What Neutral does

Neutral is a privately held, vertically integrated multifamily real estate developer founded in January 2020 by Nate Helbach and Matt Frazer, headquartered in Madison, Wisconsin with an additional office in San Jose, California. The company designs, builds, finances, and operates sustainable residential properties using mass timber construction — primarily cross-laminated timber (CLT) panels from suppliers such as KLH and Binderholz — engineered to meet Living Building Challenge, Phius Passive House, Energy Star, FSC, and B Corporation standards. Its current portfolio consists of three assets totaling 592 units: Bakers Place (206 units, Madison, completed and leasing since May 2025), 517 W Main St (33 units, Madison, just opening in 2025), and The Edison (353 units, a 31-story mass timber tower in Milwaukee targeting 2027 completion that will be the tallest mass timber building in the US upon delivery).

Neutral monetizes through two parallel revenue streams: recurring residential rental income from the multifamily portfolio, and project-level capital raises from accredited investors via a gated investor portal (invest.neutral.us), offering equity stakes with projected 17%+ IRR over 3-year holds and promissory notes at 10–12% simple interest. Construction financing has been secured in two tranches — $73.8M from First Business Bank for Bakers Place (2023) and $133.3M from Bank OZK, Pearlmark, and Fidelity for The Edison (2025) — totaling $207M of project-level debt. A vertically integrated stack spans in-house design, software (ElevateOS, Finix payments), construction, carpentry, and property management (Hines Living), with strategic partnerships anchoring each project (MGA and HPA architecture, Forefront and Thornton Tomasetti engineering, Arup, KLH/Binderholz timber, Kohler WasteLAB, Peter Kraus Fitness, Vitruvian Farms, Copa Vida, Reflection Window + Wall, and ILFI/Phius certification bodies).

The target customer base is dual-segment: residential tenants seeking wellness-integrated, sustainability-certified urban living (with on-site health studios, organic food, fitness, and medical services), and accredited real estate investors seeking ESG-aligned alternative investments with competitive projected returns. Notable 2025 milestones include Fast Company recognition among the Most Innovative Urban Development and Real Estate Companies, Newsweek coverage of Edison, and the publication of 3-hour mass timber fire test results supporting tall timber approvals. Execution risk is elevated by a $11.3M lawsuit filed by general contractor C.D. Smith against Neutral in March 2026 over the Edison project.

Name

Neutral

Legal name

The Neutral Project, LLC

Website

https://neutral.us

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Neutral is a vertically integrated multifamily real estate developer founded in 2020 that designs, builds, and operates sustainable mass timber apartment buildings in Madison, Milwaukee, and San Jose. It serves residential renters seeking wellness-integrated housing and accredited investors funding projects via its investor portal.

Ownership category

akta.pro rank

Product category

Sustainable Multifamily Real Estate Development

NAICS

Lessors of Residential Buildings and Dwellings (53111), Lessors of Real Estate (5311), Lessors of Other Real Estate Property (53119)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Lessors Of Real Property, Nec (6519), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Mass timber construction
• Multifamily real estate development
• Sustainable building design
• Wellness-focused housing
• Accredited real estate investing

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Residential Rental Income: Neutral develops and holds multifamily residential properties, earning recurring rental income from tenants across studios, one-bedroom, and two-bedroom units. Revenue is subscription/recurring in nature, driven by lease agreements at market rates.
2. Real Estate Investment Capital Raises: Neutral raises equity and debt capital from accredited investors for development projects, with returns projected at 17%+ IRR over a 3-year hold period. Promissory notes offered at 10-12% simple interest paid quarterly over 2 years.
3. Property Management Fees: As a vertically integrated firm, Neutral manages properties in-house or through partners, generating property management fee income from resident-facing operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Neutral is a regenerative multifamily real estate developer that acquires urban sites, structures construction and equity financing, and builds mass timber residential properties for long-term rental. It develops, owns, and operates sustainable wellness-integrated apartment communities across the U.S. Midwest and California, while raising project-specific capital from accredited investors through equity stakes and promissory notes. Revenue is driven by recurring rental income from completed projects and investment management fees.

Product overview

Neutral is a multifamily real estate developer offering sustainable, wellness-oriented residential communities across the Midwest and California. The portfolio consists of three primary properties: Bakers Place (206 units, Madison, completed), 517 W Main St (33 units, Madison, completed), and The Edison (353 units, Milwaukee, under construction). These projects share a unified approach centered on mass timber construction, natural materials, integrated wellness programming, and smart home technology. Supporting the core real estate products are the Investor Portal for accredited investors, The Neutral Podcast featuring industry discussions, and Neutral Webinars for educational content. The company operates as a vertically integrated firm managing design, construction, software, and sustainable building systems R&D in-house.

Differentiator

Problem solved

Functional benefit

Products and services

• Bakers Place A 206-unit mass timber multifamily residential building in downtown Madison, Wisconsin featuring exposed mass timber construction, lakeside views, green gardens, and the integrated Neutral Health and Wellness Program. Neutral's first completed project, offering studios through two-bedroom homes for lease.
• 517 W Main St A 33-unit residential building in Madison, Wisconsin offering studios through two-bedroom homes, built using a 12'x12' standardized plan grid with prefabricated cold-form steel walls and CLT panels. Features brick facade, natural wood ceilings, smart microclimate control thermostats, Kohler WasteLAB Vox sinks, and a ground-floor Copa Vida café.
• The Edison (1005 N Edison St) A 353-unit, 31-story mass timber residential tower under construction in Milwaukee, Wisconsin, projected to be the tallest mass timber building in the U.S. upon 2027 completion. Features exposed natural wood interiors, triple-glazed Passive House-compliant facade, geothermal cooling, rooftop terraces, 7th-floor wellness amenities including gym, sauna, cold plunge, and on-site health studio. Targeting Living Building Challenge and Phius certifications with secured $133.3M construction financing.
• Neutral Investor Portal A gated private investor portal for accredited investors providing access to Neutral's project-specific investment offerings, document management, account administration, and ACH-based capital deployment. Only available to qualified accredited investors verified through Rule 506(c) Regulation D private placements.

Quantifiable outcome

• Over 20% reduction in hard construction costs through value engineering on 517 W Main St
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

17 partnerships are on record, tiered core and minor.

• HPA (Hartshorne Plunkard Architecture)coreStrategic or Co-development PartnerHPA is the architecture firm leading design for the Edison project in Milwaukee. Co-Founder Ray Hartshorne appeared on the Neutral Podcast discussing the history of timber framing and mass timber high-rise design.
• MGA (Michael Green Architecture)coreStrategic or Co-development PartnerMichael Green Architecture designed the Edison tower. Founder Michael Green, who coined the term 'mass timber', appeared on Episode #1 of the Neutral Podcast discussing sustainable architecture and mass timber.
• Forefront Structural EngineerscoreStrategic or Co-development PartnerForefront Structural Engineers provided structural engineering for Edison and 517 W Main St. CEO Josh Dortzbach appeared on the Neutral Podcast discussing mass timber engineering and adaptive reuse.
• KLH MassivholzcoreStrategic or Co-development PartnerKLH is the supplier of mass timber for Bakers Place. CTO Johannes Habenbacher appeared on Episode #5 of the Neutral Podcast discussing KLH's founding and CLT production processes.
• ArupcoreStrategic or Co-development PartnerArup is the engineering firm providing expertise for the Edison mass timber project.
• Binderholz GroupcoreStrategic or Co-development PartnerBinderholz is the mass timber supplier for 517 W Main St, providing cross-laminated timber panels. President/CEO Thomas Mende appeared on Episode #7 discussing forest management and CLT production.
• Peter Kraus FitnesscoreStrategic or Co-development PartnerPeter Kraus Fitness is partnered with Neutral for all its fitness centers across properties. The partnership brings elite personal training and wellness programming to Bakers Place and Edison. Peter Kraus appeared on Episodes #15 and #23.
• Vitruvian FarmscoreStrategic or Co-development PartnerVitruvian Farms provides organic food delivery direct from local farms exclusively for Neutral tenants. Co-founder Tommy Stauffer appeared on Episode #26 discussing regenerative farming and the farm-to-building model.
• Kohler WasteLABcoreStrategic or Co-development PartnerKohler WasteLAB transforms industrial waste into sustainable plumbing products. Their sinks are featured in 517 W Main St - the first large-scale use of Kohler WasteLAB Vox. Matthew Sanchez appeared on Episode #27.
• C.D. Smith ConstructioncoreImplementation/ SI/ Consulting PartnerC.D. Smith Construction is the shell and core contractor for 517 W Main St. They are listed as a proven partner on the Edison project. A $11.3M lawsuit from C.D. Smith against Neutral was filed in March 2026 regarding the Edison project.
• Hines LivingminorImplementation/ SI/ Consulting PartnerHines Living provides property management services for Neutral's residential properties.
• Reflection Window + Wall (RWW)coreStrategic or Co-development PartnerReflection Window + Wall provided sustainable windows for the Edison's Passive House-compliant facade. Director Asta Fivgas appeared on Episode #14 discussing thermal breaks and Low-E glass.
• Thornton TomasetticoreTechnology or IntegrationThornton Tomasetti is a structural engineering firm listed as a proven partner for the Edison project.
• dbHMScoreTechnology or IntegrationdbHMS is the sustainability consultant for 517 W Main St, providing MEPFP design build engineering services.
• International Living Future Institute (ILFI)coreStrategic or Co-development PartnerILFI administers the Living Building Challenge certification that Edison is targeting. CEO Lindsay Baker appeared on Episode #18 discussing regenerative buildings and the Living Building Challenge.
• PhiuscoreStrategic or Co-development PartnerPhius provides Passive House certification that Edison and Bakers Place are targeting. Phius certification ensures extreme energy efficiency and indoor air quality.
• Copa VidaminorStrategic or Co-development PartnerCopa Vida operates the ground-floor cafe at 517 W Main St in Madison, creating an active community space in the middle of a residential block.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• StructureCraft: Engineering and construction firm specializing in mass timber and timber-hybrid structures across North America. Comparable to Neutral on mass timber building expertise though StructureCraft primarily serves as engineering/contractor rather than as a developer/owner.
• T3 (Westbank / Perkins&Will): Developer of mass timber office and mixed-use buildings (T3 series: Minneapolis, Toronto, etc.) using exposed timber and biophilic design principles. Closest direct comparability on mass timber construction technology and design philosophy, though T3 focuses on commercial rather than multifamily residential.
• Five Point Holdings: Large-scale master-planned community developer (Great Park Neighborhoods, San Francisco Shipyard/Candlestick) with a sustainability-forward positioning. Comparable to Neutral as a sustainability-credentialed real estate developer operating in California, though Five Point operates at much larger master-planned scale.

Broad incumbents

• Greystar Real Estate Partners: Largest US multifamily developer, operator, and property manager with a vertically integrated model spanning investment, development, and property management. Closest comparable to Neutral at scale, though Greystar is far larger and pursues conventional construction rather than mass timber.
• AvalonBay Communities: Public multifamily REIT developing, acquiring, and operating apartment communities in high-barrier US metros. Comparable as a developer-and-operator of urban multifamily, though AvalonBay operates conventional Class A construction at vastly larger scale.
• Lendlease: Global real estate developer with a stated focus on sustainability and major mass timber credentials (e.g., International House Sydney, CLT buildings in London). Compares to Neutral as a sustainability-led developer operating at large urban scale, though Lendlease is far larger and operates across office, residential, and infrastructure.

Direct peers

• The NRP Group: Vertically integrated multifamily developer specializing in market-rate and affordable housing across the US. Comparable to Neutral in business model (develop-build-operate multifamily with capital raises) though not focused on mass timber or ESG certifications at the same depth.

Others

• Generate Capital: Sustainable infrastructure financier investing across real estate, energy, and climate solutions. Comparable as a capital provider to ESG-aligned real estate developers, including in the sustainable building space, though Generate operates as an asset manager rather than developer.
• Pearlmark Real Estate Partners: Private equity real estate investment firm that has provided construction financing for Neutral's Bakers Place and Edison projects. Compares as a capital partner providing the institutional equity that fuels Neutral's project pipeline.

Regional players

• Wangard Partners: Wisconsin-based commercial and multifamily real estate developer active in Milwaukee and Madison. Comparable as a regional multifamily developer operating in Neutral's exact core geographies, though Wangard pursues conventional construction rather than mass timber.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@neutral-us
• LinkedInlinkedin.com/company/neutral-us/posts/?feedView=all
• Instagraminstagram.com/neutral_us

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neutral