Sherman Associates

What Sherman Associates does

Sherman Associates, Inc. is a privately held, founder-controlled full-service real estate development, ownership, and property management firm headquartered in Minneapolis, Minnesota. Founded in 1978 by George Sherman, the company operates across three integrated business lines: (1) multifamily residential development and management of both market-rate and affordable housing, with a portfolio nearing 7,500 owned/managed units; (2) commercial property development and leasing of retail, office, and industrial space totaling more than 770,000 square feet; and (3) hospitality and retail operations spanning five hotels under major brand franchises (Marriott Aloft and Sheraton, Hilton Canopy, IHG Holiday Inn Express, and the independent Hotel Zamora) plus operated retail tenants including Starbucks and multiple restaurants.

The company's underlying capability stack is rooted in construction and capital rather than technology: full LEED design-build capabilities, Passive House multifamily construction expertise (including the first pre-certified mid-rise Passive House in its climate zone), adaptive reuse know-how delivering carbon reductions up to 75%, and deep institutional capability in historic preservation tax credits, Low-Income Housing Tax Credit compliance, and tax-increment financing. The technology layer is conventional property management software rather than proprietary AI or platform IP.

Sherman makes money primarily through recurring rental income from owned multifamily and commercial assets, recurring hospitality revenue from owned-and-operated hotels and retail, and one-time development margins on condo sales and ground-up projects. The company goes to market through direct sales and leasing teams, public-private partnerships with municipalities (City of St. Paul, Des Moines, Westminster, St. Louis Park), third-party commercial brokers for larger enterprise tenants, and franchise brand partners for hotels. Customer segments span individual renters, age-restricted seniors, commercial tenants ranging from local SMBs (La Madre, Mother Dough, Mother Dough) to enterprise nationals (Trader Joe's, Starbucks, Marriott, Hilton), and municipal/government counterparties. The geographic footprint spans Minnesota, Iowa, Colorado, Missouri, Wisconsin, and Florida, with $4 billion+ in cumulative development and a current pipeline exceeding $300 million in active groundbreakings.

Name

Sherman Associates

Legal name

Sherman Associates, Inc.

Website

https://sherman-associates.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Sherman Associates is a privately held, Minneapolis-based full-service real estate developer, owner, and operator founded in 1978, developing and managing multifamily, commercial, and hospitality properties across the Midwest, Colorado, and Florida with a portfolio of 7,500+ residential units, 770,000+ sq ft of commercial space, and five hotels.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Residential Building Construction (23611), Commercial and Institutional Building Construction (23622)

SIC

General Bldg Contractors - Residential Bldgs (1520), Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE)

akta.pro secondary industry

Pre-Sale / Move-In Whole-Home Refresh & Modernization (HSAPAEAJ)

Keywords

• Real estate development
• Property management
• Multifamily housing
• Commercial leasing
• Hospitality operations

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Property Development and Sales: Developing and selling residential and commercial properties, including condominiums and developed real estate
2. Multifamily Residential Leasing: Long-term ownership and management of rental apartments including both market-rate and affordable housing units
3. Commercial Leasing: Leasing commercial spaces including retail, office, and industrial properties to businesses such as banks, coffee shops, grocery stores, restaurants, law firms, tax services, medical clinics, and fitness centers
4. Hotel Operations: Ownership and management of hotels including Aloft Minneapolis, Sheraton Duluth Hotel, Holiday Inn Express & Suites Des Moines Downtown, Canopy by Hilton Minneapolis Mill District, and The Hotel Zamora
5. Retail Operations: Management of retail spaces including Starbucks stores, restaurants, and other retail tenants within mixed-use developments
6. Property Management Services: Property management services for owned and operated assets including maintenance, operations, and tenant services

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Sherman Associates is a full-service real estate developer, owner, and operator that develops, leases, and manages multifamily residential apartments, commercial properties, and hotels across the Midwest, Mountain West, and Florida. The company self-finances long-term mixed-use developments including market-rate and affordable housing, retail and office space, and branded hotel properties, with expertise in adaptive reuse of historic and vacant buildings.

Product overview

Sherman Associates is a full-service real estate development and property management firm with over 40 years of experience. The company operates a multi-product portfolio organized around three core business lines: (1) Apartment Development & Management—developing and managing multifamily residential properties including market-rate and affordable housing across over 12,000 units; (2) Commercial Property Development & Leasing—managing over 770,000 square feet of commercial space for retail, office, and industrial use; and (3) Hospitality & Retail Operations—owning and operating five hotels under major brands (Aloft, Canopy by Hilton, Sheraton, Holiday Inn Express, Hotel Zamora) plus multiple restaurant and retail tenants. Major branded properties include Landmark Tower and Groove Lofts office-to-residential conversions, East End and The Vicinity apartments in Minneapolis' Mill District, and The Meridian and Slate in Des Moines' Gray's Landing neighborhood. The company also offers ESG & Sustainability Services including LEED certification and Passive House construction, and maintains a Manager in Training program for property management careers.

Differentiator

Problem solved

Functional benefit

Products and services

• Multifamily Residential Development & Leasing
• Commercial Property Development & Leasing
• Hotel Ownership & Operations
• Retail Operations & Tenant Management
• Solar Garden Energy Projects
• Adaptive Reuse and Office-to-Residential Conversion
• Property Management Services

Quantifiable outcome

• Carbon reductions of up to 75% through adaptive reuse projects
• +2 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• City of St. Louis ParkcoreStrategic or Co-development Partner · 29 April 2026Partnership with City of St. Louis Park for Beltline Station project, a $130 million mixed-use transit-oriented development adjacent to the future Southwest light rail's Beltline Station, including 380 homes and commercial space
• DLR GroupcoreStrategic or Co-development Partner · 13 February 2026DLR Group is an architecture and engineering firm that has completed adaptive reuse projects with Sherman Associates including the Canopy by Hilton Minneapolis conversion of the historic Advance Thresher/Emerson-Newton building
• K&D GroupcoreStrategic or Co-development Partner · 13 February 2026K&D Group partnered with DLR Group for Terminal Tower in Cleveland, an office-to-residential conversion project
• Advance Thresher/Emerson-Newton BuildingcoreStrategic or Co-development Partner · 13 February 2026Historic building converted from office to Canopy by Hilton Minneapolis hotel, representing adaptive reuse expertise
• City of WestminstercoreStrategic or Co-development Partner · 21 August 2025Public-private partnership with City of Westminster for downtown redevelopment including Aspire, Ascent, and Red Lotus Den food hall concept, totaling 481 apartment homes and 60,000 square feet of retail space
• Henry Lee (Local Franchisee)coreChannel Partner/ Reseller/ Distributor · 21 August 2025Local franchisee Henry Lee operating Red Lotus Den food hall and multiple restaurants including Bonchon Korean Fried Chicken and Salady within Sherman developments
• City of Des MoinescoreStrategic or Co-development Partner · 23 June 2025Partnership with City of Des Moines for Gray's Landing neighborhood development using tax increment financing and tax abatement, including The Meridian and Slate developments delivering over 300 apartment homes
• The Saint Paul HotelminorStrategic or Co-development Partner · 23 June 2025Unique partnership with The Saint Paul Hotel offering Landmark Tower residents premier hospitality services and direct access to dining at The Saint Paul Grill
• Park Towers Condominium AssociationcoreStrategic or Co-development Partner · 12 May 2025Partnership with Park Towers Condominium Association for Landmark Tower office-to-residential conversion in St. Paul, ensuring existing condominiums remained integral to the mixed-use community
• City of Saint PaulcoreStrategic or Co-development Partner · 12 May 2025Partnership with City of Saint Paul for Landmark Tower redevelopment using tax increment financing
• Metro TransitcoreStrategic or Co-development PartnerPartnership with Metro Transit for transit-oriented development adjacent to the future Southwest light rail's Beltline Station

Scale indicators17 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• NRP Group: Cleveland-based multifamily developer, owner, and operator of market-rate and affordable apartments across multiple states. Comparable in scale, multifamily focus, and integrated developer-owner-operator model.
• Aeon: Minneapolis-based nonprofit developer and manager of affordable housing. Comparable in Twin Cities geography, affordable housing focus, and mission-driven development model with LIHTC and public partnership reliance.
• The Opus Group: Minneapolis-based diversified real estate developer with integrated design-build capabilities spanning multifamily, commercial, and mixed-use developments across the Midwest. Closest comparable in terms of geography, integrated developer model, and mixed-use focus.
• Dominium: Plymouth, MN-based multifamily developer specializing in affordable and market-rate housing with deep LIHTC expertise. Comparable in size, Minnesota base, and affordable housing focus through tax credit programs.
• Mill Creek Residential: National multifamily developer with focus on luxury and market-rate apartment communities across multiple US markets. Comparable in multifamily development scale, mixed-use communities, and geographic breadth across multiple states.
• McCormack Baron Salazar: St. Louis-based urban revitalization developer focused on mixed-use, mixed-income developments in urban cores. Highly comparable to Sherman's Mill District transformation approach and use of historic tax credits and public-private partnerships.

Broad incumbents

• Lendlease: Global real estate developer with mixed-use, multifamily, and urban regeneration projects including large public-private partnerships. Comparable in complex mixed-use development and public-private partnership execution, though vastly larger and international.
• The Hanover Company: Houston-based national multifamily developer of luxury and market-rate apartments with significant scale across multiple US metros. Comparable in multifamily development and mixed-use communities, though larger and more geographically diversified.
• Greystar Real Estate Partners: Global multifamily developer, owner, and manager - the largest in the US. Comparable in owning/operating a massive rental portfolio and full-service multifamily platform, though vastly larger and more institutional.
• Hunt Companies: El Paso-based diversified real estate developer with multifamily (including affordable/LIHTC), hospitality, and commercial holdings. Comparable in multi-product diversification, affordable housing expertise, and hospitality operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/shermanassoc
• Facebookfacebook.com/sherman-associates-inc-169163349803995
• LinkedInlinkedin.com/company/sherman-associates
• Instagraminstagram.com/shermanassociatesinc

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds2 records

Investors1 record

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 Sherman Associates