Cedar Street Companies

What Cedar Street Companies does

Cedar Street Companies (doing business as CEDARst) is a Chicago-based, privately held vertically integrated multifamily real estate development platform founded in 2009. The company sources, acquires, capitalizes, develops, constructs, and operates Class A urban infill rental housing across eight U.S. states, with a $4 billion portfolio spanning more than 10,000 developed, entitled, or under-construction units and 50+ owned and operated assets in submarkets including Chicago, San Diego, Las Vegas, Miami, Minneapolis, Cleveland, Vancouver WA, and Beaverton OR. Operations run through three core business units: CEDARst Development (deal sourcing, acquisition, capitalization), Method Construction (in-house general contracting and owner representation, including adaptive reuse of historic and landmarked buildings), and FLATS Property Management (a hospitality-inspired lifestyle brand providing direct leasing, resident programming, and community operations).

Cedar Street's revenue mechanics blend one-time development fees and merchant build sales with recurring property management and rental income, supplemented by construction management fees and tax-advantaged transaction economics from Opportunity Zone and Historic Tax Credit structures. Capital formation combines institutional joint venture equity (Quartz Lake Capital $300M fund targeting ~$1B portfolio, Bridge Investment Group, Kayne Anderson Real Estate, Cantor Fitzgerald, Silverstein Properties), construction and bridge debt (North River Partners, Amzak Capital, ACRE, Bridge Debt Strategies), and agency refinancing (multiple Fannie Mae loans via JLL and PGIM, Invesco Real Estate). Recent activity includes a $122M acquisition of the Millie on Michigan tower, $66M Avra West Loop purchase, $34.6M Bucktown acquisition, and South Florida expansion via Miami's Little River project and Flats Flagler Gateway in Fort Lauderdale.

The customer base is bifurcated: (1) institutional investors and capital partners that co-invest in development ventures and provide debt financing, and (2) residential tenants in urban markets seeking design-forward, amenity-rich rental housing. The company has achieved 95-96% stabilized occupancy across its portfolio and has integrated affordability and ESG commitments, including 300+ affordable units across City of Chicago programs and LEED/Green Globes certification on more than ten projects. Cedar Street does not publicly disclose revenue, pricing, or detailed financials.

Name

Cedar Street Companies

Legal name

Cedar Street Companies

Website

https://cedarst.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

51–100 employees

Short description

Cedar Street Companies (CEDARst) is a Chicago-based, vertically integrated multifamily real estate developer that sources, develops, constructs, and operates Class A urban rental housing across eight U.S. states through its Development, Method Construction, and FLATS property management divisions.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Development

NAICS

New Housing For-Sale Builders (236117), Residential Property Managers (531311), Real Estate and Rental and Leasing (53)

SIC

Operative Builders (1531), Operators Of Apartment Buildings (6513), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB)

akta.pro secondary industries

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE), New Construction & Builder Sales (BPAJAAAB)

Keywords

• Multifamily real estate development
• Property management services
• Construction management services
• Opportunity zone investments
• Adaptive reuse development

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D

Revenue model

1. Development Fees and Merchant Build Sales: Revenue from developing multifamily properties for sale to investors or joint venture partners. The merchant build program involves identifying prime locations, designing modern living spaces, overseeing construction, and delivering high-quality assets for sale to capitalize on market demand.
2. Property Management Services: Ongoing property management revenue through the FLATS brand for residential communities, including tenant leasing, community operations, and hospitality-style resident services.
3. Construction Management: Method Construction serves as in-house general contractor for smaller-scale developments and as owner representative for larger projects, managing architectural design, zoning, and entitlement processes.
4. Opportunity Zone Development: Strategic investment in federally designated Opportunity Zones targeting underdeveloped areas with high growth potential, offering tax incentives to investors while revitalizing neighborhoods.
5. Historic Tax Credit Projects: Preservation of architectural heritage through rehabilitation of historic buildings, utilizing Historic Tax Credits to restore structures while benefiting from federal and state tax incentives.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Cedar Street Companies is a vertically integrated multifamily real estate development firm that sources, acquires, capitalizes, develops, constructs, and manages residential rental properties across eight U.S. states. The company operates three core divisions — CEDARst Development (project sourcing and capitalization), Method Construction (in-house general contracting and owner representation), and FLATS Property Management (hospitality-inspired residential leasing and operations) — delivering Class A urban infill, Opportunity Zone, and adaptive reuse projects.

Product overview

CEDARst Companies is a fully integrated real estate development company that operates as a unified platform combining development, construction, and property management services. The company manages the complete real estate lifecycle through three core divisions: CEDARst Development (sourcing, acquiring, capitalizing, and developing multifamily properties), Method Construction (in-house general contractor and owner representative), and FLATS Property Management (lifestyle brand providing luxury amenities and community programming). Their portfolio spans 30+ properties across 8 states including Chicago, San Diego, Las Vegas, Miami, Minneapolis, Cleveland, Vancouver WA, and Beaverton OR. Notable branded properties include The Millie (47-story luxury tower in Chicago Loop), The Douglas (Miami Little River OZ development), Flats Flagler Gateway (Fort Lauderdale OZ project), and The Myles (Las Vegas Arts District). The company emphasizes vertical integration, Opportunity Zone investments, Historic Tax Credit projects, and adaptive reuse developments, with a portfolio valued at $4 billion and 10,000+ units developed, entitled, or under construction.

Differentiator

Problem solved

Functional benefit

Brands

• FLATS: Property management lifestyle brand providing luxury amenities and refined apartments at approachable price points. Creates superior community experience with regular events and partnerships with local fitness trainers, artists, musicians, and business owners.
• Method Construction

Products and services

• Development Services Sourcing, acquiring, capitalizing, and developing multifamily properties across the U.S. with a focus on urban infill, Opportunity Zone, and adaptive reuse projects in supply-constrained markets.
• Method Construction In-house general contractor acting as owner representative for both ground-up and adaptive reuse developments, managing architectural design, zoning, entitlement, and construction processes for projects including historical and landmarked buildings.
• FLATS Property Management Hospitality-inspired residential property management brand providing luxury amenities, community programming, and resident services at approachable price points, delivered through on-site leasing teams and partnerships with local fitness trainers, artists, and businesses.

Quantifiable outcome

• 10,000+ units developed, entitled, or under construction
• +5 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• JLL (Jones Lang LaSalle)minorImplementation/ SI/ Consulting Partner · 19 August 2024JLL Capital Markets team led by Senior Directors Zach Kersten and Chris Collins arranged the $55.8 million Fannie Mae loan for The Miller. JLL Real Estate Capital LLC manages the loan.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Lincoln Property Company: Diversified real estate firm with one of the largest multifamily management portfolios in the US and active development operations. Comparable vertical integration from development through third-party property management.
• The Related Companies: Large diversified real estate developer with significant multifamily and mixed-use developments including affordable and workforce housing components. Comparable in market-rate multifamily development with mixed-income integration expertise.
• Toll Brothers Apartment Living: Multifamily development subsidiary of Toll Brothers (NYSE: TOL), focused on luxury Class A multifamily communities in urban and suburban markets. Comparable product positioning and geographic diversification strategy across major US metros.
• Greystar Real Estate Partners: Largest multifamily property manager and developer in the US, managing over 800,000 units globally. Highly comparable as a vertically integrated multifamily operator with development, investment management, and property management capabilities across urban markets.
• Trammell Crow Residential (CBRE): Multifamily development subsidiary of CBRE Group, one of the largest developers of multifamily housing in the US. Comparable as a scaled institutional-grade multifamily developer operating across multiple US markets with similar Class A product focus.

Direct peers

• Watermark Residential: Multifamily development and investment platform focused on Class A communities across the Sun Belt and Midwest. Comparable mid-sized developer with similar product positioning in supply-constrained urban and suburban submarkets.
• RangeWater Real Estate: Privately held multifamily developer, investor, and manager focused on Sun Belt and high-growth markets. Comparable as a growth-oriented multifamily platform with development, acquisitions, and management capabilities in markets like Atlanta, Dallas, Denver, and Florida.
• JPI (Jefferson Partners Inc.): National multifamily developer with design, development, construction, and management capabilities. Comparable vertically integrated platform approach and similar focus on Class A urban infill multifamily communities.
• Mill Creek Residential: National multifamily developer focused on Class A apartment communities in urban infill and high-growth suburban markets. Closely comparable to CEDARst in product type, target demographic, and focus on design-forward communities in supply-constrained markets.
• Crescent Communities: Diversified real estate developer with multifamily division focused on Class A apartment communities in high-growth Sun Belt markets. Comparable as a privately held developer targeting similar demographic and market segments as CEDARst.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cedarstreetco
• Facebookfacebook.com/cedar-street-companies-267442840101363
• LinkedInlinkedin.com/company/cedar-street-companies

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors2 records

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 Cedar Street Companies