Milestone distribution reflects a consistent, residential-focused playbook executed with the right partners, and a preferred equity structure that reduces risk.
Minneapolis, MN – Carpathian Capital Management (“CCM”) today announced the largest investor distribution in its history. The distribution reflects proceeds from three projects, each executed with CCM’s repeatable playbook.
“At CCM, process beats prediction,” said Ian Colville, Chief Executive Officer. “While many funds are struggling with post-pandemic distress in the commercial real estate sector, our model, executed alongside experienced partners, has remained disciplined. We avoid that volatility by focusing squarely on the residential sector, where a significant shortage of houses creates persistent high demand. Where appropriate, we use preferred-equity positioning in these assets to prioritize cash flows and mitigate downside risk. This milestone, driven by our ‘Market, Partner, Project’ thesis, validates that discipline.”
- The Gathering — Alpharetta, GA: Infill land development in a top Atlanta suburb with partner Brock Built, acquired at an attractive basis with a blend of single- family and townhomes near schools, employment, and retail.
- Bells Ferry — Kennesaw, GA: An age-targeted 55+ community with resort-style amenities in northwest Atlanta suburbs, developed with partner Brock Built.
- Project #3 — Sarasota, FL: Townhome lot development, advancing under a purchase agreement with one of the nation’s largest homebuilders located near major retail and interstate access.
Key milestone details (by project)
Distribution date for all: October 28, 2025
| Project | Net IRR to Preferred | Total Return | Project Hold |
| The Gathering | 15.1% | 1.52x | 3 years, 8 months |
| Bells Ferry | 16.75%† | 1.63x | 4 years, 2 months |
| Project #3 | 20.56%† | 1.35x | 1 year, 9 months |
Carpathian Capital Management is a private real estate investment firm providing accredited investors access to high-quality, institutional-grade real estate opportunities focused on a disciplined, risk-mitigated strategy in high-growth U.S. residential markets.
More about CCM: https://carpathiancapital.com/ Website Blog Post
Information about CCM’s Development Fund III, open to accredited investors.
Estimated returns methodology (†): Project #3 and Bells Ferry returns are estimates derived from our internal model. We began with each project’s gross cash‑flow schedule, applied “haircuts” equal to the relative platform costs, reserves, and other reconciling items observed on The Gathering standalone investment, and then ran those haircutted cash flows through the same investor waterfall used for The Gathering. These estimates are illustrative of project‑level, standalone outcomes and are not fund returns. Actual results may differ.
Disclaimer: This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offering is made only pursuant to definitive offering documents to accredited investors and qualified purchasers, as applicable. Past performance is not indicative of future results. All investments involve risk, including loss of principal.
Contact Data
Ian Colville Carpathian Capital Management icolville@carpathiancapital.com https://carpathiancapital.com/
