Devco Residential Group
Devco Residential Group is a vertically integrated, privately held multifamily real estate developer that develops, owns, and manages over 10,000 affordable and market-rate apartment units across 16 states through in-house construction and property management subsidiaries.
- Company typePrivate
- Founded1994
- HeadquartersBellevue, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Devco Residential Group does
Devco Residential Group is a privately held, vertically integrated multifamily real estate company founded in 1994 and headquartered in Bellevue, Washington. The company develops, owns, and manages more than 10,000 affordable and market-rate apartment units across 16 states through a family of wholly-owned operating entities: DevCo Development (acquisitions, entitlement, financing, and resyndication), Heartland Construction and DevCo US Construction (general contracting affiliates), HNN Communities (property management), and DevCo Management Company (enterprise services including finance, HR, risk, marketing, and technology).
Its business model centers on Low Income Housing Tax Credit (LIHTC) transactions, raising debt, equity, and subsidy capital to develop new multifamily assets and to preserve/rehabilitate existing ones through DevCo Preservation, LLC. The company retains communities indefinitely rather than selling stabilized assets, generating recurring rental income and ongoing property management fees alongside development fees, construction revenue, and tax credit equity promote. Capital sources include LIHTC investors, debt lenders, and federal/state housing agencies, with operational reach expanded via regional development managers covering the Intermountain, Midwest, and Southwest regions in addition to its Washington State base.
The platform is led by founder and CEO Jack Hunden (building multifamily since 1975) and a senior team that includes a CFO from Columbia/GE Capital, presidents of each operating subsidiary, and regional development managers with cumulative track records of billions in LIHTC and Section 42 transactions. Marketing and leasing are managed in-house under HNN Communities, and enterprise technology and analytics are consolidated under the DevCo Management Company. No public technology platform, AI/ML products, or external funding rounds are disclosed.
Devco Residential Group firmographics
Firmographics- Name
- Devco Residential Group
- Legal name
- Devco Residential Group
- Website
- https://devcous.com
- Company type
- Private
- Founded year
- 1994
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Devco Residential Group is a vertically integrated, privately held multifamily real estate developer that develops, owns, and manages over 10,000 affordable and market-rate apartment units across 16 states through in-house construction and property management subsidiaries.
- Ownership category
- akta.pro rank
Devco Residential Group industry classification
Industry- Product category
- Multifamily Real Estate Development
- NAICS
- Lessors of Residential Buildings and Dwellings (53111), New Housing For-Sale Builders (236117)
- SIC
- Operative Builders (1531), General Bldg Contractors - Residential Bldgs (1520), Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)
Keywords
Where Devco Residential Group is headquartered
LocationHeadquarters
- HQ city
- Bellevue
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Devco Residential Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Real Estate Development: Development fees and returns from new construction, rehabilitation, and yield transactions of multifamily assets throughout the United States. The company develops, owns, and manages over 10,000 affordable and market rate apartment units.
- Property Management: Ongoing property management revenue from managing apartment communities through HNN Communities and DevCo Residential Property Management, covering the national portfolio.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Devco Residential Group product offering
Product offeringCore offering
Devco Residential Group is an integrated multi-family real estate company that acquires, entitles, finances, builds, owns, and operates affordable and market-rate apartment communities across the United States. Its offering spans development (via DevCo Development and DevCo Preservation), construction (via Heartland Construction and DevCo US Construction), property management (via HNN Communities and DevCo Residential Property Management), and shared enterprise services (via DevCo Management Company). The portfolio comprises more than 10,000 apartment units, and the company sponsors Low Income Housing Tax Credit (LIHTC) transactions, raising debt, equity, and subsidy capital for each project.
Product overview
Devco Residential Group is an integrated development and investment company focused on multi-family communities. The company operates through a portfolio of affiliated entities: DevCo Development handles acquisitions, entitlement, financing, and resyndication; Heartland Construction and DevCo US Construction serve as general contractor affiliates building apartment communities; HNN Communities provides property management services for the national portfolio; and DevCo Management Company delivers enterprise-level back-office services including technology and analytics support. The company develops, owns, and manages over 10,000 affordable and market rate apartment units throughout the United States.
Differentiator
Problem solved
Functional benefit
Products and services
- DevCo Development Forward-looking acquisitions, entitlement, financing, and rehabilitation/resyndication arm of Devco, handling new construction, rehabilitation, and yield transactions of multifamily assets throughout the United States for the company and its capital partners.
- Heartland Construction General contractor affiliate of DevCo focused on building apartment communities in Washington State.
- DevCo US Construction General contractor affiliate of DevCo focused on building apartment communities nationwide, having completed nearly 40 renovation and new-build projects across 16 states.
- HNN Communities Property Management Property management subsidiary that manages and maintains DevCo's national portfolio of affordable and market-rate apartment communities.
- DevCo Management Company (Enterprise Services) Enterprise services affiliate providing People, Financial, Administrative, Marketing, Risk Management, and Technology services and support for DevCo Residential Group and its family of companies.
Companies that use Devco Residential Group
Customer profileSegments2 records
Ideal customer profiles2 records
Devco Residential Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Devco Residential Group partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Government Housing AgenciescoreState and federal housing agencies provide subsidy capital and regulatory oversight for affordable housing developments using LIHTC and other government programs.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Devco Residential Group competitors and assessment
Company assessmentDirect peers
- Dominium: One of the largest LIHTC affordable housing developers and managers in the US, with a portfolio of tens of thousands of units across 25+ states. Direct competitor for LIHTC allocations, equity investor capital, and development talent (multiple DevCo hires came from Dominium, including Faith Lee and Nick Storlie).
- Lument: Major LIHTC syndicator and affordable housing finance intermediary that frequently partners with developers like DevCo. Direct counterparty in the affordable housing capital stack and competitor for deal pipeline.
- WinnCompanies: Large multifamily developer and property manager with significant affordable and mixed-income housing exposure. Comparable to DevCo's HNN Communities property management model and LIHTC development pipeline.
- Conam Management Corporation: National affordable and conventional multifamily property manager; previous employer of DevCo's HNN Communities President Wes Daniel, who oversaw nearly 30,000 affordable homes there. Directly comparable property management platform.
- SARES-Regis Group: Multifamily developer, investor, and property manager with West Coast roots; prior employer of DevCo HNN Communities President Wes Daniel. Comparable in regional concentration and mixed affordable/market-rate portfolio.
- The NRP Group: Affordable and market-rate multifamily developer, owner, and contractor with national operations. Direct competitor in LIHTC development, with similar integrated developer/builder/owner structure to DevCo.
- The Michaels Organization: Vertically integrated affordable and market-rate multifamily developer, owner, and manager with a national footprint. Closely comparable to DevCo in combining LIHTC development, in-house construction, and large-scale property management.
- Security Properties: Pacific Northwest-based multifamily developer, owner, and operator with affordable and market-rate focus. Direct regional peer and former employer of DevCo Development Manager Chase Huber.
Broad incumbents
- Related Companies: Large diversified real estate developer with a major affordable housing arm. Much larger and broader than DevCo but competes for the same LIHTC allocations and institutional affordable housing capital.
- Enterprise Community Partners: National nonprofit developer and LIHTC syndicator with both development and property management operations. Operates at greater scale than DevCo but shares the mission-driven affordable housing focus and integrated developer/manager model.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Devco Residential Group social profiles
Digital presenceDevco Residential Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Devco Residential Group leadership team
Management profileNumber of profiles
Profiles12 records
Devco Residential Group subsidiaries and ownership
Company hierarchySubsidiaries6 records
Devco Residential Group funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Devco Residential Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Devco Residential Group
What does Devco Residential Group do?
Devco Residential Group is an integrated multi-family real estate company that acquires, entitles, finances, builds, owns, and operates affordable and market-rate apartment communities across the United States. Its offering spans development (via DevCo Development and DevCo Preservation), construction (via Heartland Construction and DevCo US Construction), property management (via HNN Communities and DevCo Residential Property Management), and shared enterprise services (via DevCo Management Company). The portfolio comprises more than 10,000 apartment units, and the company sponsors Low Income Housing Tax Credit (LIHTC) transactions, raising debt, equity, and subsidy capital for each project.
Is Devco Residential Group a public or private company?
Devco Residential Group is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Devco Residential Group founded?
Devco Residential Group was founded in 1994. It employs 101 to 250 people.
Where is Devco Residential Group based?
Devco Residential Group is headquartered in Bellevue, United States, in the North America region.
How does Devco Residential Group make money?
Two revenue lines are on record. Real Estate Development is the primary driver. The others are property Management.
Who are Devco Residential Group's main competitors?
Direct peers on record are Dominium, Lument, WinnCompanies, Conam Management Corporation, SARES-Regis Group, The NRP Group, The Michaels Organization and Security Properties. Broad incumbents are Related Companies and Enterprise Community Partners.
Does Devco Residential Group have an API?
No public API is recorded for Devco Residential Group.
What industry is Devco Residential Group in?
Devco Residential Group's product category is Multifamily Real Estate Development. Its primary akta.pro industry code is BPAGALAC, Affordable Housing & Community Development (Housing, Community Land Trusts). Its NAICS code is 53111 and its SIC code is 1531.