Silvergate Development

What Silvergate Development does

Silvergate Development, LLC is a San Diego-based real estate investment and development firm founded in 2010 by Ian M. Gill and James F. Reynolds. The firm develops, owns, and operates market-rate and mixed-income multifamily housing in supply-constrained sub-markets throughout San Diego County, where it identifies a 70,000+ unit housing shortage as the structural tailwind. Its portfolio includes 13 completed projects totaling 847 units, with 5 projects totaling 388 units currently owned and operated. The firm also offers fee development services to landowners, managing infill projects from feasibility through stabilization as a third-party developer.

The firm's core technology is a proprietary three-story walk-up prototype that plots at 30-40 units per acre with greater than 85% efficiency, incorporating standardized open floor plans, minimum 8-foot ceilings, and sustainable design features. Projects meet or exceed CALGreen standards, with drought-tolerant landscaping, LED fixtures, and ENERGY STAR appliances as standard. The firm produces multiple asset types including garden-style apartments, podium buildings, townhomes, and mixed-use developments, ranging from 16 to 170 units per project.

Silvergate generates revenue through three streams: (1) recurring rental income from owned/operated multifamily assets, (2) one-time development and construction management fees for third-party landowner projects, and (3) equity participation in joint venture projects with institutional and high-net-worth investors, targeting risk-adjusted returns demonstrated at 18-21% levered IRR and ~2.3x equity multiples on individual projects. The firm reaches investors through a closed, relationship-based model managed by three named principals, and reaches tenants through on-site leasing offices and property-specific websites.

Name

Silvergate Development

Legal name

Silvergate Development, LLC

Website

https://silvergatedevelopment.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Silvergate Development is a San Diego-based real estate investment and development firm that develops, owns, and operates market-rate and mixed-income multifamily housing in supply-constrained San Diego sub-markets, serving HNW/institutional investors and residential tenants.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Land Subdivision (23721)

SIC

General Bldg Contractors - Residential Bldgs (1520), Operative Builders (1531), Land Subdividers & Developers (No Cemeteries) (6552), Investors, Nec (6799)

akta.pro primary industry

Residential General Contracting (New Build) (IMAFAAAB)

Keywords

• Multifamily development
• Real estate investment
• Fee development
• Mixed-income housing
• Property management

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Long-term rental income: Silvergate develops, owns, and operates apartment communities for long-term cash flow. Currently owns and operates 5 projects totaling 388 units generating ongoing rental revenue.
2. Development fees (Fee Development): Silvergate provides fee development services as a third-party developer managing infill projects from feasibility through stabilization for landowners. Services include feasibility analysis, design management, entitlement/permitting, construction management, and project closeout.
3. Joint venture equity returns: Investors provide equity capital for development projects in exchange for risk-adjusted returns including cash-on-cash distributions and equity multiple returns upon exit or stabilization.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Silvergate Development is a San Diego-based real estate investment and development firm that develops, owns, and operates market-rate and mixed-income multifamily housing projects in supply-constrained sub-markets of San Diego County. The firm also provides third-party fee development services to landowners, managing infill projects from feasibility analysis and entitlement through construction management and stabilization.

Product overview

Silvergate Development is a San Diego-based real estate investment and development firm offering two core products: market rate housing development and mixed-income housing development. The company provides fee development services for landowners and third-party development projects. Their portfolio includes 13 completed projects totaling 847 units across various property types including multifamily apartments, townhomes, mixed-use developments, and single-family homes. Key developed properties include The Haven (130 units), Plaza Sixteen-Forty (77 units), Breeze Hill (88 units), Vista Creekside (41 units), The Broadway (62 units), FiftyOne Baltimore (66 units), 230 Church (31 units), Union Apartments (170 units), Trio Townhomes (74 units), Eco Blok Homes (30 units), The Venetian Villas (16 residential + 6 commercial), and The Quarry (60 units). The firm targets supply-constrained sub-markets in San Diego County where there is a 70,000+ unit housing shortage.

Differentiator

Problem solved

Functional benefit

Products and services

• Market Rate Housing Development
• Mixed-Income Housing Development
• Fee Development

Quantifiable outcome

• Project capitalization example (Plaza 1640): Equity $6,152,499, Debt $13,500,061, Total Project Cost $19,652,560, Stabilized Value $27,240,000, Cash-on-Cash 18.48%
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Greystar Real Estate Partners: Greystar is the largest multifamily developer, operator, and investment manager globally, with a deep U.S. multifamily development pipeline including Southern California infill projects. Silvergate's develop-and-hold multifamily strategy with fee development services mirrors Greystar's vertically integrated operating model at a regional scale.
• Essex Property Trust: Essex is a West Coast-focused multifamily REIT that develops, owns, and operates apartment communities on the California coast. Silvergate's strategy of developing and holding mid-market infill rentals in supply-constrained San Diego markets is a smaller-scale analog to Essex's coastal California operating playbook.
• Lennar Multifamily Communities (LMC): LMC is the multifamily development arm of Lennar, focused on building Class A rental communities across high-growth U.S. markets including California. LMC shares Silvergate's develop-and-hold or develop-and-sell multifamily model and competes for infill sites in Southern California.
• AvalonBay Communities: AvalonBay is a large-cap multifamily REIT with a substantial West Coast development pipeline, including California infill rental communities. Its develop-and-hold strategy in coastal supply-constrained markets overlaps with Silvergate's geographic and product focus, though at a much larger institutional scale.
• Trammell Crow Company: Trammell Crow is a major commercial and multifamily developer with a national footprint and active Southern California residential development practice. Its fee-based development services and JV-driven capital structure parallel Silvergate's landowner fee development and JV equity models.

Direct peers

• Holland Partner Group: Holland is a vertically integrated West Coast multifamily developer, owner, and manager with deep infill development experience in Southern California. Silvergate's infill, transit-oriented, mid-market rental development model closely tracks Holland's strategy and sub-market selection.
• Fairfield Residential: Fairfield is a national multifamily developer and operator with significant California infill rental development activity. Its develop, own, and operate strategy targeting supply-constrained coastal markets is directly comparable to Silvergate's approach in San Diego County.

Regional players

• Western National Group: Western National is a Southern California-focused multifamily developer and owner with a long track record in infill rental communities across the LA/OC/Inland Empire region. It shares Silvergate's regional focus on developing and holding mid-market rentals in supply-constrained California sub-markets.
• Cornerstone Communities: Cornerstone is a San Diego-headquartered residential developer with infill townhome and multifamily expertise across Southern California. As a direct local competitor, Cornerstone competes with Silvergate for infill sites, entitlements, and JV capital in the same San Diego sub-markets.
• Pacific West Builders: Pacific West is a San Diego-based general contractor and developer specializing in multifamily and mixed-use infill projects. As a regional peer, it overlaps with Silvergate on San Diego infill construction and competes for similar subcontractor and entitlement relationships in the same sub-markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/silvergate-development

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Silvergate Development