COVER STORY
The Top 50 Affordable Housing Developers
AFFORDABLE HOUSING FINANCE • MAY 2008
RANK/
(2007
RANK)
|
COMPANY/CONTACT |
ADDRESS/PHONE/WEB |
AFFORDABLE DEALS 2007 UNIT STARTS/ COMPLETIONS |
REGION(S) |
ORGANIZATION TYPE |
21/new |
The Ingerman Group
M. Brad Ingerman, president and CEO
|
725 Cuthbert Blvd.
Cherry Hill, NJ 08002
(856) 662-1730
www.ingerman.com
|
552/518 |
Northeast, Southeast |
For-profit |
| The Ingerman Group reported record growth in 2007, with more than 1,000 units commencing or completing construction. The firm increased its market share in Delaware and Maryland and continued to be a leading developer in Pennsylvania and New Jersey. |
22/20 |
Chelsea Investment Corp.
James J. Schmid, president and CEO
|
5993 Avenida Encinas, Suite 101
Carlsbad, CA 92008
(760) 456-6000
www.chelseainvestco.com
|
537/470 |
West |
For-profit |
| Chelsea Investment Corp.’s areas of focus include transit-oriented infill and mixed-use projects. It is also involved in building special-needs and inclusionary housing projects. In 2007, the firm completed its first U.S. Department of Agriculture-financed development and started its first affordable housing development in Northern California. |
23/12 |
Dominium Development & Acquisition, LLC
Paul Sween and Armand Brachman, principals
|
2355 Polaris Lane, North Suite 100
Plymouth, MN 55447
(763) 354-5500
www.dominiumapartments.com
|
503/570 |
Midwest, South Central, Southeast, West |
For-profit |
| Dominium Development & Acquisition has been involved in a wide variety of apartment products. Its focus includes Sec. 8 preservation and new construction projects using housing tax credits. After starting eight projects with close to 600 units in 2006, the firm plans to start 14 developments with nearly 1,500 units in 2007. |
24/new |
Guardian Real Estates Services, LLC
Tom Brenneke, president
|
710 N.W. 14th, Second Floor
Portland, OR 97209
((503) 802-3613
www.guardianres.com
|
492/492 |
South Central, West |
For-profit |
| In addition to having nearly four decades of multifamily management experience, Guardian Real Estate is involved in the preservation and development of affordable housing. It turned around two troubled projects in Dallas in 2007. |
25/15 |
The Hampstead Cos.
Greg Gossard, principal
|
4250 Louisiana St.
San Diego, CA 92104
(619) 543-4200
www.hampstead.com
|
489/130 |
National |
For-profit |
| The Hampstead Cos. has a special focus on larger redevelopment projects that have mixed-use and mixed-income elements. The firm started five affordable housing developments in 2007. |
26/8 |
Pennrose Properties, LLC
Mark H. Dambly, president
|
1301 N. 31st St.
Philadelphia, PA 19121
(267) 386-8666
www.pennrose.com
|
487/686 |
Northeast, Southeast |
For-profit |
| Pennrose Properties completed 10 affordable housing projects and started nine in 2007. About 80 percent of the firm’s business is focused on affordable rental housing. |
27/24 |
Realtex Development Corp.
Rick Deyoe, president
|
912 S. Capital of Texas Highway
Suite 200, Austin, TX 78746
(512) 306-9206
www.realtexdevelopment.com |
480/396 |
South Central |
For-profit |
| Realtex Development builds a variety of affordable housing products. In 2006, it partnered with five different public housing authorities on deals. In 2007, Realtex will focus on developing in Mississippi, where it is working with a housing authority to help rebuild the hurricane-damaged areas. |
28/11 |
McCormack Baron Salazar, Inc.
Kevin J. McCormack, president
|
1415 Olive St., Suite 310
St. Louis, MO 63103
(314) 621-3400
www.mccormackbaron.com |
479/782 |
National |
For-profit |
| McCormack Baron Salazar is a leader in the revitalization of central city neighborhoods. In 2007, the firm was designated by the Housing Authority of New Orleans as the developer of the C.J. Peete public housing site. It also received a second allocation of New Markets Tax Credits. |
29/new |
St. Anton Partners
Steven L. Eggert, principal
|
1801 I St., Suite 200; Sacramento, CA 95811
(916) 444-9808
www.antonllc.com
|
452/508 |
California |
For-profit |
| St. Anton Partners started three developments with 452 units and also closed its first rehab project in 2007. The firm hopes to maintain its current production levels in 2008 and expand beyond the Sacramento, Calif., region. |
30/4 |
Simpson Housing Solutions, LLC
Michael A. Costa, president
|
320 Golden Shore, Suite 200
Long Beach, CA 90802
(562) 256-2005
www.createchange.us |
441/844 |
National |
For-profit |
| Simpson Housing Solutions completed 15 affordable housing projects and started 10 more in 2006. All were in California. The firm plans to complete 17 projects in 2007. It is moving outside of California to other Western states. |
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