What Guerrilla Development does

Guerrilla Development is a Portland, Oregon-based private real estate developer founded in 2000 by Kevin Cavenaugh. The company designs and builds adaptive reuse and mixed-use projects, with a portfolio of 17+ completed buildings and 7+ projects in active development spanning micro-restaurant hubs (The Zipper, The Ocean, The Shore), speculative creative office (Fair-Haired Dumbbell's 56,000 SF twin-tower, Tree Farm's six-story building with 72 living trees), and affordable housing products including SRO units for the homeless, below-market lofts, and units restricted to 60% of median family income. Its proprietary technology is an internal subsidy model in which investors accept a 4% cash-on-cash return (versus a typical 8%) to generate roughly $200,000 annually per project that buys down market-rate rents into deeply affordable units, enabling affordable housing without public subsidy and legally targeting tenants by profession. Architectural differentiation comes from patented-style design moves including peeled-off-roof cour tyards, deep adaptive reuse (shrinking the redevelopment footprint inside the original building), and living-tree facades, with one project (Burnside Rocket) recognized as one of the first LEED Platinum commercial buildings in the world.

The business operates three monetization streams: recurring rental income from a portfolio that includes SRO units at $425/month, deeply affordable lofts at $582/month, market lofts averaging $18.50/SF, and commercial space; transaction-based developer fees and project-level equity participation, including a $300,000 crowdinvesting raise completed in under 72 hours for Jolene's First Cousin under Rule 504 of Regulation D with a 5% preferred return; and long-dated optionality through asset appreciation and refinancing proceeds. Go-to-market is relationship-driven and event-led: direct outreach by founder Kevin Cavenaugh to impact investors placing $100K+ tickets, paired with earned media (Forbes, Bloomberg, Willamette Week), Design Week Portland panels on homelessness and urban development, and an active Instagram presence showcasing project progress. The company remains intentionally lean (1-10 employees), executing through a recurring partner ecosystem including Brett Schulz Architect (design across most projects), Andersen Construction and GPGC (general contractors), BK Engineers (structural), Pacific West Bank (financing), JOIN (nonprofit SRO operator), and Sister City (co-developer on Rocket Empire Machine). Customer segments are split between small-business commercial tenants (predominantly food and beverage SMBs) and affordable-housing end users (homeless individuals, social workers, single mothers), with a smaller segment of creative office tenants in speculative buildings.

Name

Guerrilla Development

Legal name

Guerrilla Development

Website

https://guerrilladev.co

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Short description

Guerrilla Development is a Portland-based private real estate developer specializing in adaptive reuse mixed-use projects and affordable housing, funded in part through crowdinvesting and an internal rent-subsidy model that forgoes investor returns to deliver deeply affordable units without public subsidy.

Ownership category

akta.pro rank

Product category

Real Estate Development

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Retail & Mixed-Use Commercial Construction (IMAFACAB)

akta.pro secondary industries

Community Development & Neighborhood Revitalization (CDBG, Place-Based Initiatives) (BPAIANAE), Urban Planning & Master Planning (BPAHAKAD)

Keywords

• Adaptive reuse real estate
• Mixed-use development
• Affordable housing projects
• Commercial property leasing
• Impact investing real estate

Headquarters

HQ city

Portland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development and Property Management: Traditional real estate development creating mixed-use buildings with ground floor retail and upper floor residential/commercial units. Revenue generated through rental income, property appreciation, and eventual sale of properties.
2. Crowdinvesting Equity Raises: Using Regulation A and Rule 504 exemptions to raise equity from investors. Jolene's First Cousin raised $300,000 in less than 72 hours. Investors receive preferred returns and share in refinancing proceeds.
3. Social Impact Investment Returns: Internal subsidy model where reduced returns (4% vs standard 8%) from investors fund affordable housing units through cross-subsidization within the project portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Guerrilla Development is a Portland, Oregon-based real estate development company that creates mixed-use, adaptive reuse properties combining ground-floor retail and micro-restaurant spaces with upper-floor residential lofts, office, and affordable housing units. The firm develops innovative architectural projects (e.g., LEED Platinum, peeled-off-roof designs, living tree walls) and offers accredited investors equity participation in its projects via Regulation A and Rule 504 crowdinvesting exemptions.

Product overview

Guerrilla Development is a Portland, Oregon-based real estate development company focused on innovative, socially-conscious development projects. The company operates as a portfolio of distinct real estate properties rather than a unified technology product. Their portfolio includes completed projects (Box + One, Ode To Rose's, Burnside Rocket, The Ocean, Dr. Jim's Still Really Nice, The Zipper, The Shore, The 2/3rds Project, The Fair-Haired Dumbbell, New New Crusher Court, Pioneer Lavada Jones, Rig-A-Hut, Tree Farm, Jolene's First Cousin, Rocket Empire Machine, Pub at the End of the Universe, C-Channel Lofts) and projects in development (Atomic Orchard Experiment, Unicorn Bed, Double Scrub, Great Scott Trio, Jolene's Second Cousin, Patty's My Mom, Puzzle Box). Projects range from LEED Platinum commercial buildings and adaptive reuse of historic structures to affordable housing initiatives including SRO units and market-rate mixed-use developments.

Differentiator

Problem solved

Functional benefit

Products and services

• Box + One Mixed-use building in SE Portland with lofts featuring garage door windows and ground-floor commercial space.
• Ode To Rose's Mixed-use building in Portland's Beaumont neighborhood supporting mom & pop retail shops with residential lofts.
• Burnside Rocket LEED Platinum commercial building featuring a geothermal well supplying 70 gallons of water per minute for the building's water needs.
• The Ocean Adaptive reuse of a former car dealership transformed into colorful micro-restaurant storefronts with outdoor seating.
• Dr. Jim's Still Really Nice Adaptive reuse of an early-1900s Standard Dairy building converted into four single-family loft residences ranging from 2-bedroom to 4-bedroom.
• The Zipper Micro-restaurant commercial building on Sandy Boulevard featuring a nail salon, lash studio, coffee shop, and full bar with lenticular art installation.
• The Shore Adaptive reuse mixed-use building at Sandy Blvd and NE 24th Avenue featuring food-focused businesses including Providore Fine Foods market.
• The 2/3rds Project Mixed-use development in St. John's covering 2/3rds of the site, the first new development in the neighborhood in decades, with retail, office, and residential lofts.
• The Fair-Haired Dumbbell 56,000 SF speculative office building at Burnside Bridgehead with ground-floor retail and two canted six-story towers featuring hand-painted murals.
• New New Crusher Court First "shrinking" adaptive reuse project creating a light-filled interior courtyard by peeling off the center of the roof, with creative offices and small retail shops.
• Pioneer Lavada Jones Adaptive reuse of a 1950s garage building with peeled-off-roof design creating outdoor courtyard, office spaces, heavy timber mezzanines, and three retail spaces.
• Rig-A-Hut Mixed-use development in Washougal, WA with three streetfront retail spaces, nine residential lofts, and an angled metal facade.
• Tree Farm Six-story commercial building with 72 trees hanging off the exterior wall, ground-floor retail, and five floors of office space.
• Jolene's First Cousin Mixed-use affordable housing project with three retail spaces, two market-rate lofts, and an 11-room SRO for homeless residents master-leased by JOIN nonprofit; first project powered by renewable solar energy.
• Rocket Empire Machine 2,820 SF single-story commercial building piloting an affordable retail model powered by internal rent subsidy, with a Non-Displacement Benefit for restaurant and bar tenants to prevent commercial gentrification.
• Pub at the End of the Universe Adaptive reuse project featuring a neighborhood bar flanked by small local restaurants with ample outdoor seating and storefront.
• C-Channel Lofts Three-story walk-up on a mid-block infill site with fourteen below-market-rate rental apartments, including four units set at 60% of median family income for 60 years.
• Atomic Orchard Experiment Deeply affordable housing development with 18 lofts at approximately $582/month funded through an internal-subsidization model where investors accept a 4% cash-on-cash return (vs. typical 8%) to buy down market-rate rents without public subsidy.
• Unicorn Bed Affordable housing project with compact 2-bedroom apartments designed for single mothers, located in a walkable neighborhood with shared amenities.
• Double Scrub Adaptive reuse project combining apartments, storefront business space, and the historic Oregon Theatre, preserving the site's 90-year history.
• Great Scott Trio Four-story housing-over-retail Opportunity Zone development with 40 affordable apartments set at 60% of median family income.
• Jolene's Second Cousin Second project in the Jolene SRO series featuring 11 single-resident occupancy rooms with shared amenities and self-governing residents.
• Patty's My Mom Scrub-and-paint adaptive reuse community space in St. Johns housing neighborhood icons Sabatino's Motorcycle and Moped and St. Johns Boxing Gym.
• Puzzle Box Real estate development project with structural engineering services.
• Crowdinvesting Equity Raises Project-level equity participation offerings under Regulation A and Rule 504 exemptions for accredited and permitted investors, with a 5% preferred return and share of refinancing proceeds at Year 10.

Quantifiable outcome

• 100% occupancy achieved at Dr. Jim's Lofts and The Ocean with waiting lists
• +4 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• JOINcoreStrategic or Co-development PartnerJOIN is a Portland homelessness non-profit with 25 years of experience that master leases SRO (Single Resident Occupancy) units at Jolene's First Cousin and places houseless folks into the project. SRO residents self-govern, establishing ground rules and operational systems.
• Elemental EnergycoreTechnology or IntegrationSolar installation partner for Jolene's First Cousin's solar panel system, which was made possible by the PGE Renewable Development Fund award.
• Forage DesignminorImplementation/ SI/ Consulting PartnerGrant writing and education support partner for Jolene's First Cousin renewable energy project.
• Creston-Kenilworth Neighborhood AssociationminorStrategic or Co-development PartnerLocal neighborhood association that supported the Jolene's First Cousin affordable housing and renewable energy project.
• Sister CitycoreStrategic or Co-development PartnerCo-developer with Guerrilla Development on Rocket Empire Machine (REM) project, piloting an affordable retail model powered by internal rent subsidy and community involvement.
• Brett Schulz ArchitectcoreStrategic or Co-development PartnerPrimary design architect for majority of Guerrilla Development projects including Fair-Haired Dumbbell, Tree Farm, The Zipper, The Shore, New New Crusher Court, Pioneer Lavada Jones, and Atomic Orchard Experiment. Long-term collaborative partner.
• FFA Architecture + Interiors, Inc.coreTechnology or IntegrationArchitect of Record for Fair-Haired Dumbbell project.
• Andersen Construction CompanycoreImplementation/ SI/ Consulting PartnerGeneral contractor for Fair-Haired Dumbbell project.
• GPGC (Gregory M Palin General Contractor)coreImplementation/ SI/ Consulting PartnerGeneral contractor for Rocket Empire Machine project.
• BK EngineerscoreTechnology or IntegrationStructural engineer for multiple projects including New New Crusher Court, The Shore, and Rocket Empire Machine.
• Convergence ArchitecturecoreTechnology or IntegrationArchitect for Great Scott Trio and Patty's My Mom projects.
• Froelich EngineerscoreTechnology or IntegrationCivil and structural engineering partner for Great Scott Trio, Jolene's Second Cousin, and Puzzle Box projects.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Beam Development: Portland-based mission-driven real estate developer focused on adaptive reuse, mixed-use projects, and community-oriented development — directly comparable to Guerrilla Development's model of socially-conscious urban infill and small-business-supportive ground-floor retail.
• Williams & Dame Development: Portland/Tacoma-area mixed-use developer with experience in urban infill, mixed-use housing-over-retail, and adaptive reuse projects — comparable in scale, geography, and product type to Guerrilla Development.
• Gerding Edlen: Portland-headquartered developer known for sustainable, LEED-certified mixed-use and office developments across the Pacific Northwest — directly comparable as a Portland-rooted developer with a sustainability/quality brand.
• Wright Runstad & Company: Seattle-based commercial real estate developer with a portfolio of mixed-use and office properties across the Pacific Northwest — comparable as a regional mixed-use developer operating in the same broader PNW market.
• Venerable Properties: Portland boutique real estate developer focused on urban mixed-use, historic adaptive reuse, and neighborhood-scale projects — closely comparable in project scale, Portland focus, and adaptive reuse emphasis.
• BRIDGE Housing: West Coast mission-driven affordable and mixed-income housing developer with Portland/Pacific Northwest operations — comparable in the affordable housing and mixed-use product lines, though typically larger and more institutional.

Regional players

• Home Forward: Portland's housing authority and largest provider of affordable housing in the metro — comparable in the affordable/SRO housing segment but operates under a public/nonprofit model rather than private market-rate development.

Broad incumbents

• Vulcan Real Estate: Seattle-based large-scale developer of mixed-use, life sciences, and office projects across the Pacific Northwest — comparable in PNW mixed-use activity but at materially larger scale and broader scope.

Others

• Holst Architecture: Portland architecture firm frequently collaborating on multifamily, mixed-use, and affordable housing projects — adjacent rather than competitive; relevant because Guerrilla Development's design-led brand mirrors Holst's design-forward culture.
• SERA Architects: Portland architecture and urban design firm with deep affordable housing, mixed-use, and community-focused project experience — comparable design sensibility and Portland market overlap but as an architecture firm rather than a developer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/guerrilladev
• LinkedInlinkedin.com/company/guerrilla-development-co-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

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 Guerrilla Development