in the fund and compound (grow) over time. 

Can I liquidate my investment? 

Development Fund III provides investors semi-annual liquidity, with a 180-day notice after a one-year lock-up period. This is subject to a 5% Fund-level gate and available cash. 

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