Daryl Carter is the founder of Avanath Capital Management, a real estate investment firm that buys multi-family apartment developments throughout the United States.
According to the Los Angeles Times, Carter’s company has approximately 9,000 units nationwide, both market-rate and inexpensive. The company’s objective is to acquire ancient properties while also making them prettier and more cheap.
According to Shoppe Black, Carter has acquired about $4 billion in property in 15 states since starting Avanath Capital Management in 2008.He has expanded the company to become one of the largest black-owned real estate enterprises, as well as the largest black-owned affordable housing investment organization.
According to Shoppe Black, “Some of the firm’s acquisitions include a high-rise in New York for $101 million, two properties in California for $132 million, and a recent acquisition in Chicago for $119 million, which is one of the largest deals in the city’s history.”
According to the Los Angeles Times, Avanath’s other Chicago properties include the 156-unit Scotland Yard in Uptown and the 582-unit Acclaim at Hinsdale Lake in Willowbrook. With more than 1,300 units in Illinois, the company also owns the 180-unit Country Wood complex in Naperville and the 59-unit Affinity on North in Chicago’s Old Town district.
Carter was up in Detroit, where his father was a nanny and his mother worked at an auto factory. He grew up with a passion for construction and would spend hours watching workers at work. His parents encouraged him to strive for excellence by pointing to doctors, business leaders, and other wealthy African American residents.
He studied architecture at the University of Michigan before moving on to MIT, where he earned a master’s degree in architecture and an MBA. According to the Los Angeles Times, his first job after graduating was at Continental Bank in Chicago, where he was sent to South Florida to do workouts on unsold properties.
Carter chose to establish his own firm in 1995. He co-founded Carter Primo Chesterton with a high school friend, Quintin E. Primo III, a real estate investment firm that was eventually renamed Capri Capital and now manages billions of dollars in real estate.
In 2007, he launched Avanath, which he named after his daughter, Ava, and son, Nathan. “They are only 17 months apart, so there is this great sibling rivalry,” he said. “She likes to say, ‘My whole name is in the company.’ And he says, ‘Well, I have more letters.’ ”
Today, Avanath has acquired $4 billion worth of properties across the US.
