Carter Exchange
26 Programs on record · filing history back to 2020 · 0 classified as raising now
carterfunds.comPrograms on record26
First filed2020
Raising now0
Finished with published result100%
Capital-loss alertNone published
Sponsor-reported, from SEC filings and cited sources.
What the record shows
Carter Exchange (CX), founded in 2019, is a national real estate investment and management company and a Carter Funds company that sponsors Delaware statutory trust programs syndicated for Section 1031 exchanges, acquiring multifamily, industrial, and specialty-sector real estate. Sponsor material dated 2025 reports $2.05 billion in total DST assets under management across 23 DST programs and 25 properties. Top1031 tracks 26 CX-branded trusts first filed between 2020 and 2024. Dated sponsor announcements include a $12.6 million net-leased industrial acquisition in Forney, Texas in January 2024, the closing of the $48.8 million CX Courts of Avalon DST in August 2024, and three reported multifamily dispositions between 2023 and 2026.
Sponsor-stated figures are as reported by the sponsor.Evidence 1234567
Published Grade summary
Public records track 26 Programs from this Sponsor over 6 years, of which 3 are lifecycle-eligible; the audit lists no documented material adverse events and 0 distress items, which is not itself evidence about outcomes. All 3 lifecycle-eligible Programs are recorded as property sold with the result unknown, while the outcome-disclosure ledger shows a figure published for each of the 3. The record rests on 40 citations at a proof depth of 3.
3Programs with an ending or 7+ years of history
0 of 3Programs with a documented problem
100%Finished Programs with a published result
YesPublishes its own track record
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
No active offerings are on record for this sponsor.
How this Grade was computed
The four channels describe the documented public record. The published letter also applies evidence gates, ceilings, and adverse floors.
Four evidence channelsEach channel is scored from 0 to 100, then weighted under the published method.
Read the full methodHarm recordDocumented problems, weighed against everything at stake35% weight
Lifecycle outcomesHow programs old enough to finish actually ended25% weight
Market acceptanceHow each raise went against comparable offerings25% weight
Disclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
- Ceilings
- The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
- Evidence gates
- A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
- Adverse floors
- An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth69.8Published-outcome coverage100%
- B2026-Q3 · Moved from B. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
ProgramFirst filedStatusPublished outcome
CX Alexandria, DST2022Filing record
—Not in the finished-Program ledger
CX Foundry Yards, DST2022Filing record
—Not in the finished-Program ledger
Show all 26 Programs
CX Heritage, DST2022Filing record
—Not in the finished-Program ledger
CX Ravella at Town Center DST2022Filing record
—Not in the finished-Program ledger
CX Residences at Congressional Village, DSTSEC filing 2022Historical
—Not in the finished-Program ledger
CX Riverstone, DST2022Filing record
—Not in the finished-Program ledger
CX EOS Orlando, DST2021Filing record
—Not in the finished-Program ledger
CX Evergreens at Mahan, DST2021Filing record
—Not in the finished-Program ledger
CX Highland, DST2021Filing record
—Not in the finished-Program ledger
CX Liberty Mill, DST2021Filing record
—Not in the finished-Program ledger
CX Lullwater at Blair Stone, DST2021Filing record
—Not in the finished-Program ledger
CX Multifamily Portfolio, DST2021Filing record
—Not in the finished-Program ledger
CX Texas Industrial, DST2021Filing record
—Not in the finished-Program ledger
CX Reagan Crossing, DST2020Filing record
—Not in the finished-Program ledger
CX Retreat at the Park, DST2020Finished
CX Station at Poplar Tent, DST2020Finished
Who they are
Written from SEC filings and cited sources
Platform and strategy
Carter Funds identifies Carter Exchange (CX) as a national real estate investment and management company and a Carter Funds company. Carter Exchange states that it was founded in 2019, sponsors Section 1031-syndicated Delaware statutory trust programs, and targets acquisitions in the multifamily, industrial, and specialty sectors, with its DST programs structured around recurring monthly income, 1031 eligibility, and portfolio diversification. Sponsor material dated 2025 reports 23 DST programs, 25 total properties, and $2.05 billion in total DST assets under management.1
Tracked program record
Top1031 tracks 26 CX-branded Delaware statutory trusts with first filing years spanning 2020 through 2024, the largest group first filed in 2022. The earliest tracked entities are CX Reagan Crossing, DST, CX Retreat at the Park, DST, CX Station at Poplar Tent, DST, and CX Station at Savannah Quarters, DST, each first filed in 2020; the most recently filed are CX Mode at Hyattsville, DST (2023) and CX Texas Industrial II, DST (2024). Program names span multifamily, industrial, and logistics labels across the Southeast, Mid-Atlantic, Texas, and Midwest.2
Acquisitions and offering closings
On January 22, 2024, Carter Exchange announced the acquisition of an Atmos Energy industrial facility in Forney, Texas for $12.6 million for CX Texas Industrial II, DST, describing the building as subject to a 20-year absolute net lease with Atmos Energy.3 On August 1, 2024, the sponsor announced the full subscription and closing of CX Courts of Avalon DST, a $48.8 million offering backed by the 258-apartment-home Courts of Avalon property in Pikesville, Maryland.4
Reported dispositions
Three multifamily sales anchor the platform's reported completed record, each figure as stated by the sponsor. Carter Exchange reported selling Station at Poplar Tent in Concord, North Carolina on April 20, 2023 for $74.7 million, citing a 20.08% average annual return to investors over an approximately 2.7-year hold.5 It reported selling Station at Savannah Quarters in Pooler, Georgia on May 24, 2023 for $62.5 million, citing a 32.67% average annual return over a 2.8-year hold.6 It reported the January 21, 2026 sale of Retreat at the Park in Burlington, North Carolina for $48 million, citing a 55.4% total return to DST investors over a 5.75-year hold, and stated that those figures were not audited by a third party.7
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- carterfunds.com ↗Sponsor disclosure
- Top1031 sponsor record ↗Top1031-derived
- carterfunds.com ↗Sponsor disclosure
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- carterfunds.com ↗Sponsor disclosure
- carterfunds.com ↗Sponsor disclosure
- carterfunds.com ↗Sponsor disclosure