Anthem Development

What Anthem Development does

Anthem Development is a Dallas-based, vertically integrated multifamily real estate firm founded in 2020 by Ross Frankfurt and Will McNutt IV as a Beck Ventures company. The firm operates across the full multifamily value chain, offering development, acquisitions, co-GP equity, general contracting construction, and property and asset management services. Its principals have collectively developed or acquired more than 40,000 multifamily units and over $1 billion of real estate, with more than 100 years of combined industry experience. Anthem serves developers, operators, and institutional investors through co-GP equity partnerships (providing up to 90% of required GP equity), joint ventures, and direct development engagements, while also managing a portfolio of approximately 1,300 apartment homes for residential renters.

The company's platform is built on five service lines: Development Services (site selection through entitlement and permitting), Acquisitions Services (off-market and distressed multifamily sourcing), Co-GP Equity (fully discretionary capital bundled with vertically integrated services), Construction Services (pre-construction, implementation, and quality control across wood-framed and structured concrete multifamily), and Property/Asset Management. Its active project list spans 10+ named multifamily communities in the Dallas-Fort Worth metroplex (including The Leo at Lewisville, North City Apartments, Rise 121, The Quinn on Thirty, Miles One90, The Trails @ Frankford Station, The Quadrangles on Twenty, The Flats @ Frankford Station, Frankford Crossing, and The Link on Maple) and the flagship $4 billion Dallas Midtown mixed-use redevelopment at the former Valley View Mall site.

Anthem's business model is project-based and capital-intensive rather than recurring SaaS-style revenue. It monetizes through development and construction fees, co-GP promote interests and equity participation in JV projects, and ongoing property and asset management fees on its managed portfolio. Distribution is enterprise field sales direct to developers, operators, and institutional capital partners, supported by PR/earned media in outlets such as the Dallas Business Journal, Dallas Morning News, CoStar, and Bisnow. Notable recent partners include Toyota, Panasonic, Japanese Equity Partners, Prime Life Technologies, ATX Acquisitions, and the parent Beck Ventures platform. The firm does not disclose revenue, has no public funding rounds on record, and is privately held under Beck Ventures.

Name

Anthem Development

Legal name

Anthem Development

Website

https://anthemdevco.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Anthem Development is a Dallas-based, vertically integrated multifamily real estate firm providing development, acquisitions, co-GP equity, construction, and property/asset management services to developers, operators, institutional investors, and residential renters across the DFW market.

Ownership category

akta.pro rank

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Development: Fees and profit participation from developing multifamily properties from ground-up through site selection, planning, entitlement, and construction.
2. Acquisitions: Revenue from acquiring and managing existing multifamily properties, including value-add opportunities yielding industry-leading returns.
3. Co-GP Equity: Anthem provides co-GP equity to developers and operators, funding up to 90% of required GP equity in exchange for promoted interests and access to vertically integrated services.
4. Construction: General contracting services for multifamily construction including pre-construction, implementation, and quality control. Revenue from construction fees on self-developed and third-party projects.
5. Property and Asset Management: Property management fees for approximately 1,300 apartment homes, including tenant relations, maintenance, and operational services. Asset management including monthly budget review, pricing review, and cash flow distributions.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Anthem Development is a vertically integrated multifamily real estate firm that develops, acquires, invests in, and constructs multifamily and mixed-use properties, and provides co-GP equity capital to developers and operators. The firm also delivers general contracting, property management, and asset management services for its own portfolio and third-party partners across the Dallas-Fort Worth Metroplex.

Product overview

Anthem Development is a vertically integrated multifamily real estate firm offering development, acquisitions, co-GP equity, construction, and property/asset management services. The company develops and manages a portfolio of multifamily communities including The Leo at Lewisville, North City Apartments, Rise 121, The Quinn on Thirty, Miles One90, The Trails @ Frankford Station, The Quadrangles on Twenty, The Flats @ Frankford Station, Frankford Crossing, and The Link on Maple. Major mixed-use projects include Dallas Midtown (a planned $4 billion development at the former Valley View Mall site) and Trophy Club Town Center. Services include development, acquisitions, Co-GP Equity, construction, property management, and asset management.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Services End-to-end real estate development services including site selection, planning, budgeting, entitlement, and permitting for multifamily, mixed-use, commercial, and retail projects. Designed for developers, operators, and institutional capital partners seeking to develop quality multifamily properties in the Dallas-Fort Worth market.
• Acquisitions Services Identification and acquisition of multifamily properties, including due diligence, off-market opportunities, and distressed projects. Leverages institutional backing and in-depth knowledge of operations and costs to identify opportunistic acquisitions yielding industry-leading returns.
• Co-GP Equity Co-GP equity capital product providing up to 90% of required GP equity to developers and operators for qualifying projects, including ground-up development and acquisitions. Bundles the capital with access to Anthem's vertically integrated institutional platform and services.
• Construction Services General contracting services including pre-construction, implementation, and quality control for large horizontal projects, structured concrete, and wood-framed multifamily developments. Constructed for both self-developed projects and third-party clients, leveraging long-standing subcontractor relationships to deliver at industry-leading cost basis.
• Property Management Property management services emphasizing customer satisfaction, newest technologies, and a family atmosphere across Anthem's active portfolio of nearly 1,300 apartment homes. Includes tenant relations, maintenance, lease-ups, and dispositions of newly built properties.
• Asset Management Asset management services including value enhancement, financial oversight, monthly budget review, pricing review, cash flow distributions, and portfolio risk management for multifamily assets under Anthem's platform.
• Premier at Dallas Midtown Luxury multifamily apartments within the Dallas Midtown development, representing the first phase of the redevelopment of the former Valley View Mall site into a planned $4 billion mixed-use project.
• Dallas Midtown A planned $4 billion mixed-use development project at the former Valley View Mall site in Dallas, featuring luxury apartments, retail, and commercial spaces, with a $432.5 million TIF, the largest in Dallas history.
• The Leo at Lewisville Multifamily apartment community developed by Anthem in Lewisville, TX within the Dallas-Fort Worth market.
• North City Apartments Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.
• Rise 121 Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.
• The Quinn on Thirty Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.
• Miles One90 Multifamily apartment community developed by Anthem in Sachse, TX, comprising 389 units within the Dallas-Fort Worth market.
• The Trails @ Frankford Station Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.
• The Quadrangles on Twenty Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.
• The Flats @ Frankford Station Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.
• Frankford Crossing Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.
• The Link on Maple Multifamily apartment community developed by Anthem in the Dallas-Fort Worth market.

Quantifiable outcome

• Over 40,000 multifamily units developed or acquired
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered major and core.

• Prime Life TechnologiesmajorStrategic or Co-development Partner · 1 November 2025Partnership on the first-of-its-kind $85 million mixed-use development with Prime Life Technologies at the former Valley View Mall site for Dallas Midtown.
• ATX AcquisitionscoreStrategic or Co-development Partner · 1 May 2024Joint venture partnership for Dallas apartment acquisitions. Anthem Development and ATX Acquisitions teamed up to acquire Eleven600 Apartments (216-unit) and Eleven600 Apartments in Dallas in 2024.
• Beck VenturescoreStrategic or Co-development Partner · 1 January 2020Anthem Development is a Beck Ventures company, formed through partnership between Ross Frankfurt and Will McNutt with Beck Ventures. Scott Beck serves as Managing Partner at Anthem while also serving as CEO/President of Beck Ventures. Anthem leverages the multigenerational legacies and institutional platform of Beck Ventures.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Lincoln Property Company: DFW-headquartered multifamily owner/developer/manager and the largest apartment manager in the U.S. Directly comparable in vertically integrated multifamily services, geographic base, and institutional client base to Anthem.
• JPI (JPI Partners): DFW-based multifamily developer, builder, and manager with a national footprint. Similar vertically integrated model — development, construction, and management — and overlapping customer base of institutional capital partners.
• Wood Partners: National multifamily developer with significant DFW activity. Develops, acquires, and manages Class A multifamily communities, sourcing institutional capital — closely aligned with Anthem's development and co-GP equity model.
• Mill Creek Residential: Vertically integrated multifamily developer with active DFW operations. Develops, acquires, and manages apartment communities using institutional capital — directly comparable in business model and product type.
• The NRP Group: Vertically integrated multifamily developer, builder, and property manager with DFW and Sun Belt focus. Closely comparable in fully integrated development-through-management platform and institutional capital sourcing approach.
• Embrey Partners: San Antonio-based multifamily developer with strong Texas footprint including DFW. Notably, Anthem's Senior Development Associate Sarah Kai Bayhi previously worked at Embrey, indicating talent and operational overlap with Anthem's multifamily development approach.
• Hunt Companies: Vertically integrated real estate services platform covering development, construction, asset management, and capital deployment with significant Texas multifamily exposure. Comparable in integrated services and institutional capital partnerships.

Broad incumbents

• Trammell Crow Company: One of the largest commercial real estate developers in the U.S., founded in DFW with deep historical ties to the Beck family (Jeffrey Beck left Trammell Crow to found Beck Properties in 1978). Comparable in DFW real estate scale and institutional development expertise.
• Greystar Real Estate Partners: Largest multifamily property manager and a major developer/investor globally. Comparable in vertically integrated multifamily services and institutional partner base, though at substantially larger scale than Anthem.

Others

• BKV Group (Beck Ventures): Anthem's parent company, also active in DFW real estate development, including the Trophy Club Town Center master-planned community. Serves as both platform partner and overlapping developer, with shared principals and institutional backing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/anthemdevco
• LinkedInlinkedin.com/company/anthemdevco

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Anthem Development