Stabilized
Aztec Villa
128-unit workforce housing community on Panama City's east side, operated end-to-end in-house.
VERTICALLY INTEGRATED · AI-NATIVE · WORKFORCE HOUSING
Carbon is a vertically integrated, AI-native owner-operator of Class B/C workforce housing across the Sun Belt. We acquire the asset, renovate it, and operate it with our own people and our own data infrastructure. The team that underwrites the deal is the team that operates it through disposition, and we invest our own capital in every one.
HOW WE OPERATE
Most of the return in workforce housing is earned after the closing. None of the individual activities are hard. Send the renewal, schedule the turn, follow up on the delinquency, inspect the unit. It gets hard when you run hundreds of those activities across dozens of properties with a hundred people, and every one of them needs the right data at the right time. That coordination layer is where most operators fail. It's the layer Carbon is built around.
95%+
occupancy at quarter close
96%
increase in tour attendance per lead
50%
reduction in average make-ready time
25%
reduction in cost per lead
20%
improvement in tour closing rate
10%
improvement in renewal conversion
Portfolio-wide, Q3 2026. Source: Carbon internal operating reports.
Carbon runs vendor software like every other operator. The difference is that we own the layer that connects it. Our engineering team built a custom API layer across our PMS and CRM that carries a lead through tour, application, and signed lease in one pipeline. We built internal pricing tooling that pulls real-time occupancy, expiration exposure, and market comps into a single view. We built a screening workflow that combines income verification, identity, background, and credit into one risk score and one approval chain. Live dashboards in every leasing office run off the same data. Our CEO ran a software company for twelve years before real estate, which is why Carbon builds this rather than waiting on a vendor roadmap.
Marketing
Leads and tour conversion
Construction
Capital improvements
Property Management
Leasing and maintenance
Outbound Talent Recruiting
We source and hire our own operators
Asset Management
Performance and reporting
Technology
Proprietary software
Functions from acquisition through disposition are performed in-house, giving Carbon direct control over execution and cost across the value chain.
WHERE THIS GOES
L0
No structured data
Complete
L1
Individual AI use
Complete
L2
Shared AI within teams
Complete
L3
Unified data backbone, cross-functional agents
Building now
L4
System learns from patterns, scoped autonomy
L5
Portfolio decides within delegated authority
"Building now" is a status, not a date.
We're finishing a unified data backbone that gives every person and every agent at Carbon one live picture of the portfolio. A property manager sees which units are overdue for inspection without asking anyone. An asset manager sees actuals against the pro forma with the variance already explained. An investor asks about a distribution and has the answer in seconds. Agents move work across systems on their own, updating unit status when a make-ready closes, flagging NOI drift against the business plan, reconciling vendor invoices against approved scopes. Residents get one app for the entire lifecycle, from application through move-out, in place of the five systems they deal with today.
Further out, the portfolio notices a submarket shift before the team does, acts inside the authority we delegate to it, and records the outcome so the next decision is better than the last. This is an engineering roadmap with a team behind it, and it's the kind of edge a traditional operator cannot buy.
INVESTMENT STRATEGY
Class B/C workforce housing across the Sun Belt. The same team underwrites the deal, owns the business plan, and operates the asset through disposition.
Class B/C communities with good bones in established neighborhoods and top school districts. The asset is usually tired, the operation is usually worse, and the price reflects both.
We improve the property and the operation. Interiors, exteriors, and systems where the building needs the work. Leasing, pricing, collections, maintenance response, and expense control in every case. A large share of the NOI lift comes from running the asset properly, sometimes without touching a wall.
We refinance when NOI supports it, hold for cash flow, and sell when the market pays for the work. Distributions run through the hold.
WHY WORKFORCE HOUSING
Households earning $50K to $80K earn too much for tax-credit affordable housing and too little for new Class A. That renter is who we house. In 2024, 22.7 million US renter households spent more than 30% of income on rent and utilities. Cost burdens are climbing fastest among renters earning $45,000 to $75,000. That's our band, and the squeeze on it is accelerating.
The supply that serves our renter is disappearing and cannot be replaced. From 2014 to 2024, the number of US units renting below $1,400 a month fell by 9.3 million. Since 2020, material input prices for new residential construction rose 42% and construction labor costs rose 24%, which pushes every new development toward the top of the rent distribution. We buy in established Sun Belt neighborhoods inside top school districts. That location cannot be reproduced at any price.
CURRENT PORTFOLIO
Every Carbon community is acquired, renovated, and operated by the same vertically integrated team. Same underwriting team. Same operating team. Same accountability.
128-unit workforce housing community on Panama City's east side, operated end-to-end in-house.
Flagship 213-unit Alabama community along the Old Caldwell Mill corridor.
216-unit lakeside community in Valdosta, anchored by regional employers and Valdosta State University.
202-unit Georgia secondary-market acquisition with a strong workforce demand pipeline.
156-unit coastal Georgia community. Workforce demand driven by regional logistics employers.
140-unit suburban community in north Macon, alongside Lamar Lofts.
116-unit community in Hoover, inside Hoover City Schools, one of Alabama's top-rated school districts.
120-unit community in Vestavia Hills, inside Vestavia Hills City Schools. Renovated and operated in-house.
40-unit boutique loft community in historic downtown Macon.
255-unit community in Carrollton just north of Dallas, part of Carbon's Texas expansion.
237-unit community in the Brockbank corridor of northwest Dallas, one of two Carbon Texas properties.
320-unit community in Hoover, inside Hoover City Schools, one of Alabama's top-rated school districts.
258-unit community in west Little Rock, Carbon's Arkansas anchor property.
80-unit workforce housing community in central Macon, operated end-to-end in-house.
Available only to verified accredited investors.
Portfolio Detail
Owned and managed as of Q3 2026.
| Property | Market | State | Units |
|---|---|---|---|
| Aztec Villa | Panama City | FL | 128 |
| The Kenzie | Birmingham | AL | 213 |
| The Benton at Hoover | Hoover | AL | 116 |
| Berry Falls | Vestavia Hills | AL | 120 |
| Hills at Hoover | Hoover | AL | 320 |
| Lakeside | Valdosta | GA | 216 |
| Claxton Pecan | Dublin | GA | 202 |
| Westminster Club | Brunswick | GA | 156 |
| The Landings | Macon | GA | 140 |
| Lamar Lofts | Macon | GA | 40 |
| Ingleside Terrace | Macon | GA | 80 |
| Residences at The Overlook | Little Rock | AR | 258 |
| Santa Fe | Dallas | TX | 237 |
| Villa Siena | Carrollton | TX | 255 |
LEADERSHIP
Carbon's principals are heavily involved in every property and co-invested in every deal. The team that underwrites the acquisition owns the business plan all the way through disposition.
CEO
Cody is CEO and founding Principal at Carbon, responsible for investor relations, asset management, and operations across the platform, including our in-house property management team. Before real estate, Cody built and ran a software company for twelve years, scaling it from zero to seventy employees. That operating experience is why Carbon builds its own technology stack rather than waiting on a vendor roadmap. He sits on the board of three midsized businesses and is General Partner on multifamily and hospitality assets across Alabama, Georgia, Florida, and beyond.
Chief Investment Officer
Michael is Chief Investment Officer and Cofounding Principal at Carbon. A fourth-generation real estate entrepreneur, he has led Carbon's workforce housing investment platform since inception, overseeing more than $500 million in transactions. Before Carbon, Michael advised institutional clients including private equity firms, hedge funds, BDCs, and family offices on distressed transactions, workouts, and bankruptcies. He began his career in fixed income trading and analysis at J.P. Morgan and Merrill Lynch. Michael holds the CFA and CAIA designations and graduated from Boston University's Questrom School of Business. He hosts the Deal Flow Podcast.
President of Operations
Robbie is President of Operations at Carbon. He leads occupancy growth, revenue optimization, and operational excellence across the portfolio. He owns the SOPs and technology workflows that streamline leasing, improve collections, and elevate the resident experience, and he built out the core operations, investor relations, acquisitions, and new construction functions as the firm scaled to over $200 million in AUM. Robbie combines strategic vision with hands-on execution across every community Carbon owns.
INVESTOR VOICES
Verified quotes from active accredited investors in the Carbon platform.
I've been a real estate investor for 10+ years. I've invested in 2 of Carbon's offerings with a 3rd pending. I'm very happy with the results. These offerings have given me access to markets I wouldn't otherwise have access to. It's also allowed me to leverage the expertise of Carbon, which is significant. They're very transparent, they're very focused on process, and I'm happy with the results.
My family office has been investing with Michael (Carbon's Cofounding Principal) for 6 years. Michael brings a principled approach to investing and thoroughly understands the asset class. If you are looking to capitalize on the benefits of real estate (tax shield, cash flow, capital gains), overseen by a skilled Sponsor, then I highly recommend investing with Carbon.
As an investor with over 15 years in the game, I have to say that I have found Carbon a breath of fresh air. They are extremely pleasant, knowledgeable and they keep to their word. Thank you for the updates and your flawless execution. Would absolutely recommend!
Operating metrics stated on this page are portfolio-wide figures as of Q3 2026, sourced from Carbon's internal operating reports. Past performance does not guarantee future results.
Forward-Looking Statements. Certain statements on this site are forward-looking statements. These include, without limitation, statements about our business strategy, portfolio growth targets, technology roadmap, expected operational improvements, and market conditions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are outside our control. Actual results may differ materially from those expressed or implied. Words such as expect, anticipate, intend, plan, believe, target, project, estimate, or the negative of these terms, and similar expressions, identify forward-looking statements. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.