Wavecrest Management Team
Wavecrest Management Team is a family-owned New York City property management firm specializing in NYCHA PACT/RAD-converted affordable housing. It manages approximately 30,000 units across all five boroughs, providing operations, maintenance, compliance, and resident services under long-term government contracts.
- Company typePrivate
- Founded1989
- HeadquartersRichmond Hill, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Wavecrest Management Team does
Wavecrest Management Team is a family-owned affordable housing property management firm headquartered in Richmond Hill, New York. Founded circa 1989 by the Camerata family, the company manages approximately 30,000 affordable housing units across all five NYC boroughs, with a portfolio concentrated in NYCHA (New York City Housing Authority) properties converted under the federal PACT (Permanent Affordability Commitment Together) and RAD (Rental Assistance Demonstration) programs. Core service lines include day-to-day property management, community engagement, pre-development advisory, back-office administration, and funding-source expertise spanning HUD programs, LIHTC tax credits, and other affordable housing finance mechanisms. The firm also holds properties through its wholly owned Wavecrest Equities subsidiary and participates in development joint ventures through RDC Development, formed with MDG Design + Construction in 2016. The technology stack consists of an online Resident Portal for tenant communications and rent payment, vendor and owner portals, and standard property management systems for compliance tracking, maintenance scheduling, and rent collection; the company does not exhibit differentiated proprietary technology, with its competitive positioning resting on regulatory expertise, capital-deployment track record, and durable NYCHA relationships.
The business operates on a managed-services model, earning property management fees under long-term contracts with NYCHA and its PACT development partners, supplemented by rental income from owned units and equity participation in development joint ventures. Revenue is tied to fee structures on managed affordable housing where tenant rents are typically capped at 30% of household income under Section 8, creating a stable but policy-dependent cash flow profile. The firm co-founded the Milford Street Association Captive Insurance Company with Workforce Housing Group to manage liability insurance costs across approximately 32,000 combined units, and has participated in PACT financings exceeding $3 billion across its managed portfolio, including the completed $492 million Williamsburg Houses renovation and active projects at Eastchester Gardens ($391M), Bay View Houses ($665M–$757M), Metro North Plaza ($272.6M), Murphy Private ($470.8M), and Boston Secor / Middletown Plaza ($420M).
Wavecrest serves two primary customer segments: (1) NYCHA and its PACT/RAD development partners as institutional clients, and (2) low-income residents of affordable housing (including Section 8 households and seniors) as end beneficiaries. The go-to-market is relationship-driven and public-sector-led, with business development anchored in NYCHA RFP responses, formation of joint ventures with development firms, and ongoing relationships with municipal housing agencies. The firm is ranked 5th among NYC's top property managers by The Real Deal, has been recognized by NYSAFAH (Innovator of the Year, 2024), and has received multiple industry awards for affordable housing preservation and community impact.
Wavecrest Management Team firmographics
Firmographics- Name
- Wavecrest Management Team
- Legal name
- Wavecrest Management
- Website
- https://wavecrestmanagement.com
- Company type
- Private
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Wavecrest Management Team is a family-owned New York City property management firm specializing in NYCHA PACT/RAD-converted affordable housing. It manages approximately 30,000 units across all five boroughs, providing operations, maintenance, compliance, and resident services under long-term government contracts.
- Ownership category
- akta.pro rank
Wavecrest Management Team industry classification
Industry- Product category
- Affordable Housing Property Management
- NAICS
- Residential Property Managers (531311), Real Estate Property Managers (53131), Services to Buildings and Dwellings (5617)
- SIC
- Operators Of Apartment Buildings (6513), Services-To Dwellings & Other Buildings (7340), Real Estate (6500)
- akta.pro primary industry
- Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)
- akta.pro secondary industry
- Multifamily Apartment Property Management (BPAJAFAA)
Keywords
Where Wavecrest Management Team is headquartered
LocationHeadquarters
- HQ city
- Richmond Hill
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Wavecrest Management Team business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Property Management Fees: Wavecrest Management generates revenue by providing day-to-day property management services at NYCHA PACT/RAD converted properties. The company handles operations, maintenance, tenant relations, and compliance under contract agreements with development partners and NYCHA.
- Rental Income from Managed Units: The company collects rents from residents at managed properties, with most residents paying no more than 30% of household income under Section 8 subsidy arrangements.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Government-subsidized affordable housing with rents capped at 30% of tenant income |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Wavecrest Management Team product offering
Product offeringCore offering
Wavecrest Management Team provides day-to-day property management services for affordable housing developments across New York City, primarily at NYCHA public housing properties converted through the federal PACT (Permanent Affordability Commitment Together) and RAD (Rental Assistance Demonstration) programs. Services include maintenance, tenant relations, rent collection, compliance reporting, and resident social services for approximately 30,000+ units across Brooklyn, the Bronx, Queens, and Manhattan.
Product overview
Wavecrest Management is a New York City-based property management company specializing in affordable housing. The company provides comprehensive property management services including property management, community engagement, pre-development services, funding source expertise, and back-office services. Wavecrest operates as part of RDC Development (a joint venture with MDG Design + Construction) and manages a portfolio of public housing developments converted through HUD's RAD and PACT programs. Key managed properties include Ocean Bay Bayside (1,395 units), Williamsburg Houses (1,620 units), Eastchester Gardens (877-887 units), Betances Houses (1,088 units), Bay View Houses (1,610 units), Meltzer Tower, Seward Park Extension, and College Avenue. The company serves approximately 30,000+ affordable housing units across New York City through partnerships with NYCHA and various government programs.
Differentiator
Problem solved
Functional benefit
Products and services
- Property Management Day-to-day property management services for affordable housing developments, including tenant relations, maintenance coordination, rent collection, and operational oversight for NYCHA PACT/RAD converted properties.
- Community Engagement Community-focused programs and resident engagement initiatives designed to build stronger communities at managed affordable housing properties.
- Pre-Development Services Pre-development planning and consultation services for housing development projects, supporting partners through early-stage project work.
- Funding Source Experience Advisory and operational support navigating funding sources including HUD programs, PACT, RAD, tax credits, and other government financing mechanisms.
- Back Office Services Administrative and back-office operational support for property management, including accounting and compliance reporting functions.
- Partnership Opportunities Strategic partnership opportunities for developers, housing authorities, and community organizations seeking to collaborate with Wavecrest on affordable housing projects.
- Resident Portal Online portal allowing residents to communicate with building management, pay rent, and access services at Wavecrest-managed properties.
- Wavecrest Rentals Rental property listings and tenant inquiry portal operated as a sub-brand for Wavecrest-managed properties.
Quantifiable outcome
- Completed $492M renovation of Williamsburg Houses (1,620 units)
- +3 more outcomes
Companies that use Wavecrest Management Team
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles2 records
Wavecrest Management Team technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Wavecrest Management Team partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core, major and minor.
- MDG Design + ConstructioncoreJoint venture partners in RDC Development, a partnership that serves as a PACT partner team for NYCHA property renovations. The partnership combines MDG's construction expertise with Wavecrest's property management capabilities. Projects include Williamsburg Houses ($492M), Ocean Bay Apartments ($560M), and Eastchester Gardens ($391M).
- Infinite HorizonscorePACT partner team member alongside MDG and Wavecrest for Bay View Houses ($665M) and Eastchester Gardens ($391M) renovations in Brooklyn and Bronx.
- Essence DevelopmentcorePACT partner for Hernandez, Meltzer Tower, and Seward Park Extension ($318.1M) in Lower East Side Manhattan, working alongside MDG and Wavecrest.
- Settlement Housing FundmajorCo-buyer with Wavecrest Management for 1350 Bedford Ave property in Crown Heights ($18M); also partner in Murphy Private PACT project ($470.8M) in the Bronx.
- Bronx Pro GroupmajorPACT partner for Murphy Private ($470.8M) in the Bronx alongside Wavecrest, MDG, and Settlement Housing Fund.
- Beacon CommunitiesmajorPACT partner for Boston Secor, Boston Road Plaza, and Middletown Plaza ($419.6M) in the Bronx. Wavecrest provides property management services for this development.
- Kalel CompaniesmajorPACT co-developer for Boston Secor, Boston Road Plaza, and Middletown Plaza alongside Beacon Communities.
- MBD Community Housing CorporationmajorNonprofit PACT partner for Boston Secor, Boston Road Plaza, and Middletown Plaza ($419.6M) in the Bronx.
- Milford Street Association Captive Insurance CompanycoreCaptive insurance company created by Wavecrest Management and Workforce Housing Group to pool risk and negotiate better insurance rates for affordable housing properties. Addresses the unsustainable rise in liability insurance costs affecting NY affordable housing operators.
- Workforce Housing GroupcoreCo-founder of Milford Street Association Captive Insurance Company with Wavecrest. Together they control approximately 32,000 units across the five boroughs.
- Bright PowermajorDesigned and installed 575-kW solar PV system at Ocean Bay Apartments, along with energy efficiency and storm resiliency measures. Partner for sustainable housing improvements.
- Catholic CharitiesmajorProvides social services at Wavecrest-managed properties including Betances Houses. Conducted food distributions, COVID-19 assistance, and community support programs.
- Rainbow ResidentialminorSocial services provider at Boston Secor, Boston Road Plaza, and Middletown Plaza under PACT program.
- RAIN (Regional Aid Interim Needs)minorExpanding social services work at Boston Secor, Boston Road Plaza, and Middletown Plaza under PACT program.
Scale indicators13 records
Recent moves6 records
Expansion highlights5 records
Wavecrest Management Team competitors and assessment
Company assessmentDirect peers
- WinnCompanies: WinnCompanies is one of the largest affordable and workforce housing property managers in the US, managing over 100,000 units across multiple states with significant PACT/RAD experience in NYC. It is the most direct peer to Wavecrest in scale, business model, and HUD program focus.
- Cammeby's Management Group: Cammeby's is a major NYC-based property management firm managing tens of thousands of apartments, including affordable housing and NYCHA developments. It directly competes with Wavecrest for NYC multifamily management contracts and PACT conversions.
- Clinton Management: Clinton Management is a NYC-based multifamily property manager with a significant affordable housing portfolio, including NYCHA-affiliated properties. It competes head-to-head with Wavecrest in the same RFP processes for PACT/RAD contracts.
- The NRP Group: NRP is a national affordable housing developer and property manager with significant NYC presence and HUD program expertise. It competes with Wavecrest on multifamily affordable and mixed-income developments.
- Beacon Communities: Beacon Communities is a Boston-based affordable housing developer and property manager that actively partners on NYCHA PACT projects (including Boston Secor with Wavecrest). It is both a peer and a partner, competing for management assignments in overlapping markets.
- L+M Development Partners: L+M is a major NYC affordable and mixed-income housing developer and manager participating in multiple PACT/RAD conversions. It competes with Wavecrest for NYCHA contracts and overlaps in similar NYC affordable housing markets.
Emerging players
- Phipps Houses: Phipps Houses is one of NYC's largest nonprofit developers and operators of affordable housing, developing and managing thousands of units. It is comparable to Wavecrest in NYC affordable housing focus but with a stronger nonprofit/mission orientation.
Others
- MDG Design + Construction: MDG is Wavecrest's primary construction JV partner in RDC Development, delivering PACT renovations across NYC. While primarily a developer rather than property manager, MDG shapes Wavecrest's pipeline and is structurally linked through their joint entity.
Regional players
- Dunn Development Corp: Dunn Development Corp is a NYC-based affordable housing developer and manager focused on the Bronx and Harlem, including NYCHA properties. It is comparable in scale and mission but operates in a narrower NYC geography.
Broad incumbents
- Pinnacle Property Management: Pinnacle is one of the largest third-party property managers in the US with significant affordable housing exposure and HUD program experience. It is a broad incumbent comparable to Wavecrest on affordable housing management but operates at much larger national scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Wavecrest Management Team social profiles
Digital presenceWavecrest Management Team financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wavecrest Management Team leadership team
Management profileNumber of profiles
Profiles5 records
Wavecrest Management Team subsidiaries and ownership
Company hierarchySubsidiaries2 records
Wavecrest Management Team funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wavecrest Management Team M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wavecrest Management Team
What does Wavecrest Management Team do?
Wavecrest Management Team provides day-to-day property management services for affordable housing developments across New York City, primarily at NYCHA public housing properties converted through the federal PACT (Permanent Affordability Commitment Together) and RAD (Rental Assistance Demonstration) programs. Services include maintenance, tenant relations, rent collection, compliance reporting, and resident social services for approximately 30,000+ units across Brooklyn, the Bronx, Queens, and Manhattan.
Is Wavecrest Management Team a public or private company?
Wavecrest Management Team is a private company. It is classified as family owned and is currently operating.
When was Wavecrest Management Team founded?
Wavecrest Management Team was founded in 1989. It employs 51 to 100 people.
Where is Wavecrest Management Team based?
Wavecrest Management Team is headquartered in Richmond Hill, United States, in the North America region.
How does Wavecrest Management Team make money?
Two revenue lines are on record. Property Management Fees are the primary driver. The others are rental Income from Managed Units.
Who are Wavecrest Management Team's main competitors?
Direct peers on record are WinnCompanies, Cammeby's Management Group, Clinton Management, The NRP Group, Beacon Communities and L+M Development Partners. Phipps Houses is listed as an emerging player. MDG Design + Construction is listed as an others. Dunn Development Corp is listed as a regional player. Pinnacle Property Management is listed as a broad incumbent.
Does Wavecrest Management Team have an API?
No public API is recorded for Wavecrest Management Team.
What industry is Wavecrest Management Team in?
Wavecrest Management Team's product category is Affordable Housing Property Management. Its primary akta.pro industry code is BPAJAFAD, Affordable & Subsidized Housing Property Management (LIHTC, Section 8), with a secondary code of BPAJAFAA, Multifamily Apartment Property Management. Its NAICS code is 531311 and its SIC code is 6513.