What Bywater Development Group does

Bywater Development Group is a privately held, St. Louis-based affordable and mixed-income housing developer founded in 2013, with offices at 315 Lemay Ferry Rd. The firm operates as a professional services developer, managing the full lifecycle of residential real estate projects: planning, financial structuring, debt/equity negotiation, tax credit administration, implementation, leasing, and ongoing asset management. Bywater's core technical capability is the structuring and administration of LIHTC, Historic Rehabilitation Tax Credits, HOME, CDBG, and other public/private financing tools across multiple state allocating agencies, supplemented by expertise in historic preservation and adaptive reuse.

The company generates revenue primarily through developer fees on real estate projects (typically a percentage of total development cost, structured around tax credit and public-finance closings) plus recurring asset management fees on stabilized properties. Its go-to-market is relationship-driven enterprise/field sales targeting municipalities, housing authorities, state housing finance agencies (Kentucky Housing Corporation, Illinois Housing Development Authority, Missouri Housing Development Commission, South Carolina State Housing Finance and Development Authority), non-profit Community Development Corporations, and financial institutions such as PNC Bank. Distribution occurs via RFP processes, long-term partnering models, and trade-organization memberships (Illinois Housing Council, Kentucky Affordable Housing Coalition, Missouri Workforce Housing Association, Citizens for Modern Transit, Greenville Affordable Housing Coalition).

Bywater's portfolio spans Missouri, Illinois, Kentucky, and South Carolina, with 11+ completed developments (e.g., 94-unit Heritage Senior Apartments in Berkeley, MO; 62-unit Metro Landing transit-oriented development in Swansea, IL; 88-unit Stratham Place in Greenville, SC; 47-unit historic Lofts on the Square in Belleville, IL). As of October 2025, the firm is breaking ground on three tornado-recovery projects in Western Kentucky totaling roughly $90M and 294 units, co-developed with WNC & Associates and SOCAYR, Inc. The team is small (~6 listed leadership) and led by CEO J. David Dodson and President Aaron Burnett.

Name

Bywater Development Group

Legal name

Bywater Development Group

Website

https://bywaterdevelopment.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Bywater Development Group is a St. Louis-based affordable and mixed-income housing developer that plans, finances, builds, and asset-manages LIHTC and historic-rehabilitation projects for municipalities, state housing agencies, CDCs, and banks across Missouri, Illinois, Kentucky, and South Carolina.

Ownership category

akta.pro rank

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Development Developer Fees: Bywater earns developer fees for managing the entire housing development process including planning, financing, implementation, leasing/selling and operating residential real estate developments. Fees are generated from project conception through completion and are structured around tax credit financing programs and public/private financing tools.
2. Asset Management: Ongoing asset management services for completed developments, providing continued oversight and management of operating residential properties.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Bywater Development Group provides full-service affordable and mixed-income housing development, managing the entire process from planning, real estate acquisition, and financial structuring through implementation, leasing/selling, and operating residential developments. The firm also offers specialized development consulting for non-profit CDCs, governmental entities, and financial institutions, with deep expertise in structuring tax credit financing programs including Affordable Housing Tax Credits and Historic Rehabilitation Tax Credits.

Product overview

Bywater Development Group is an affordable and mixed-income housing development company offering a comprehensive suite of services centered on housing development. Their core offerings include Housing Development (managing the full process from planning through operating residential developments), Development Consulting, Non-Profit Development Consulting, Governmental Consulting, and Financial Industry Consulting. The company specializes in tax credit financing programs including Affordable Housing Tax Credits and Historic Rehabilitation Tax Credits. Their development portfolio includes multiple completed and ongoing projects across multiple states: Jacob School Senior Apartments (Louisville, KY), Metro Landing of Swansea (Swansea, IL), Heritage Senior Apartments (Berkeley, MO), Meramec Place Apartments (Valley Park, MO), Stratham Place (Greenville, SC), Highland Villas (Highland, IL), Wiman Gardens (Madisonville, KY), Lofts on the Square (Belleville, IL), Sylvan Springs (St. Louis County, MO), and recent groundbreakings for Marketplace Commons (Dawson Springs), Commonwealth Court (Mayfield), and Emery Flats (Bowling Green).

Differentiator

Problem solved

Functional benefit

Products and services

• Housing Development

Quantifiable outcome

• Preserved and developed over 400 high-quality apartments and homes through Aaron Burnett's experience
• +2 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• SOCAYR, Inc.coreStrategic or Co-development Partner · 29 October 2025Co-development partner working alongside WNC & Associates and Bywater on affordable housing communities in Western Kentucky. SOCAYR contributes local development expertise and community knowledge to tornado disaster recovery housing projects including the $17M Marketplace Commons, $21M Commonwealth Court, and $52M Emery Flats developments.
• Southwestern Illinois Development AuthoritycoreStrategic or Co-development PartnerLong-term co-development partner with Bywater on multiple Illinois projects including Metro Landing of Swansea (transit-oriented development at MetroLink station), Highland Villas (senior housing in Highland, IL), and Lofts on the Square (historic rehabilitation in downtown Belleville). SWIDA provides development authority resources and local government coordination for Southwestern Illinois developments.
• Housing Authority of St. Louis CountycoreStrategic or Co-development PartnerGovernment housing authority partner for preservation and enhancement of existing affordable housing. Working relationship on Heritage Senior Apartments preservation and Meramec Place Apartments rehabilitation, helping prevent conversion to market rate and preserving affordability.
• Louisville Metro GovernmentminorStrategic or Co-development PartnerMunicipal government partner for historic rehabilitation of Charles D. Jacob Elementary School in Louisville's Jacob Neighborhood, providing local government support and resources for the Jacob School Senior Apartments development.
• City of GreenvillecoreStrategic or Co-development PartnerLong-term collaborative partnership with Bywater and DuPree Development for transformative redevelopment of Stratham Place in Greenville, SC. The city sought to preserve affordable housing in a rapidly growing community where rising costs threatened the supply of affordable options.
• Village of Swansea, ILminorStrategic or Co-development PartnerLocal municipal partner for Metro Landing transit-oriented development, providing planning support and community coordination for the development constructed on the grounds of the Swansea MetroLink Station.
• Bi-State Development AgencyminorStrategic or Co-development PartnerRegional transit authority (St. Louis region's primary transit authority) providing transit-oriented development opportunities and coordination for Metro Landing at the Swansea MetroLink Station location.
• DuPree DevelopmentcoreStrategic or Co-development PartnerDevelopment partner alongside Bywater for Stratham Place redevelopment in Greenville, SC, combining expertise for transformative redevelopment of a troubled property at risk of losing affordable housing status.
• City of BellevillecoreStrategic or Co-development PartnerMunicipal government partner for Lofts on the Square historic rehabilitation. The city acquired the vacant building and issued RFP for redevelopment; Bywater/SWIDA partnership was selected. City provides ongoing support for this significant downtown reinvestment project.
• Kentucky Heritage CouncilminorStrategic or Co-development PartnerState historic preservation council providing support and resources for Jacob School Senior Apartments historic rehabilitation in Louisville, KY, helping preserve the Charles D. Jacob Elementary School building.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• McCormack Baron Salazar: St. Louis-based affordable housing developer with national footprint, specializing in mixed-income and affordable developments in urban markets. Directly comparable to Bywater's geographic base and affordable housing focus.
• The NRP Group: Cleveland-based affordable and workforce housing developer with multi-state operations, frequently partnering with public housing authorities and state HFAs. Highly comparable in deal structure, LIHTC utilization, and government partnership model.
• Pennrose: Philadelphia-headquartered affordable and mixed-income housing developer operating across multiple states with deep expertise in tax credit financing. Comparable in multi-state expansion approach and affordable housing specialization.
• Dominium: Dallas-based affordable housing developer with one of the largest LIHTC portfolios in the country, operating across multiple states. Comparable in tax credit-driven business model and multi-state affordable housing development focus.
• The Michaels Organization: New Jersey-based affordable, market-rate, and student housing developer with national operations and long-standing tax credit expertise. Comparable in affordable housing development and government partnership model.
• The Community Builders: Boston-based nonprofit affordable housing developer with multi-state operations focused on mixed-income developments and community revitalization. Comparable in affordable housing mission and partnership-driven development approach.
• BRIDGE Housing: San Francisco-based nonprofit affordable housing developer with operations primarily in California and the Pacific Northwest. Comparable in mission-driven affordable housing development with tax credit financing expertise.

Broad incumbents

• Enterprise Community Partners: Large national nonprofit with significant affordable housing development, lending, and policy capabilities operating across the country. Comparable in affordable housing focus but operates at much larger scale with broader service offerings.
• WinnCompanies: Boston-based housing developer and manager with national footprint in affordable and market-rate housing. Comparable in affordable housing development but broader in property management and military housing.
• Mercy Housing: Large national nonprofit affordable housing developer with operations across many states, working in partnership with government agencies and community organizations. Comparable in affordable housing focus and partnership-driven model but at significantly larger scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/bywater_dev
• LinkedInlinkedin.com/company/bywater-development-group
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Bywater Development Group