What M&R Development does

M&R Development L.L.C. is a privately held, founder-owned real estate development firm founded in 1996 by Tom Moran and Anthony Rossi Sr., focused on building and leasing luxury rental apartment communities across the Midwest — specifically the Chicago metropolitan area and, more recently, southeastern Wisconsin. The portfolio spans 19 completed properties totaling over 4,700 units, ranging from suburban garden-style communities (e.g., Randall Hill, Woodlake, Coventry Glen) to mid-rise luxury buildings (The Residences of Wilmette, Central Station) and urban high-rises (Parc Huron, 73 East Lake), with six recent projects achieving LEED Gold or Silver certification under USGBC standards.

The company's core capabilities are site selection, entitlement, financing, and construction oversight delivered by a small corporate team (1–10 employees) that leans on affiliated operating companies — RMK Management (property management across 10,000+ units), RMK Restoration (rehab), and Moran and Company (brokerage) — for execution across the asset lifecycle. Technical differentiation centers on sustainable construction practices (energy-efficient systems, environmentally conscious materials, LEED certification discipline) and amenity innovation historically credited with introducing concepts like cyber cafes, cinemas, and pet spas to Midwest multifamily housing. Strategic partnerships, notably with Bucksbaum Retail Properties on The Residences at Addison & Clark (2018), support mixed-use product expansion.

Revenue is generated primarily through apartment rental income on owned or co-invested stabilized assets (4,700+ units), supplemented by development fees, asset disposition gains when stabilized projects are sold to institutional buyers, and ancillary income via affiliated service companies. The customer base is residential — luxury apartment renters spanning urban professionals and families — and is geographically dispersed across the Chicago–Madison corridor with no disclosed customer concentration. Pricing is set at the individual property level and is not publicly disclosed at the firm-wide level.

Name

M&R Development

Legal name

M&R Development L.L.C.

Website

https://mandrdevelopment.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

M&R Development is a privately held Midwest luxury multifamily developer founded in 1996, owning a portfolio of 19 properties and 4,700+ rental units across the Chicago-to-Madison corridor and serving urban professionals and families seeking LEED-certified, amenity-rich apartment living.

Ownership category

akta.pro rank

Product category

Luxury Multifamily Real Estate Development

NAICS

Land Subdivision (2372), Real Estate and Rental and Leasing (53)

SIC

General Bldg Contractors - Residential Bldgs (1520), General Bldg Contractors - Nonresidential Bldgs (1540)

akta.pro primary industry

Residential General Contracting (New Build) (IMAFAAAB)

akta.pro secondary industries

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL), Sustainable/Green Building & LEED Consulting (BPAHAKAG), Land Acquisition, Lot Development & Construction Financing (AD&C) (FSALAHAI)

Keywords

• Luxury apartment development
• Multifamily real estate
• Sustainable building development
• LEED certified construction
• Suburban rental properties

Headquarters

HQ city

Itasca

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Apartment Rental Revenue: M&R Development develops luxury apartment buildings and generates revenue through rental income. They develop properties ranging from suburban garden-style to urban high-rise, with nineteen properties developed comprising over 4,700 units spanning from the Chicago area to Madison, WI.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

M&R Development is a Midwest-focused real estate developer that builds, owns, and leases luxury, high-end rental apartment communities ranging from suburban garden-style to mid-rise and urban high-rise formats. The company delivers full-cycle development services including site selection, entitlement, financing, and construction, with six of its most recent 19 projects achieving LEED certification for sustainable, eco-friendly construction. Leasing and ongoing property management are executed through sister company RMK Management, while Moran and Company supports brokerage and tenant acquisition.

Product overview

M&R Development is a real estate developer offering luxury, high-end rental apartment buildings in styles ranging from suburban garden and mid-rise to urban high-rise. The company's portfolio includes 19 distinct apartment communities spanning the Chicago area to Madison, WI. Products range from garden-style communities (Thornberry Woods, Coventry Glen at Valley Lakes, Woodlake, Southwest Crossing, Randall Hill) to mid-rise (The Residences of Wilmette, The Residences at Hamilton Lakes, Central Station, The Residences at the Grove, Regency Place) and high-rise buildings (73 East Lake, Parc Huron). The company focuses on sustainable development with eco-friendly features, with six recent projects receiving LEED certifications at Gold or Silver levels. Recent major launches include 4200 On The Lake (2021) and Elevate Apartments (2021), while flagship properties like The Residences at Addison & Clark feature mixed-use development combining retail and residential.

Differentiator

Problem solved

Functional benefit

Products and services

• 4200 On The Lake A 236-unit luxury apartment community located at 4200 South Lake Drive in St Francis, Wisconsin, completed Summer 2021 with an average unit size of 753 square feet.
• Elevate Apartments A 270-unit luxury apartment community located at 5022 American Parkway in Madison, Wisconsin, completed Fall 2021 with an average unit size of 763 square feet.
• The Residences at Addison & Clark An 8-story, 148-unit mixed-use luxury apartment building located at 1025 West Addison Street in Chicago's Lakeview neighborhood, directly across from Wrigley Field, completed Fall 2018 with an average unit size of 868 square feet.
• The Residences of Wilmette A 5-story, 75-unit mid-rise luxury apartment building located at 617 Green Bay Road in Wilmette, Illinois, completed Fall 2017 with an average unit size of 1,102 square feet. Received LEED Silver certification.
• The Residences at Hamilton Lakes Three 4-story luxury mid-rise residential buildings with 297 units located at 1133 North Arlington Heights Road in Itasca, Illinois, completed Summer 2017 with an average unit size of 949 square feet. Seeking LEED Silver certification.
• 73 East Lake A 42-story, 332-unit high-rise luxury apartment building located at 73 East Lake Street in Chicago's Loop, completed Spring 2014 with an average unit size of 899 square feet. Seeking LEED Gold certification.
• Central Station An 80-unit, 4-story mid-rise luxury apartment building located at 1720 Central Street in Evanston, Illinois, completed 2013 with an average unit size of 966 square feet. Awarded LEED Gold certification.
• Parc Huron A 21-story, 221-unit high-rise luxury apartment building located at 469 West Huron Street in Chicago's River North neighborhood, completed 2010 with an average unit size of 969 square feet. Awarded LEED Gold certification.

Quantifiable outcome

• 90% occupancy within nine months at 42 Hundred On the Lake
• +1 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Bucksbaum Retail PropertiescoreStrategic or Co-development PartnerM&R Development partnered with Bucksbaum Retail Properties to develop The Residences at Addison & Clark, a 148-unit luxury mixed-use development across from Wrigley Field in Chicago's Lakeview neighborhood. Bucksbaum Retail Properties contributed retail and entertainment expertise to curate experiential partners for the development.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• CA Ventures: Chicago-based real estate investment and development firm focused on multifamily, student housing, and senior living. Directly comparable as a Chicago-rooted developer targeting similar urban and suburban rental product.
• The Habitat Company: Chicago-based multifamily developer and property manager with a portfolio spanning Illinois and the Midwest. Highly comparable given its geographic overlap and focus on luxury and market-rate apartment development.
• AMLI Residential: National multifamily developer and operator with deep Chicago presence. Comparable as a luxury-focused multifamily developer; M&R's own construction consultant Buddy Wright previously advised AMLI.
• JDL Development: Chicago-based luxury multifamily and mixed-use developer. Comparable as a Midwest-rooted developer pursuing high-end urban and suburban rental product.
• Bozzuto Group: Multifamily developer, builder, and property manager with a vertically integrated model similar to M&R's RMK ecosystem. Comparable as a luxury-focused multifamily operator pursuing sustainability and amenity-rich product.

Broad incumbents

• Greystar Real Estate Partners: Largest multifamily developer, manager, and investment firm globally. Comparable as a multifamily operating platform, though vastly larger and operating across all U.S. markets rather than focused on the Midwest.
• Lincoln Property Company: National multifamily developer and third-party manager with substantial luxury apartment portfolio. Comparable as a large-scale multifamily operator with broader geographic reach than M&R.
• Lendlease: Global real estate developer with significant multifamily and mixed-use activity. Comparable as a large-scale developer of residential and mixed-use projects, though operating at far greater scale.

Regional players

• The John Buck Company: Chicago-based real estate investment and development firm active in multifamily and mixed-use. Comparable as a Midwest-focused developer pursuing urban and suburban residential product.

Others

• Bucksbaum Retail Properties: Retail and mixed-use developer that partnered with M&R on The Residences at Addison & Clark. Comparable as a co-development partner that brings complementary retail/entertainment expertise to mixed-use projects.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/m-r-development

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

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 M&R Development