Crow Holdings to Develop Multifamily Housing for Middle-Income Residents
More than 10,000 apartments are underway.
The crisis of availability of affordable multifamily housing is getting some reprieve.
Crow Holdings, a national real estate investment and development firm, announced an initiative to develop attainable housing communities across major US markets.
Crow Holdings’ multifamily development company, Trammell Crow Residential (TCR), is constructing Class A market-rate communities designed for renters who earn 80% to 120% of the area median income. The buildings are being developed under the company’s Allora brand of apartment buildings.
Allora communities are located in the Southeast and Southwest US and will primarily be in suburban markets with high population and job growth. Having already started 2,400 Allora units in three states, Crow Holdings plans to develop a $1.5 billion portfolio of more than 8,000 additional Allora apartments across nearly 20 US markets, the majority of which are in a newly established venture with leading institutional investors.
“We believe that the Allora brand represents an attractive offering in today’s market, given the tremendous demand for new, high-quality, workforce housing,” said Ken Valach, CEO of TCR.
“These communities address the limited supply of attainable housing designed for middle-income Americans – a large and growing population demographic that has been excluded from the recent luxury multifamily housing boom in the US.”
Demand for Workforce Housing ‘Will Only Grow’
As many are grappling with economic uncertainty and rising costs, the demand for attainable communities like Allora will only continue to grow, Michael Levy, CEO of Crow Holdings, said in prepared remarks.
“In addition to addressing a substantially unmet need, attainable housing is a highly attractive investment opportunity due to its speed to market, reliable income stream, and favorable operating costs,” Levy said.
TCR has developed more than 260,000 multifamily units.