What BlueLine Development does

BlueLine Development is a vertically integrated affordable multifamily housing firm headquartered in Missoula, Montana, founded in 2011 and operating across the Rocky Mountain West. The company develops, constructs, and manages affordable rental housing using LIHTC, HOME, HTF, and tax-exempt bond capital structures, with $1.1B+ in cumulative development costs, $500M+ in equity deployed, 59 completed projects, and 3,500+ units produced to date. Its operating footprint spans 8 states and 36 cities, with 1,512 units under active management across 27 properties serving approximately 13,000 residents.

The firm operates through three subsidiaries: BlueLine Development (deal origination, LIHTC structuring, and capital stack assembly), BlueLine Construction (general contracting subsidiary formed in 2021 that self-performs construction on the firm's own pipeline and bids externally), and BlueLine Property Management (leasing, LIHTC compliance, and maintenance). Recent flagship projects include Rocky Mountain Flats in Montana — a $109M, 296-unit LIHTC and tax-exempt bond development and the largest such deal in state history — and Lashkowitz Riverfront Apartments, a 110-unit community developed for the Fargo Housing and Redevelopment Authority in North Dakota.

BlueLine generates revenue through development fees on project closings, construction contract revenue on both internal pipeline projects and external bids, recurring property management fees across its managed portfolio, and asset management services. The firm serves a diverse institutional customer base including municipal housing authorities, state allocating agencies, nonprofit partners (HRDC, CDCU, Urban Peak, Second Chance Center), and tribal nations including the Crow Tribe and Leech Lake Band of Ojibwe. Leadership comprises Nate Richmond as President and CEO and Maddy Mason as Development Director, with 80+ employees across the three operating entities. The firm received the ULI Impact Award in April 2026, validating its standing in the affordable housing industry.

Name

BlueLine Development

Legal name

Blueline Development, Inc.

Website

https://bluelinedevelopment.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

BlueLine Development is a vertically integrated affordable multifamily housing firm headquartered in Missoula, Montana, developing, constructing, and managing LIHTC-financed rental housing across 8 states for municipal housing authorities, nonprofit organizations, and tribal nations in the Rocky Mountain West.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

General Bldg Contractors - Residential Bldgs (1520), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Build-to-Rent (BTR) Community Management (BPAJAFAC)

Keywords

• Affordable housing development
• Multifamily real estate
• LIHTC financing
• Property management services
• General contracting

Headquarters

HQ city

Missoula

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development Fees: BlueLine Development earns fees for identifying sites, securing entitlements, arranging financing (including LIHTC, HOME, HTF, tax-exempt bonds), and managing projects through completion. Revenue is project-based and contingent on financing closes and project milestones.
2. Construction Contract Revenue: BlueLine Construction, formed in 2021, serves as the general contractor for BlueLine Development projects and external clients. Revenue is earned through fixed-price or cost-plus construction contracts. To date: $65M+ in construction contracts.
3. Property Management Fees: BlueLine Property Management generates recurring management fees from managing 1,512 units across 27 properties in 6 states. Services include leasing, compliance, maintenance, and tenant services. Revenue is a percentage of managed assets or per-unit fees.
4. Asset Management: BlueLine Development provides in-house asset management services to ensure long-term compliance and sustainability of affordable housing communities, protecting investor returns and maintaining stable living environments for residents.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

BlueLine Development is a vertically integrated real estate firm providing three interconnected services: (1) Development Services covering site identification, architectural design, financial and entitlement approvals, land acquisition, and project management for affordable multifamily housing; (2) Construction Services through BlueLine Construction (formed 2021) offering general contracting with pre-construction planning, project management, and safety oversight; (3) Property Management across 1,512 units in 27 properties, including leasing, compliance, maintenance, and tenant services. The company specializes in LIHTC-financed affordable housing, Permanent Supportive Housing, and workforce housing across the Rocky Mountain West.

Product overview

BlueLine Development is a vertically integrated real estate company offering three interconnected service lines: Development Services (real estate development from site identification through project management), Construction Services (general contracting through BlueLine Construction, formed in 2021), and Property Management (full-service management including leasing, compliance, maintenance, and tenant services). The company specializes in affordable multifamily housing across the Rocky Mountain West, operating as a single unified offering rather than a modular software platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Services Comprehensive real estate development services including site identification, architectural design, financial and entitlement approvals, land acquisition, and project management for affordable multifamily housing. Serves housing authorities, nonprofit organizations, tribal entities, and government agencies seeking development partners for LIHTC-financed affordable housing projects.
• Construction Services General contracting services including pre-construction planning, project management, quality control, safety oversight, and post-construction support. Operated through BlueLine Construction, serving as the general contractor for BlueLine Development projects and external clients. Has completed $65M+ in construction contracts with 0 injuries on the job.
• Property Management Full-service property management including leasing, compliance, maintenance, tenant services, and resident support for multifamily housing communities. Currently manages 1,512 units across 27 properties in 6 states, using the LoftLiving resident portal for online leasing, rent payments, maintenance requests, and resident communications. Serves income-qualified households at 30%-70% AMI with some market-rate units.

Quantifiable outcome

• 13,000 residents housed since 2011
• +4 more outcomes

Named customers12 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

Feature4 records

Partnerships

16 partnerships are on record, tiered core, major and minor.

• Human Resource Development Council of Bozeman (HRDC)coreStrategic or Co-development Partner · 25 June 2026HRDC serves as the nonprofit general partner on Rocky Mountain Flats, providing community development expertise and serving as the local nonprofit co-developer. HRDC Community Development Director Lila Fleishman noted the project's commitment to accessible, high-quality housing with 34 deeply affordable units for households earning 30-40% AMI.
• Fargo Housing and Redevelopment AuthoritycoreStrategic or Co-development Partner · 12 June 2026BlueLine's second collaborative project with the Fargo HRA — Lashkowitz Riverfront Apartments (110 units, Fargo, ND, grand opening June 2026). The partnership has now expanded to a third project: 14-4 Apartments (65 units, awarded LIHTC February 2026).
• Urban PeakcoreStrategic or Co-development Partner · 9 April 2026Urban Peak is BlueLine's partner on the Mothership project, a Permanent Supportive Housing campus for youth experiencing homelessness in Denver, CO. The project won the ULI Impact Award in April 2026 for its innovative approach and meaningful community impact.
• Community Development Corporation of Utah (CDCU)coreStrategic or Co-development Partner · 14 February 2026BlueLine's fourth project with CDCU — Emeril Apartments (135 units, Salt Lake City, UT). Previous collaborations include Howick Apartments (150 units, Millcreek, UT, ribbon cutting February 2026). The partnership is described as 'strong and successful, focused on long-term community impact.'
• Second Chance CentercoreStrategic or Co-development Partner · 20 November 2025BlueLine's partnership with Second Chance Center includes PATH (Providence at the Heights, 50 PSH units, Aurora, CO) and Residences on Acoma (128 units, Denver, CO). Residences on Acoma is the second major housing collaboration, continuing the shared mission of stable housing and supportive services.
• Shopworks ArchitecturemajorStrategic or Co-development PartnerShopworks Architecture is the architectural partner on multiple BlueLine projects, including Tawi Kaan (Cortez, CO) and Brigit's Village (Frederick, CO). Shopworks brings design expertise tailored to affordable and supportive housing populations. President Chad Holtzinger: 'BlueLine simultaneously demonstrates leadership, deep competence, and partnership in their work.'
• Broomfield Housing Alliance (BHA)majorStrategic or Co-development PartnerBHA partnered with BlueLine on The Grove at Cottonwood, an affordable housing project in Broomfield, CO designed specifically for individuals with intellectual and developmental disabilities (IDD). BHA Executive Director Kristin Hyser praised BlueLine's generosity in sharing expertise and deep commitment to communities served.
• First Step HousemajorStrategic or Co-development PartnerFirst Step House, a behavioral health provider, evolved into a leader in developing service-rich permanent supportive housing with BlueLine's support. BlueLine was 'crucial to the organization's evolution,' helping it transition from a behavioral health provider to a PSH developer.
• Big Sky Community Housing TrustmajorStrategic or Co-development PartnerPartner on Riverview Apartments (Big Sky, MT), a development completed on time and within budget. Executive Director David O'Connor praised BlueLine's 'thoughtful expertise and experience throughout the entire project' from conception through operations.
• The Piñon ProjectmajorStrategic or Co-development PartnerThe Piñon Project partnered with BlueLine on Tawi Kaan Apartments (42 PSH units in Cortez, CO for households at/below 30% AMI). The project serves individuals and families exiting homelessness or facing housing instability.
• U.S. Department of Veterans AffairsmajorStrategic or Co-development PartnerThe VA partnered with BlueLine on Gem City Apartments (58-unit senior housing in Laramie, WY), ensuring veterans have access to safe and affordable housing. Four units feature veteran preference.
• Jackson/Teton County Affordable HousingminorStrategic or Co-development PartnerPartner on workforce and affordable housing projects in the Jackson, WY area, addressing the acute housing needs of one of the most expensive housing markets in the Mountain West.
• Housing Solutions for the SouthwestminorStrategic or Co-development PartnerRegional housing development partner operating in the Four Corners area, collaborating with BlueLine on affordable housing initiatives in New Mexico and surrounding states.
• Crow Tribe of IndiansmajorStrategic or Co-development PartnerBlueLine developed Apsaalooke Warrior Apartments at Crow Agency, MT — housing specifically designed for members of the Crow Tribe, addressing severe housing shortages on tribal lands.
• Leech Lake Band of OjibwemajorStrategic or Co-development PartnerBlueLine partnered with the Leech Lake Band of Ojibwe on affordable housing developments serving tribal community members in Minnesota.
• Community Outreach Service Center (COSC)minorStrategic or Co-development PartnerCOSC is the neighborhood nonprofit partner on Charity's House (36 PSH units in Denver's Five Points neighborhood), connecting residents with health services, substance abuse facilities, dental health, and life skills support.

Scale indicators20 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• The Related Companies: Large diversified real estate developer with an affordable housing arm (Related Affordable) that operates a similar LIHTC-financed development and management platform at national scale.
• Enterprise Community Partners: National affordable housing developer, investor, and policy organization. While also a financial partner to BlueLine, it operates its own large development and property management portfolio at far greater scale, making it a broad incumbent peer.

Direct peers

• BRIDGE Housing: Nonprofit affordable housing developer and property manager on the West Coast with a similar vertically integrated development-construction-management model, directly comparable to BlueLine's affordable multifamily focus and LIHTC-financed deal structure.
• McCormack Baron Salazar: Affordable housing developer focused on urban and mixed-income communities, using LIHTC and layered financing structures similar to BlueLine's approach to complex affordable deals.
• AHC Inc. (Affordable Homes & Communities): Regional affordable housing developer and property manager operating in the Mid-Atlantic, with a comparable development-plus-management model serving low- and moderate-income households.
• Pennrose: Affordable housing developer and property manager with a national footprint and integrated development-construction-management capabilities similar to BlueLine's structure.
• WinnCompanies: Multi-family housing developer and property manager with a large affordable housing portfolio, comparable to BlueLine in combining LIHTC development with third-party property management services.
• Mercy Housing: National nonprofit that develops, builds, and manages affordable and supportive housing across the U.S. Mirrors BlueLine's vertically integrated platform and emphasis on serving low-income and special-needs populations.
• Preservation of Affordable Housing (POAH): Nonprofit that preserves and develops affordable rental housing nationwide with an integrated ownership and management platform, closely aligned with BlueLine's mission and operational model.
• Dominium: One of the largest U.S. affordable housing developers and managers with deep LIHTC expertise, directly comparable to BlueLine's vertically integrated affordable multifamily platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 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 BlueLine Development