For Accredited Investors
Attractive Returns
and Cash Flows
Designed with investor flexibility in mind.
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, 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.
US$ 100,000
Minimum Investment
Income
Quarterly Distribution
Liquidity
after 1-year lockup
Here is What We Provide
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: $100,000
- 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
CCM’s Team Experience
$1.5B
Assets Managed
15,000
Units Closed
$400M+
Equity Investment
$500M+
Construction Lending
$50M+
Profits Distributed
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.
Projects in CCM Development Fund III
The Bowline
Santa Rosa Beach, Florida
Progress photo, April 2026
Lake Lanier
Forsyth County, Georgia
Progress photo, April 2026
Projects in Previous Funds
What We Provide
Our real estate funds are built for income generation and capital preservation
Each fund is designed to produce consistent quarterly distributions while maintaining a strong focus on downside protection. We prioritize recession-resilient sectors, such as workforce housing in underserved Midwestern markets, to reduce volatility and preserve investor capital.
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
Executive Team
Ian Colville
Managing Partner
Ian has ten years of real estate investing experience, ten years of investment banking experience and seven years of management consulting experience.
Steve Nolander
Sr. Director of Commercial Lending
Steve has twenty years of experience in lending and joint venture equity, with a focus on home builder lending and residential real estate.
Eric Bialke
Sr. Director, Real Estate Joint Ventures
Eric has ten years of experience at Mountain Real Estate Capital and ten years as a Director Investment Manager at GMAC-RFC.
Dan Kragt
Sr. Director of Finance
With over 30 years in the alternative investment and private equity industry, Dan has a proven track record of enhancing and streamlining financial processes in complex organizations.
Matt Forster
Chief Operating Officer
Matt has twenty years of operations and executive leadership experience, including executive positions with three startups.
Rick Hillard
Investment Manager – Real Estate Joint Ventures
Rick is responsible for asset management and financial analysis of real estate joint venture investments with our builder and developer partners.
Why Should You Invest With Us?
Proven Expertise
Rigorous Due Diligence
Exclusive Opportunities
Strong Track Record
Robust Risk Mitigation
Scalability
People First
Transparent Reporting
Best-in-Class Partnerships
We collaborate with leading developers and operating partners for successful project execution.
Frequently Asked Questions
What is an accredited investor?
- 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 $100,000.
What is IRR?
How often are distributions made?
Can I liquidate my investment?
IMPORTANT LEGAL NOTICE & DISCLOSURES
This website and the information contained herein are qualified in their entirety by the Fund’s Private Placement Memorandum (“PPM”) and Subscription Agreement and do not constitute an offer to sell or a solicitation of an offer to buy any securities.
• The Preferred Units of CCM Development III, LLC (the “Fund”) are not registered under the Securities Act of 1933 or any state securities laws and are offered only to verified accredited investors pursuant to Rule 506(c) of Regulation D. The Fund will take reasonable steps to verify accredited status.
• Units are illiquid, transferable only under strict conditions, and no public or secondary trading market currently exists; investors should be prepared to hold indefinitely and risk total loss of capital.
• This site may contain forward-looking statements as defined under U.S. federal securities laws; actual results may differ materially, and no duty to update is assumed. Past performance is not indicative of future results. Target returns are objectives only and are not guaranteed.
• Nothing herein constitutes legal, tax, accounting, or investment advice; consult your own advisers. The Manager is not registered as an investment adviser and expects the Fund to remain exempt from registration under the Investment Company Act of 1940.
• IRS CIRCULAR 230 NOTICE: Any U.S. federal tax advice herein is not intended to be used to avoid penalties.
• Offers are made solely through the Fund’s PPM and Subscription Agreement; not an offer where prohibited. Not FDIC-insured, bank-guaranteed, or insured by any government agency, and may lose value.
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