Attractive Returns

and Cash Flows.

Access high growth exclusive

residential investment opportunities.

Attractive Returns

and Cash Flows.

Access high growth

exclusive residential

investment opportunities.

Your gateway to investing in high-demand areas where housing is in short supply.

Designed with investor flexibility in mind.

15%

Average Annual Growth Target

USD 25,000

Minimum Investment

Liquidity

after 1-year lockup

Income

Quarterly Distribution

Invest in CCM’s Development Fund III

Development Fund III offers a unique investment opportunity in high-demand areas facing housing shortages. With a proven track record of over 750 homes and a target annual growth rate of 15%+, Fund III combines our expertise in residential development with strategic partnerships.

Designed for accredited investors, it offers quarterly income, capital appreciation, multiple share classes, and liquidity after a one-year lock-up period.

Fund III not only targets strong returns but also helps address the housing crisis by building much-needed homes.

Choose the right tier based on your investment goals:

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 invest NOW?

Now is the time to invest in real estate as the U.S. housing market is in crisis.

Years of underbuilding, rising interest rates, and sellers locked into low-rate mortgages have exacerbated the housing shortage. Leaving millions of Americans without a home.

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

Existing Joint Ventures

Minneapolis

Alpharetta, GA

Kennesaw, Georgia

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.

Rigorous Due Diligence

Our thorough vetting minimizes risks and ensures peace of mind.

Exclusive Opportunities

You access exclusive real estate projects typically unavailable to individual investors.

Strong Track Record

Our success since 2012 has resulted in repeat investments from clients.

Robust Risk Mitigation

Conservative strategies and diversification safeguard investments.

Scalability

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

People First

We prioritize people over bureaucracy— investors, clients and employees, always come first.

Transparent Reporting

Our quarterly updates keep you informed about your investment's performance.

Best-in-Class Partnerships

We collaborate with leading developers and operating partners for successful project execution.

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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