As market conditions allowed, Carleton diversified its portfolio to include both market-rate and affordable housing options, building on the experience gained by its founder when he was a partner with Trammell Crow Residential. Similarly, the growth of new and rehab development opportunities led to a demand for construction services, prompting the use of the Trammell Crow Residential model. This led to the formation of Carleton Construction, and in 1994, Neal Hildebrandt joined Carleton as a partner and Chief Executive Officer, directing construction operations. As the company continued to grow, asset management services evolved, resulting in Carleton emerging as a fully integrated multifamily development company.

Carleton Companies’ Commitment to Affordable Housing

Since its establishment, Carleton Companies has consistently engaged in affordable housing projects, navigated various economic cycles and gained substantial expertise in the development, construction and management of affordable properties. Recognizing the challenges municipalities across Texas face in meeting the growing demand for affordable housing, Carleton Companies remains dedicated to addressing this critical need, making affordable housing a cornerstone of its business. Gary’s active involvement in affordable housing since the inception of the Low-Income Housing Tax Credit program in 1986 highlights the company’s long-standing commitment to this sector.

The Founding and Growth of Salt River Capital

Salt River Capital was founded in 2009 in Dallas, Texas. The firm pursued private equity multifamily financing opportunities primarily in Texas with an initial focus on new development and value-add transactions. The first transaction closed was in the DFW metroplex area with Carleton Companies. In 2013, Salt River Capital was added to the Carleton Companies multifamily platform to focus on debt and equity financing for the Carleton platform. Since then, the firm has managed over $100 million in equity investment capital and over $500 million in total transactions.

The Formation of Carleton Management Services, LLC, now known as Carleton Living Property Management Services

In 2017, Carleton Companies streamlined its property management operations by establishing Carleton Management Services, LLC and appointing a CEO to lead the new organization. This strategic move allowed Carleton to more effectively coordinate its property management efforts for both market rate and affordable housing, in conjunction with its development and construction arms. Although Carleton Living Property Management Services operates independently, it upholds Carleton’s core values and commitment to both market rate and affordable housing. Additionally, this organizational structure has enabled Carleton Companies to extend its management expertise to third-party clients.