Spotlight On: Lance Carter, President & Founder, Phoenix Management Group

December 2025 — Lance Carter, president and founder of the Phoenix Management Group, sat down with Invest: to discuss the state of the commercial real estate market, why Nashville was a prime location to expand its business operations, and how regulatory and policy changes are affecting project timelines and feasibility. “There are so many regulations coming out all the time that they feel more like a hindrance than a help,” Carter said. “These regulations have the best of intentions, but not the best execution.”

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What is your overview of Phoenix Management Group and its proposition in the Tennessee area? 

We started in 2020 at the height of COVID. We are a boutique management, development, and consulting firm that is based out of Charlotte, NC; however, we also have an office in Nashville.

We are vertically integrated with our own real estate division called Phoenix Realty Partners where we unlock sustainable homeownership and real estate investments. Our main focus right now is to revitalize existing infrastructure and build new developments in student housing, multifamily, build-to-rent, and affordable housing throughout the state and manage those assets for ownership groups, investors, and developments.

We want to be in all markets, whether they are primary, secondary, or tertiary markets, which most people do not want to be in. We want to bring affordable housing to some of those areas that need a little bit more attention, student housing to universities that are in need, and revitalize some value-added assets to provide quality housing. Our goal is to complete 10 new projects by the end of 2028.

How does the Charlotte market compare to Nashville in terms of investor interest, tenant demand, and the kinds of properties you’re targeting? 

Charlotte is about 10 years behind Nashville right now. Ten years ago, Nashville started seeing a huge investment boom, with crane after crane, which brought new life to the downtown area, tourism areas, and the real estate sector as a whole. Charlotte is just now hitting that boom. We have 29,400 units being added online within the next 10 years, which is huge for Charlotte.

We are working on preparing our infrastructure for this influx of people. Nashville centralized its housing efforts at first, whereas Charlotte is working to spread out the influx in a steady motion.

There are more affordable housing options in downtown Charlotte as opposed to Nashville. It is also the financial banking capital of the Southeast.

Nashville has become a major destination for businesses and investors. What makes this region the ideal location for Phoenix Management Group to grow?

On our management and consulting side, there is so much product out there with different units popping up daily. People are forgetting about some of the existing complexes that need to be revitalized. We are really flourishing in those areas. One of our complexes in Nashville needs a complete overhaul. We are keeping the existing structure, but remodeling and rebranding to bring that property back to life. It is in a perfect location and just needed some work. It is these types of investments that allow some of the character and feel of an area to be maintained but provide an exceptional living experience in proximity to where you want to be.

How would you describe the state of the commercial real estate market, and which sectors or services are seeing the strongest demand right now?

Affordable housing and student housing are seeing the most demand. The average price of a rental in Nashville for a one-bedroom is above $1,500, which is very high for the area if you look at the past 10-year trend. If you are right out of college, $1,500 a month for a one-bedroom is not always affordable. The push for higher education has become so big and housing has become a retention tool for universities.

Our surrounding colleges are growing, and we are finding that the universities don’t have enough housing for all these individuals, resulting in an increase in demand for that student housing market. The affordable housing market and build to rent are right behind students. With interest rates being high and the need for affordable rentals you are seeing the rental market become recession proof and a growing need for it in most areas.

What are the new demands or expectations clients have when it comes to the types of properties being purchased?

On the owner’s side, the owners are saying that they want the bells and whistles. They want properties being leased to capacity and ones that potentially can be resold in the future or even at stabilization. They want cost efficient construction and lease up costs. These owners want properties with some sort of office space or clubhouse. Communal spaces are very big right now.

From a resident standpoint, they are big on the technology package, especially with most people working from home or being students. Internet speed, buildings with controlled access, community spaces where they can work and play from, rooftop spaces, and pools are all in high demand. High-end finishes and appliances are starting to become a necessity as well as laminate or engineered hardwood.

In what ways is technology, from marketing platforms to analytics, reshaping the way real estate firms compete and deliver value?

Technology is helping us streamline many of our processes. I remember when we were utilizing primarily excel spreadsheets. AI has allowed us to streamline these once tedious processes and get information much quicker. Looking at leasing rates, financing, and market trends with new technologies has helped to cut out mundane processes that take some of the fun out of real estate. The human element is still key, but we have been able to focus much more of our efforts on our relationships and growth.

What regulatory or infrastructure challenges are developers and investors facing in your region, and how are those affecting project timelines or feasibility?

There are multiple challenges popping up. Everyone is trying to get a piece of the pie, whether that be building build-to-rent, commercial, subdivisions, and so on. This causes a bit of strain on the city and state, as well as new regulations being put in place because you want to ensure that there is a method behind the madness. Financing, codes, and regulations have become complex. There are so many regulations coming out all the time that they feel more like a hindrance than a help. People are trying to get things built more quickly to avoid running into issues. These regulations have the best of intentions but not the best execution.

What are some of the key metrics you watch closely to anticipate real estate cycles and guide strategic decisions at the firm?

We look at things through a multifaceted lens because we work with the owners, residents, and tenants, and often keep projects through stabilization. This can be challenging because we tend to be the middlemen or the liaisons among all of these moving parts. We look at market trends, demographics of people moving to the area, and what is being built and developed. Those metrics are important to us because we want to make sure that we are not overcrowding a market or coming on too fast.

This is especially true when it comes to pricing. Looking at the metrics, as a whole, is important because we are looking out for the owners, developers, construction companies, and tenants. There are many hard conversations that need to be had to ensure that we are operating in a way that is in everyone’s best interest and still providing an exceptional living experience, institutional-level results with a boutique feel, and as always, positive NOI.

What advice would you offer to other market players or developers trying to navigate today’s real estate environment with both caution and ambition?

Networking, getting around, and having open, transparent, and honest conversations is important. Rising waters float all boats, and we should be working together to do so. Using resources to see what is already out there so you can come in and make informed decisions is key. Knowing key individuals before coming in here and really doing the prep work first can make a huge difference when it comes to support and resources. Making connections upfront allows you to ask questions and get transparent answers when you need them most.

How does PMG assess the local labor pool in Nashville? Are there challenges in hiring and retention as the company grows?

Most people in my company have been here since the beginning, and I have been able to retain many people. It was helpful that I was born and raised in Nashville because I knew the ins and outs of what I was looking for. Nashville is a huge melting pot, with many people from many different places, and it is always helpful to have individuals with different perspectives, backgrounds, talents, and ambitions. Finding the right people is at the heart of our business. The rental market is not going anywhere, and this market is rather resilient.

I am optimistic that we can continue to cultivate an atmosphere where people want to come live, work, and thrive with us and we attract talented and ambitious individuals who are looking to make a positive impact on the lives of others while making some money and having fun while doing so!

Want more? Read the Invest: Nashville report.