Lance Carter, Founder & President, Phoenix Management Group

Invest: spoke with Lance Carter, founder and president of the Phoenix Management Group, about how Charlotte’s rapid growth is reshaping priorities for owners and operators across development, leasing, and community partnerships. “Our job is to create communities and relationships, not just operate buildings,” Carter said.

What is Phoenix Management Group’s role in Charlotte and the broader region?

Phoenix Management Group is a nationwide boutique property management and real estate development company. We work across multifamily, build-to-rent, student housing, affordable housing, and single-family development and management, with our home base in Charlotte.

In Charlotte, our focus is on scaling with intention, delivering hospitality-driven management, and helping create communities that perform over time. We also have a sister company, Phoenix Realty, which supports the buying, selling, and investing side of the market. The long-term goal is to support the full journey, from renting and managing assets to helping individuals move toward sustainable homeownership and real estate investing.

How would you characterize the state of commercial and multifamily real estate in Charlotte?

Charlotte is growing quickly, and you can see that momentum in both commercial and residential activity. On the commercial side, development continues, and mixed-use projects are increasingly common, with residential integrated into retail and office footprints.

We are also seeing ongoing reinvestment in established areas and older corridors, including Plaza Midwood, Belmont, and NoDa. Buyers continue to pay premium pricing to be closer to the city and reduce commute times, which keeps redevelopment activity strong.

On the multifamily side, a lot of product is coming online. Occupancy is not always immediate across every new delivery, but the broader signal is still demand and long-term growth. I expect continued movement toward a strong rental environment, and as conditions evolve, a more balanced market where buyers have more opportunity than they do today.

With so many new units and mixed-use buildings coming online, how do you ensure your projects stay competitive over time?

When options increase, you cannot rely only on finishes, amenities, or a new building smell. We are a hospitality-based business, and that means the product is the experience. Our job is to create communities and relationships, not just operate buildings.

Competitiveness comes from consistency in service and operations: responsiveness, clear communication, and a reliable resident experience. It also comes from treating residents, partners, and buyers as the foundation of the business. If you lose trust, you lose performance.

We aim to create a living environment that feels welcoming, peaceful, and worry-free, where the day-to-day experience matters as much as the unit itself. When people feel cared for, retention improves, reputation improves, and the asset performs better across cycles.

With capital markets selective and interest rates stabilizing, how is investor appetite shifting for multifamily, student housing, and build-to-rent in the Carolinas?

Higher rates have forced everyone to be more disciplined. Investors and developers are asking whether deals still make sense, and the answer depends on fundamentals and cash flow.

Assets that produce reliable income and have a clear path to stabilization remain attractive. That is why build-to-rent and multifamily continue to perform well in terms of interest. Once a project is delivered and leased, you have immediate income, and if the asset is run well, there may be an opportunity to recapitalize or refinance later.

Single-family development is not as appealing as it once was unless you have a specific buyer or client strategy because rates affect affordability, and insurance can add another layer of complexity. Smaller-scale multifamily structures, including duplexes through fourplexes, can be more appetizing in this environment because they generate income faster and can be stabilized and repositioned over time.

Which emerging corridors or submarkets are you most bullish on for the next phase of growth?

Markets can shift quickly, so you have to stay ahead while accepting that timing is never perfect. That said, I see opportunity in underinvested corridors where revitalization is already beginning.

Areas around Beatties Ford and near Johnson C. Smith University have the potential for significant growth because of the need, the land dynamics, and the broader push to reinvest in historically underdeveloped areas. South End will remain strong because demand is consistent, but I also expect increased attention in places like Steel Creek and other corridors that have been underperforming relative to the city’s growth.

Transportation will play a major role in what happens next. As CATS expands access, including work tied to the Silver Line, connectivity can make more neighborhoods viable for residents who still want access to employment centers and the city’s core amenities. When transportation improves, development follows.

As affordable housing remains a pressure point, how do you see the economics of affordable and workforce housing evolving in Charlotte?

Affordable and workforce housing must be prioritized because affordability is directly tied to Charlotte’s long-term stability. If people cannot afford to live here, that creates a ripple effect across labor, services, and the broader economy.

The challenge is feasibility. Costs are high, and without the right capital structure and partnerships, it is difficult to deliver rents that match what the workforce can realistically pay. The opportunity exists, but it has to be created through collaboration.

There are grants, funding mechanisms, and community resources that can support these projects, but the key is alignment. Developers, capital partners, and community organizations have to come together in joint ventures that share risk and stay focused on outcomes. Strong property management also matters because long-term success depends on operations, resident experience, and stability, not just getting the building delivered.

Where do you see the most opportunity: adaptive reuse and repositioning older assets, or new construction?

Adaptive reuse can preserve Charlotte’s identity and bring older buildings back to life, which has real cultural value and can create distinctive projects. We have seen examples where reuse preserves historic character while still meeting modern expectations.

However, the market is also leaning toward new construction because it brings certainty. When you start from scratch, you control scope, quality, and cost assumptions more directly. With adaptive reuse, unknown conditions can introduce risk in budgets and timelines, which can be harder to underwrite and finance.

Lending dynamics can reinforce that shift because construction loans can be simpler when the project is standardized and predictable. My view is that Charlotte benefits from a balance: some structures need replacement, but others are worth saving because history and culture matter to what makes neighborhoods feel like Charlotte.

How are you leveraging Charlotte’s economic landscape to build partnerships and integrate into the community long term?

It starts with communication and using available resources intentionally. Charlotte has strong programs, coalitions, and business networks that help leaders connect and move projects forward.

I have joined multiple coalitions and completed city-supported programs, including the NXT Charlotte cohort and the AMP Up Charlotte cohort. Those experiences help build relationships and rapport with city leadership and other stakeholders who influence how projects get done.

Long-term integration is not just about one company doing well. It is about partners communicating clearly about goals and working together through joint ventures and shared initiatives. When resources are leveraged collectively and execution is coordinated, projects can have a bigger impact on neighborhoods, economic stability, and quality of life.

Looking ahead three to five years, what needs to happen for Phoenix Management Group to accelerate beyond its current targets?

We need to continue positioning Phoenix as a boutique firm that delivers institutional-level results. That means being clear about what we do, choosing the right partners, and building relationships that align with our long-term goals.

On the management side, growth has to be intentional. When we help develop projects, we want to manage them as well, because operations are where performance and resident trust are built. Managing assets we understand from the beginning helps ensure efficiency and feasibility for owners and investors.

On the development side, the next step is focusing on projects that create lasting value, not just quick turns. We want to be involved in assets we can hold long term, where residents feel at home and investors see durable performance. Acceleration will come from disciplined partnerships with owners, developers, and community stakeholders, and from staying focused on projects that make Charlotte better in measurable, long-term ways.