What Norhart does

Norhart is a privately held Minnesota LLC that develops, owns, and operates a portfolio of residential apartment and townhome communities in the Minneapolis-St. Paul metropolitan area, concentrated in Forest Lake, Blaine/Lexington, and Oakdale. The company's offering comprises 11+ distinct communities under sub-brands such as Encore, Gateway Green, Gateway Green Townhomes, Mill Pond, Birchview, Legacy Pointe, Heritage Heights, Springwood, Greystone, Northbrook, and Lexington Lofts, providing one-, two-, and three-bedroom floor plans at monthly rents ranging from approximately $1,380 to $2,399. Standard unit features (granite countertops, stainless steel appliances, luxury vinyl plank flooring) and lifestyle amenities (pools, fitness centers, movie rooms, dog parks, community rooms, internet cafes) are positioned above typical suburban rental stock.

The business model is asset-heavy and vertically integrated: Norhart builds, owns, and operates its real estate rather than acting as a third-party manager, generating recurring rental revenue plus ancillary streams including pet fees ($55/month), underground parking ($75+/month), smart-home internet ($50+/month), utility administration fees ($8/month), and trash fees ($12.50/month). Go-to-market is direct-to-consumer via a SEO-optimized website (powered by RentManager for applications and account management), dedicated inside-sales phone lines for each property, on-site leasing offices, virtual tours, and Matterport 3D walkthroughs. Tenant onboarding uses Plaid for financial verification, and a Norbot AI chatbot handles off-hours inquiries.

Technology is used as a light differentiator: AES 256-bit encryption and TLS 1.3 with A+ securityheaders ratings, in-unit WiFi with app-controlled smart-home features, and Pingdom-monitored uptime. Norhart previously operated Norhart Invest, a Regulation A platform offering up to $75M of promissory notes to retail investors, which was shut down in 2024 with investors reimbursed in full. The company is led by CEO Mike Kaeding, employs 101-250 people, and has been recognized with the Top Workplaces award, Best Global Awards Gold (2020), and American Business Awards Silver Stevie (2020).

Name

Norhart

Legal name

Norhart, LLC

Website

https://norhart.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

Norhart is a private Minnesota-based real estate company that develops, owns, and operates 11+ apartment and townhome communities in the Minneapolis-St. Paul metro area (Forest Lake, Blaine, Oakdale, Lexington), renting primarily to individual and family tenants at $1,380-$2,399 per month.

Ownership category

akta.pro rank

Product category

Residential Apartment Rentals

NAICS

Lessors of Real Estate (5311)

SIC

Operators Of Apartment Buildings (6513)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Apartment rentals
• Residential property management
• Multifamily housing
• Smart apartment technology
• Apartment leasing

Headquarters

HQ city

Forest Lake

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Apartment Rental Income: Primary revenue from monthly apartment rentals across multiple properties in Forest Lake, MN. Rent prices range from approximately $1,380 to $2,399 per month depending on unit size, location, and amenities.
2. Ancillary Fees and Add-ons: Additional revenue from pet fees ($55/mo), underground parking ($75+/mo), smart home internet ($50+/mo), and non-optional fees like trash service ($12.50/mo) and utility administration ($8/mo).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Norhart develops, owns, and manages residential apartment and townhome rental communities in the Forest Lake, Blaine, Oakdale, and Lexington suburbs of Minneapolis, MN. The company leases modern one-, two-, and three-bedroom units across 11+ properties featuring granite countertops, stainless steel appliances, smart-home technology, and lifestyle amenities such as pools, fitness centers, and community rooms. Revenue is generated through monthly rent and ancillary fees for pets, parking, and smart-home internet.

Product overview

Norhart is a residential apartment management company operating multiple apartment properties in Forest Lake, Blaine, and Oakdale, MN. The company's portfolio consists of eleven distinct apartment properties across various series (Series 1 and Series 2), offering one, two, and three-bedroom floor plans. Properties include Encore Apartments, Gateway Green Apartments, Gateway Green Townhomes, Mill Pond Apartments, Birchview Apartments, Legacy Pointe Apartments, Heritage Heights Apartments, Springwood Apartments, Greystone Apartments, Northbrook Apartments, and Lexington Lofts. Standard apartment features include granite countertops, stainless steel appliances, shaker-style cabinets, and luxury vinyl plank flooring. Add-on services include pet-friendly options, underground parking, outdoor balconies, and smart home internet features. Community amenities span across properties and include pools, fitness centers, game rooms, movie rooms, community rooms, internet cafes, dog parks, and grilling areas. The company also previously operated Norhart Invest, an investment platform offering promissory notes, which has been closed. A notable technology feature is Norbot, an AI-powered chat system for customer support.

Differentiator

Problem solved

Functional benefit

Brands

• Encore Apartments: Series 2 apartment community in Forest Lake, MN
• Gateway Green Apartments
• Gateway Green Townhomes
• Mill Pond Apartments
• Birchview Apartments
• Legacy Pointe Apartments
• Heritage Heights Apartments
• Springwood Apartments
• Greystone Apartments
• Northbrook Apartments
• Lexington Lofts Apartments

Products and services

• Encore Apartments Series 2 apartment community at 1081 4th St. SW, Forest Lake, MN 55025, offering modern apartment homes with pool, fitness center, and upscale finishes for individual and family renters.
• Gateway Green Apartments Series 1 apartment community at 4626 Wyngate Blvd., Forest Lake, MN 55025, featuring underground parking, fitness center, game room, community room, and pet spa for renters.
• Gateway Green Townhomes Townhome community at 22258 Lilac Ct, Forest Lake, MN 55025, with 2-car garage, private patio, open-concept design, and 9- to 11-foot ceilings for family renters.
• Mill Pond Apartments Apartment community at 685 4th St SW, Forest Lake, MN 55025, offering fitness center, playground, bike racks, and multiple floor plans with in-unit washer/dryer options.
• Birchview Apartments Three-bedroom apartment community at 1777 10th St SE, Forest Lake, MN 55025, with granite countertops, stainless steel appliances, and modern finishes.
• Legacy Pointe Apartments Apartment community at 290 9th Ave SW, Forest Lake, MN 55025, featuring elevator, conference room, pet spa, dog park, movie theatre, community room, heated underground parking, and pool.
• Heritage Heights Apartments Apartment community at 390 9th Ave SW, Forest Lake, MN 55025, with dog park, grilling area, pool, fitness center, game room, movie room, community room, and internet cafe.
• Springwood Apartments Apartment community at 912 4th St SW, Forest Lake, MN 55025, featuring accent walls, open-concept design, microhood, skylight, vinyl flooring, and private patio.
• Greystone Apartments Three-bedroom apartment community at 655 12th St SW, Forest Lake, MN 55025, with shaker-style cabinets, in-unit washer/dryer, and private balcony.
• Northbrook Apartments Series 1 apartment community at 957 7th Ave SW, Forest Lake, MN 55025, offering three-bedroom floor plans with granite countertops, stainless steel appliances, and luxury vinyl plank flooring.
• Lexington Lofts Apartments

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature3 records

Partnerships

One partnership is on record.

• Plaid Inc.coreTechnology or IntegrationNorhart uses Plaid Inc. to gather personal and financial information from financial institutions for account verification and financial assessment purposes as part of the rental application process. Users grant Norhart and Plaid the right to access and receive their financial data.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Greystar Real Estate Partners: Largest global multifamily property manager and operator with extensive U.S. apartment portfolios — represents the institutional incumbent that Norhart competes against at the asset and management level.
• Equity Residential: Public multifamily REIT owning and operating high-quality apartment communities in major U.S. markets — comparable business model of owning/operating stabilized apartment assets for recurring rent.
• Lincoln Property Company: Large national multifamily developer, owner, and third-party manager — comparable in that it builds and operates apartment communities at scale, including through fee management for institutional owners.
• AvalonBay Communities: Multifamily REIT focused on developing, redeveloping, acquiring, and managing apartment communities — directly analogous development-plus-operating model to Norhart.
• Camden Property Trust: Multifamily REIT that develops, owns, and operates apartment communities across U.S. markets — directly comparable vertically integrated apartment operator with a similar amenity-led positioning.

Direct peers

• Dominium: Minnesota-based apartment developer and manager focused on multifamily housing, including affordable and market-rate communities — directly comparable to Norhart's MN-focused build-and-operate model.
• Weidner Apartment Homes: Privately held multifamily owner/operator with a vertically integrated development platform similar in size and approach to Norhart, operating both market-rate and value-add apartment communities.
• Edward Rose Building Enterprise: Family-owned multifamily developer and property manager that designs, builds, and manages apartment communities across multiple U.S. markets — a strong comparable to Norhart's vertically integrated model.

Regional players

• Ackerberg Group: Minneapolis-focused residential and mixed-use developer building and managing rental housing in the Twin Cities market, comparable to Norhart's MN-centric development approach.
• Sherman Associates: Minneapolis-based real estate developer and operator with multifamily, mixed-use, and affordable housing — geographically overlapping with Norhart and operating with a similar integrated model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/norhartculture
• Xx.com/norhart
• Facebookfacebook.com/norhart

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Norhart