What Elm Grove Companies does

Elm Grove Companies is a vertically integrated multifamily real estate investment, development, and property management firm headquartered in Hooksett, New Hampshire. Founded in 2009 as a home-flipping operation, the company has scaled into a full-service real estate platform active across New Hampshire and Massachusetts, with stated targets of 3,000 units within three years and 10,000 units within ten years. As of September 2025 it manages more than 2,000 apartment units and holds $450M+ in assets under management, serving three primary customer groups: third-party property owners and developers (via management contracts), institutional and private equity co-investors in acquisitions (via joint ventures), and residential renters across both market-rate and LIHTC-financed affordable communities.

The company's operating stack is organized through five wholly-owned sub-brands — Elm Grove Property Management, Elm Grove Realty, Elm Grove Investments, EGCON (construction and development), and the Elm Grove Cares 501(c)(3) — covering the full lifecycle from acquisition, ground-up development, and renovation through to asset and property management. Technology adoption is conventional and undifferentiated: tenant-facing operations run on AppFolio for apartment search and resident portals, marketing uses a Wix-built website with blog content and organic social (Facebook, Instagram, LinkedIn), and there is no disclosed proprietary technology, AI/ML capability, or platform IP. Asset-light service revenue co-exists with capital-intensive ownership: Elm Grove owns, co-invests in, and develops properties while also managing third-party assets, with named properties including Highfield Commons (96 units, $30M+ acquisition), Country Brook Apartments (96 units, $23M+ LIHTC conversion), Avery Lane (95 units LIHTC), The Plains (40 units), The Rapids on Cocheco (52 units), Wadleigh Falls (57 units, age-restricted 55+), Wallace Farm (168 units), and Tidewater Apartments (210 units, third-party managed).

Revenue is generated across four streams: (1) third-party property management fees billed monthly under a transparent fee structure with no disclosed public pricing tiers; (2) real estate development revenue from ground-up construction and renovation of market-rate and LIHTC properties, captured through property sales, equity returns, and long-term ownership; (3) asset management fees and equity returns on owned and co-invested properties through rental income, appreciation, and capital events (e.g., the February 2025 $11.15M sale of Stonehenge returned multiples exceeding projections); and (4) LIHTC-driven capital stacks assembled with NH Housing Finance Authority tax credits, Stratford Capital syndication, and construction/permanent financing from TD Bank, Eastern Bank, and RBC Community Investments. The company grew revenue 148% from 2021 to 2024 (35.7% CAGR), earning Inc. 5000 recognition as the #1 fastest-growing private company in the Manchester-Nashua Metro Area and #2,794 nationally.

Name

Elm Grove Companies

Legal name

Elm Grove Companies

Website

https://elmgrovecompanies.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Short description

Elm Grove Companies is a vertically integrated multifamily real estate investment, development, and property management firm operating throughout New England. Founded in 2009, the company manages 2,000+ apartments and holds $450M+ in assets under management across owned, joint-ventured, and third-party-managed properties.

Ownership category

akta.pro rank

Headquarters

HQ city

Hooksett

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development: Ground-up development and renovation of multifamily residential properties across market rate and affordable housing (LIHTC) segments. Revenue generated through property sales, equity returns, and long-term asset ownership.
2. Property Management Services: Third-party property management for both market rate and affordable housing communities. Revenue model includes management fees charged to property owners and developers. Company manages both its own portfolio and third-party clients.
3. Asset Management: Asset management services for owned and co-invested properties, generating returns through property value appreciation, rental income, and capital event distributions.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Elm Grove Companies is a vertically integrated multifamily real estate firm operating throughout New England, engaged in development, construction, renovation, acquisitions, property management, and asset management. The company directly owns, develops, and manages market-rate and affordable (LIHTC) apartment communities, and also provides third-party property management services to owners and developers of midsized and large apartment communities. Operations are supported by subsidiary brands including Elm Grove Property Management, Elm Grove Realty, Elm Grove Investments, and EGCON.

Product overview

Elm Grove Companies is a vertically integrated real estate investment and development firm offering a strategic approach to multifamily acquisition, development, and third-party management. The company operates through several sub-brands: Elm Grove Property Management (third-party management for market rate and affordable housing), Elm Grove Realty (brokerage), Elm Grove Investments (private equity real estate investment), and EGCON (construction and development services). Core service offerings include affordable housing development using LIHTC funding, market rate housing management, and third-party property management. The company also operates Elm Grove Cares, a 501(c)(3) philanthropic initiative supporting children's charities. The portfolio includes named properties such as Avery Lane Apartments (95-unit LIHTC in Nashua), The Plains (40-unit market rate in Rochester), The Rapids on Cocheco (52-unit workforce housing), Wadleigh Falls (57-unit age-restricted), Highfield Commons (96-unit townhomes), and Country Brook Apartments (96-unit workforce housing).

Differentiator

Problem solved

Functional benefit

Brands

• Elm Grove Cares: A 501(c)(3) philanthropic initiative of Elm Grove Companies that supports local children's organizations through fundraising events including an annual charity golf tournament that has raised over $100,000.

Products and services

• Third-Party Property Management (Market-Rate and Affordable) Professional property management services for owners and developers of midsized and large apartment communities across New England, covering both market-rate and affordable (LIHTC, HOME, HOME-ARP) housing. Includes on-site and centralized remote management, transparent monthly management fees with no hidden costs, and a cancel-anytime service guarantee.
• Avery Lane Apartments 95-unit affordable housing community in Nashua, NH consisting of 1- and 2-bedroom apartments in two four-story elevator buildings with a community room and outdoor amenities. Professionally managed by Elm Grove under LIHTC program requirements in partnership with Tamposi Brothers Holdings.
• The Plains 40-unit market-rate apartment community in Rochester, NH offering single-story units of approximately 850 square feet with 2 bedrooms, 1 bathroom, hardwood flooring, stainless steel appliances, in-unit laundry, and central heating/air conditioning. Two paved parking spots per unit and pet-friendly policies.
• The Rapids on Cocheco 52-unit workforce housing community at 29 Wadleigh Road in Rochester, NH, the firm's ninth affordable housing venture in the state, nearing completion in 2025.
• Wadleigh Falls

Quantifiable outcome

• 148% revenue growth from 2021 to 2024
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core, minor and supporting.

• Tamposi Brothers Holdings, LLCcoreStrategic or Co-development Partner · 22 June 2026Developer partner on Avery Lane Apartments (95-unit twinned LIHTC community in Nashua, NH — Phases I and II). Tamposi Brothers Holdings served as project developer while Elm Grove Companies provides professional property management. Represents over $109M in total development investment and 340 affordable housing units created since 2021 across multiple NH communities.
• Harborfields Realty Investors LLCcoreStrategic or Co-development Partner · 18 November 2025Co-investment joint venture partner in multifamily acquisitions and asset management across the Northeast. Elm Grove and Harborfields co-own Wadleigh Falls (57-unit senior community in Newmarket, NH) where the supplemental loan returned ~75% of investor capital in 3 years. Both parties continue to evaluate new acquisitions to grow the portfolio.
• Eversource / NH Saves ProgramminorOthersEversource, through the Community Action Partnership of Strafford County, provided heating, cooling, and weatherization measures through the NH Saves program for Country Brook Apartments renovation.
• City of Rochester, NHsupportingOthersMunicipality that was supportive of the Country Brook Apartments conversion and helped complete necessary steps to move the affordable housing project forward. Rochester city government plays a key role in helping developers create affordable housing.
• New Hampshire Home Builders Association (NHHBA)coreOthersState's largest homebuilding association with over 400 industry members. Matt Menning, Principal at Elm Grove Companies, serves as President. NHHBA's mission is to provide quality housing opportunities through education, vision, and advocacy for the betterment of communities.
• Horvath & TremblayminorOthersInvestment real estate firm representing Elm Grove Companies as seller in the $11.15M sale of 48 Stonehenge Apartments in Londonderry, NH to buyer 333 Four, LLC.
• RY Development LLCsupportingChannel Partner/ Reseller/ DistributorDeveloper and applicant for the Knox Landing 160-unit affordable housing project in Dover, NH at 99 Knox Marsh Road. Elm Grove Companies is under agreement with RY Development to provide property management and development expertise utilizing LIHTC funding through NHHFA.

Scale indicators31 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• WinnCompanies: One of the largest multifamily property managers and developers in the U.S., with deep affordable housing (LIHTC, Section 8) expertise and a vertically integrated model spanning development, construction, and property management. Highly comparable to Elm Grove's full-service multifamily platform.
• The NRP Group: Vertically integrated developer, owner, and manager of multifamily housing with a heavy LIHTC affordable housing focus. Closely comparable to Elm Grove's mixed market-rate and affordable strategy and reliance on LIHTC equity syndications.
• The Michaels Organization: National multifamily developer, manager, and investor specializing in affordable and mixed-income housing using LIHTC and public financing. Comparable to Elm Grove in regulatory complexity of affordable housing deals and vertically integrated operating model.
• Dominium: Affordable housing-focused multifamily owner, developer, and manager that owns and manages tens of thousands of apartment units nationally. Comparable to Elm Grove on affordable housing strategy, scale ambitions, and third-party management offerings.
• Bozzuto: Multifamily developer, owner, and third-party property manager with both market-rate and affordable housing portfolios. Comparable to Elm Grove on third-party management services for apartment community owners and on full lifecycle real estate operations.
• Pennrose: Developer and manager of affordable, mixed-income, and market-rate multifamily housing with deep LIHTC expertise. Comparable to Elm Grove's reliance on state housing finance authority allocations and affordable housing development pipeline.
• Bell Partners: Vertically integrated multifamily investment, development, and property management firm operating across the U.S. Comparable to Elm Grove on operating model — combining owned portfolio, third-party management, and acquisitions — though with a larger national footprint.

Broad incumbents

• The Related Companies: One of the largest U.S. real estate developers with an affordable housing subsidiary (Related Affordable) operating tens of thousands of LIHTC units. Comparable to Elm Grove on affordable housing strategy but operates at a vastly larger scale and across broader geographies.
• Greystar Real Estate Partners: The largest multifamily property manager and a major developer and investor globally. Comparable to Elm Grove on third-party management services and vertical integration but at significantly larger scale and broader geographic scope.
• Equity Residential: Large publicly-traded multifamily REIT that owns and operates a portfolio of apartment communities, primarily market-rate urban and suburban. Comparable to Elm Grove on operating apartment buildings at scale, though Equity Residential is a public REIT and lacks an affordable housing focus.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/elmgrove
• LinkedInlinkedin.com/company/elm-grove-companies
• Instagraminstagram.com/elmgrove_companies
• Xx.com/ElmGroveNH

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 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 Elm Grove Companies