No. 4 The NRP Group
The workforce was a big priority for The NRP Group in 2019. In addition to its 9% and 4% low-income housing tax credit developments, the Cleveland-based firm focused on workforce housing, which led to the creation of more than 1,200 units. The firm also partnered with The Millennia Cos.—also based in Cleveland and No. 3 on the owners list—and Cleveland State University to create The NRP & Millennia Center for Property Management within CSU’s Monte Ahuja College of Business. The center will house academic programs in property management and real estate.
No. 11 Commonwealth Development Corporation of America
Last year, the firm capitalized on its late 2018 merger with Mirus Partners by continuing to expand its brand, capacity, and organizational reach. It was able to elevate its success by completing construction on 10 projects and starting 15 more. Commonwealth also saw a substantial increase in its workload, focusing on efficiencies and building capacity. Its growth and long-term goals allowed for attracting 17 new team members who have brought experience and talent across all branches of our company.
No. 12 Phipps Houses
The oldest and largest nonprofit developer, owner, and manager of affordable housing in New York City, Phipps Houses closed new affordable housing projects totaling over 1,000 units in 2019. In addition, the nonprofit embarked on a wholesale reorganization of its property and asset management functions to in-source revenue management for greater efficiency, compliance, and internal control. This allows asset managers to focus more on property long-term stewardship and profits and losses. As a result, cash flow from operations is up 21% in 2019 and budgeted for another 8% increase this year.
No. 24 Atlantic | Pacific Communities
The Miami-based firm and its nonprofit partner, Casa Familia, will be developing and building Miami-Dade County’s first affordable housing for adults with intellectual or developmental disabilities. In 2019, the partners were awarded $15 million in 9% housing tax credits and a $4 million grant from the Florida Housing Finance Corp. for the 50-unit, campus-style community. This is also Atlantic | Pacific’s first special-needs-only affordable housing development and the first development for Casa Familia.
No. 31 Madhouse Development Services
The Austin, Texas–based firm completed a lengthy process to brand its apartment communities and adopted Avanti Communities as its nomenclature: Avanti for its affordable family communities, Avanti Legacy for its affordable senior living communities, and Avanti Marquis for its market-rate communities. It also made significant strides with Avanti Resident Services (ARS), a related company founded by Madhouse in 2018 to provide supportive services for its residents. ARS now oversees programs for over 1,000 units located at nine apartment communities around Texas and has a staff of six part-time resident service coordinators.
No. 33 The Doe Fund
Celebrating its 30th anniversary this year, this New York City nonprofit continues to build on its reputation of developing permanent supportive housing. In the seven years between 1996 and 2003, the firm developed 162 units. Then, in the seven years between 2012 and 2019, it has had approximately 1,000 units in pre-development and under construction. This newcomer to the AHF 50 developers list also anticipates closing four new-construction supportive housing projects in New York City, totaling 438 units, this year.
No. 37 Highridge Costa Cos.
This California-based firm has made its move into the Hawaii market, with 300 units under construction and 1,200 units in the pipeline on the islands of Oahu and Maui. In Kapolei, on the island of Oahu, Highridge Costa is building two 15-story towers—one for seniors and one for families—with just over 300 units, that has retail on the perimeter of a site the size of an entire city block. The senior tower was completed in early 2020, and the second tower is under construction.
No. 38 BRIDGE Housing
In 2019, the San Francisco–based nonprofit launched a new five-year strategic plan with a goal of advancing the development and acquisition of 9,000 units of housing by the end of 2023. Emerging areas of intentional expansion for the firm over the next five years include: permanent supportive housing to address homelessness; large-scale public housing transformation; large-scale master plans; and moderate-income housing to serve the “missing middle.”
No. 48 PIRHL
2019 was a year of firsts for PIRHL. The firm completed construction on its first Passive House development in Cary, Ill., the first multifamily Passive House development in the state. It also expanded its production arm in New Jersey, and recently completed its first affordable housing development in that state and started construction on a second one. In addition, PIRHL closed on the financing and began construction on its first permanent supportive housing development in its hometown of Cleveland.