CRG Residential

What CRG Residential does

CRG Residential is a private, Indiana-based multifamily real estate company founded in 1993 that operates two integrated service lines: Development (ground-up multifamily and mixed-use construction) and (Re)development, anchored by its proprietary RAPID Occupied Renovation Process. The RAPID methodology enables 3-6 occupied apartment units to be fully renovated per day without displacing residents or losing rental income, supported by a defined three-tier pricing program ($12K-$18K per unit for a 1-day scope, $18K-$25K for 2-day, and $25K-$40K for 3-day). The company has executed more than $2 billion of multifamily construction across 50,000+ units, with 10,000+ developed and 40,000+ renovated across 27 states.

Revenue is generated through three streams: per-unit renovation fees under the RAPID program, developer co-investment (25-30%+ equity) and disposition income on Class A development projects, and third-party general contracting services. The customer base spans institutional multifamily owners (HILLS Properties, Zinger Property Group, The Glick Company), municipalities engaged through public-private partnerships (Fishers, Greenwood, Fort Wayne, Evansville), and capital partners (Great Lakes Capital, Browning, plus regional lenders). Operations are anchored by a Carmel, Indiana headquarters and field offices in Chicago, Dallas/Irving (opened 2025), and Denver. Leadership is founder-controlled under CEO Chris Reid, with David Powers as President (appointed 2023) and a formalized multi-year succession plan for the (Re)Development division.

Name

CRG Residential

Legal name

CRG Residential

Website

https://crgresidential.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

251–500 employees

Short description

CRG Residential is a private, Indiana-based multifamily developer and contractor offering new construction, mixed-use development, and the proprietary RAPID Occupied Renovation Process serving property owners, municipalities, and investors across 27 states.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Development and Construction

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Residential Building Construction (2361), Residential Remodelers (236118), Residential Building Construction (23611)

SIC

General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Multifamily development
• Occupied apartment renovations
• Mixed-use construction
• Affordable housing services
• Real estate investment

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Real Estate Development: Developing multifamily communities from concept to completion, generating revenue through development fees, land appreciation, and property sales. Co-invests 25-30% or more of equity capital in each project.
2. Property Sales/Disposition: Full-cycle real estate investment strategy where CRG develops communities and sells them upon stabilization. Recent $134M sale of two Class A communities in Indiana demonstrates successful execution of this model.
3. RAPID Renovation Services: Fee-for-service renovation of occupied multifamily units at $12,000-$40,000 per unit depending on scope. Revenue based on unit count and project duration, with ability to complete 3-6 units per day.
4. Construction Management: General contracting services with $2 billion of multifamily construction projects executed over 30+ years. Benefits from CRG's tested construction management processes and disciplined approach to project management.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

CRG Residential is a private multifamily real estate development and construction firm that develops new garden-style apartment and mixed-use communities from concept to completion, and renovates existing occupied apartment units via its proprietary RAPID Occupied Renovation Program, completing 3–6 units per day without displacing residents. The firm also operates a third-party general contracting business, an exteriors division, and asset management/capital markets services for investment partners.

Product overview

CRG Residential operates as a full-service real estate company offering two core integrated service lines: Development (new multifamily and mixed-use construction) and (Re)development (the RAPID Occupied Renovation Program). The RAPID program is their signature offering, enabling rapid apartment renovations while units remain occupied at 3-6 units per day. Development services span market research, land acquisition, entitlements, design, financing, and construction execution. Redevelopment includes interior renovations via RAPID and exterior services (roofing, waterproofing, siding, windows). The company also provides asset management and capital markets services for investment partners. Recent notable projects include Promenade Flats (220 units, $44.7M), Hayden Flats (298 units, $48.7M), Flats at Stones Crossing (292 units, $66M), River Place Flats (381 units, $81.8M), and The Madison mixed-use development (329 units). The company operates across offices in Carmel, Chicago, Dallas, and Denver.

Differentiator

Problem solved

Functional benefit

Brands

• RAPID: RAPID Occupied Renovation Program - CRG's specialized approach to apartment renovation allowing units to be fully updated while residents remain in place, completing 3-6 occupied units per day.

Products and services

• RAPID Occupied Renovation Program CRG Residential's signature renovation program enabling high-velocity apartment upgrades while units remain occupied, completing 3-6 units per day without displacing residents or losing rental income. Three-tier scope pricing from $12,000 to $40,000 per unit.
• Multifamily Development Premium garden-style apartment development services spanning market research, land acquisition, entitlements, design, financing, construction, and leasing for new multifamily communities.
• Mixed-Use Development Creative mixed-use property development combining residential units with retail and commercial space, often delivered through public-private partnerships and collaborative planning with municipalities.
• Market Rate Occupied Unit Renovations Value-add renovation services for market-rate multifamily properties using the RAPID process to increase rents quickly and generate faster ROI without vacancy.
• Affordable & Workforce Housing Services Renovation and development services for affordable and workforce housing properties, navigating HUD requirements and state housing authority programs with expertise in tax credit and QAP requirements.
• Exterior Renovation Services Single-source exterior renovation solutions including waterproofing, siding, roofing, windows, doors, and building envelope repairs delivered by dedicated project managers and certified craftsmen.
• New Construction General Contracting Third-party general contracting services for multifamily construction with over $2 billion in executed projects, leveraging tested construction management processes and trade partner networks.
• Asset Management Strategic oversight of property performance maximizing investment returns through financial monitoring, revenue optimization, expense management, and data-driven decision making for owned and co-developed properties.
• Capital Markets & Investor Relations Capital markets activities including project financing, co-investment structures with 25-30% or more equity participation from CRG, and transparent investor reporting and communication.

Quantifiable outcome

• RAPID renovation completes 360 units in 6 months vs traditional 70 units/year taking 5+ years
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

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

• City of GreenwoodcoreStrategic or Co-development Partner · 9 November 2021Public-private partnership for The Madison development, a $83M, 19-acre multi-use project including 297 luxury apartments, 20 townhomes, 42 condos, commercial space, and public amenity (Greenwood Fieldhouse).
• BrowningcoreStrategic or Co-development PartnerJoint venture partner for Nickel Plate Station development in Fishers, IN. Browning is an Indianapolis-based commercial real estate developer known for large transactions and complex projects. The partnership brings together CRG's construction expertise with Browning's development capabilities.
• City of FisherscoreStrategic or Co-development PartnerPublic-private partnership for River Place development including land donation, roundabout construction, and 25 acres of parkland donation. The city partnered with CRG on this $135M mixed-use project at 96th and Allisonville.
• City of Fort WaynecoreStrategic or Co-development PartnerPublic-private partnership for Flats at Walnut Ridge, a $67M development with 322 premium apartments. The city benefits from CRG's financial investment and construction expertise to address local housing needs.
• City of EvansvillecoreStrategic or Co-development PartnerOngoing partnership with the City of Evansville including Promenade Flats ($45M, 220 units), The Vault on Main ($60M, 161 units), and prior Post House project. Evansville Mayor and E-REP involved in partnership.
• StructurepointminorOthersCivil engineering firm for River Place development.
• Studio MminorOthersArchitect for River Place development.
• Pulte GroupmajorStrategic or Co-development PartnerHomebuilder contracted to build 81 for-sale townhomes as part of River Place mixed-use development.
• Scannell PropertiesmajorStrategic or Co-development PartnerDevelopment partner with CRG on Evansville's Post House property (144 units). Indianapolis-based industrial and commercial developer.
• Zinger Property GroupcoreStrategic or Co-development Partner10-year partnership for value-add apartment renovations and exterior improvements. CRG serves as preferred contractor for Zinger's portfolio-wide renovation initiatives.
• HILLS PropertiescoreStrategic or Co-development PartnerPartnership for portfolio-wide elevation of legacy properties. CRG completed 2,400 unit renovations in 18 months with zero vacancy for HILLS Properties.
• The Glick CompanymajorStrategic or Co-development PartnerVP of Maintenance Operations Doug Elmore testified to CRG's RAPID renovation capabilities, citing 3 units/day turnaround with occupied units as unmatched in the industry.
• Brookside CDCminorOthersCommunity development organization partnered with CRG for apartment building rehabilitation project in Indianapolis. CRG staff participated in service day for rehab work.
• Habitat for HumanityminorOthersCommunity outreach partner. CRG supports Habitat for Humanity as part of commitment to building stronger communities.
• Salvation ArmyminorOthersCommunity outreach partner. CRG supports Salvation Army as part of corporate giving and community service initiatives.
• Indiana WishminorOthersCRG partnered with Indiana Wish to help make a dream come true for a deserving family in Sheridan, Indiana. CRG's Exteriors team built a backyard playset for the family.
• Greenwood Recreation CenterminorOthersAdjacent amenity for The Madison development. The Madison is surrounded by the newly renovated Greenwood Recreation Center.
• Tegethoff DevelopmentmajorStrategic or Co-development PartnerDevelopment partner for The Signature project in Carmel, IN (295 units). Three-way partnership with CRG Residential and Great Lakes Capital.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• The Connor Group: Private multifamily investment, development, and management firm focused on Class A luxury apartment communities across the U.S. Highly comparable to CRG as a vertically integrated developer/operator that builds, renovates, and manages institutional-quality multifamily portfolios.
• Mill Creek Residential: National multifamily developer building, acquiring, and managing Class A apartment communities across major U.S. markets. Direct peer as a scaled, vertically integrated multifamily developer with comparable project sizes and investment partner model.
• Wood Partners: One of the largest multifamily developers in the U.S., specializing in Class A apartment construction across multiple regions. Direct competitor to CRG's new multifamily development business with comparable project scale and institutional investor base.
• RangeWater Real Estate: Multifamily real estate company focused on acquisition, development, and property management across the Sun Belt and Southeast. Comparable to CRG as a private multifamily developer/manager pursuing growth in secondary and tertiary U.S. markets.
• NRP Group: National multifamily developer, builder, and property manager with strong affordable and workforce housing capabilities. Directly comparable to CRG's affordable housing and market-rate development lines, particularly in HUD/LIHTC-financed projects.
• Kittle Property Group: Indiana-headquartered multifamily real estate firm specializing in acquisition, renovation, and value-add repositioning of apartment communities. Highly comparable to CRG's RAPID renovation focus and Midwest regional footprint.

Broad incumbents

• Greystar Real Estate Partners: Global leader in multifamily property management, development, and investment with hundreds of thousands of units under management. Overlaps with CRG's development, asset management, and capital markets capabilities as a much larger incumbent.
• JLL (Jones Lang LaSalle): Global real estate services and investment firm with multifamily capital markets, property management, and development advisory capabilities. Larger incumbent competing for institutional investor relationships and multifamily mandates that CRG also serves.
• Balfour Beatty: Major international construction and infrastructure group with a U.S. multifamily and residential construction business. Comparable to CRG's general contracting/exterior renovation capabilities as a much larger incumbent.
• Trammell Crow Residential (CBRE Multifamily): National multifamily development arm of CBRE, building Class A apartment communities across major U.S. markets. Direct competitor to CRG's new construction general contracting and development capabilities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/crg-residential-549804565034169
• LinkedInlinkedin.com/company/crg-residential

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 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 CRG Residential