Shelton McNally Real Estate Partners

What Shelton McNally Real Estate Partners does

Shelton McNally Real Estate Partners is an Atlanta-based, privately held real estate development and investment firm founded in 2017 by Jim Shelton and Conor McNally. The firm pursues ground-up development and value-add acquisition of multifamily, office, medical office, and mixed-use properties in growth markets across the Southeastern United States — specifically Georgia, Tennessee, North Carolina, South Carolina, and Florida. To date, the firm has sponsored 14 deals totaling $695 million of investment across 4,000 multifamily units and 350,000 square feet of medical office, with a current active pipeline of 8 deals (2,250 units, $455 million) and a near-term pipeline of 810 units / $185 million.

The firm operates a "Novo"-branded multifamily product with standardized Class A amenities (fitness centers, pools, resident lounges, dog parks, car care) and executes selectively in higher-density or mixed-use submarkets, including a 166-unit mixed-use development in East Nashville (The Flats at Laurel & Pine) and the exited 350,000 SF Class A medical office complex The Commons at Lake Hearn in Atlanta. Revenue is generated through development fees, asset management fees, and disposition/promote economics on exits, with the firm having completed six exits at IRRs ranging from 23.5% to 48.6%. There is no proprietary technology, no software product, and no AI/ML investment disclosed.

The business is a boutique, founder-controlled platform of 12 people (three Principals, four VPs, three Directors, a Controller, and an Office Administrator) led by executives drawn from Carter & Associates, Crescent Communities, Novare Group, Boston Consulting Group, Cottonwood Residential, Jamestown, Berkadia, Hodges Ward Elliott, and J.P. Morgan. The go-to-market is enterprise field sales targeting institutional capital partners through direct relationships and referrals; co-development partnerships (e.g., Pavilion Partners on The Commons at Lake Hearn, Vintage South on The Flats at Laurel & Pine) are used to scale deal flow without proportional headcount expansion.

Name

Shelton McNally Real Estate Partners

Legal name

Shelton McNally Real Estate Partners

Website

https://sheltonmcnally.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Shelton McNally Real Estate Partners is an Atlanta-based, privately held real estate development and investment firm founded in 2017 that pursues ground-up development and value-add acquisition of multifamily, office, and mixed-use properties in growth markets across the Southeastern United States for institutional capital partners.

Ownership category

akta.pro rank

Product category

Real Estate Development & Investment

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Lessors of Other Real Estate Property (531190)

SIC

Real Estate Dealers (For Their Own Account) (6532), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• Real estate development
• Multifamily investment
• Commercial real estate
• Value-add acquisitions
• Real estate investment

Headquarters

HQ city

Atlanta

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, Supply Chain, Technology or R&D, Infrastructure, Others

Revenue model

1. Real Estate Development and Investment: Generates revenue through ground-up development and value-add acquisition of multifamily and office properties. Revenue realized through property sales, lease-up operations, and asset management fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Shelton McNally Real Estate Partners is a real estate development and investment firm that sponsors ground-up development and value-add acquisition of multifamily, office, and mixed-use properties in growth markets across the Southeastern United States. The firm structures each deal as a discrete investment vehicle under its "Novo" brand, with eight active developments and six realized exits, and supports investors through asset management and reporting services.

Product overview

Shelton McNally Real Estate Partners is an Atlanta-based real estate development and investment firm focused on ground-up development and value-add acquisition of multifamily and office properties in the Southeastern United States. The company's product portfolio consists of two categories of real estate investments: (1) Active Investments including eight multifamily developments branded under the 'Novo' prefix (Novo Kendall Town, The Flats at Laurel & Pine, Novo Stockbridge, Novo Gateway, Novo Sweetwater, Novo Hickory Highlands, Novo Westlake, and Novo New Hampstead) ranging from 166 to 360 units; and (2) Exited Investments including six multifamily properties and one medical office property (The Commons at Lake Hearn) that have been successfully exited with IRRs ranging from 23.5% to 48.6%. All properties follow a consistent branded experience featuring resort-style amenities including fitness centers, pools, resident lounges, dog parks, and car care centers. The company has sponsored 14 deals totaling $695 million of investment across 4,000 units and 350,000 square feet of medical office space.

Differentiator

Problem solved

Functional benefit

Products and services

• Novo Kendall Town A 300-unit class A multifamily development in the Arlington submarket of Jacksonville, FL, offering luxury living at an affordable price with resort-style amenities. Targeted at institutional capital partners and class A renters in the Jacksonville market.
• The Flats at Laurel & Pine A 166-unit mixed-use development in East Nashville featuring adaptive re-use retail and office space alongside residential apartments and townhomes, developed in partnership with Vintage South.
• Novo Stockbridge A 294-unit class A multifamily development in the southern suburbs of Metro Atlanta offering luxury living at an affordable price.
• Novo Gateway A 344-unit multifamily development in Fort Myers, FL comprising 270 apartments and 74 townhomes with affordable lifestyle options.
• Novo Sweetwater A 300-unit class A multifamily development in Douglasville, GA (Metro Atlanta) offering luxury living with resort-style amenities.
• Novo Hickory Highlands A 186-unit class A multifamily development in Antioch, TN (Metro Nashville) offering luxury living at an affordable price.
• Novo Westlake A 300-unit class A multifamily development in Jacksonville, FL offering luxury living at an affordable price.
• Novo New Hampstead A 360-unit class A multifamily development in Savannah, GA offering luxury living at an affordable price near the Hyundai EV Metaplant area.
• The Commons at Lake Hearn A 350,000 SF three-building Class A medical office complex in Atlanta, GA adjacent to MARTA and major hospitals on 'Pill Hill', developed in partnership with Pavilion Partners, LLC.

Quantifiable outcome

• 37% IRR on Novo Avondale exit (October 2020)
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Pavilion Partners, LLCcoreStrategic or Co-development PartnerPartnered with Pavilion Partners, LLC to masterplan The Commons at Lake Hearn complex, execute major renovations to existing buildings and construct a new 900 space parking facility. This partnership resulted in creating a Class A medical office complex with state-of-the-art amenities.
• Vintage SouthcoreStrategic or Co-development PartnerLocal developer partner for The Flats at Laurel & Pine project in Nashville, TN. Shelton McNally is developing the project in partnership with Vintage South.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Wood Partners: National multifamily developer with a significant Southeastern US pipeline. Comparable in product type (ground-up Class A multifamily) and execution model, though substantially larger and more geographically diversified.
• Trammell Crow Residential: National multifamily development subsidiary of Crow Holdings with deep Sun Belt activity. Comparable in product type and institutional development approach, with substantially greater capital base and geographic reach.
• Toll Brothers Apartment Living: Multifamily development arm of Toll Brothers with a significant Sun Belt portfolio. Comparable in Class A multifamily ground-up development and institutional capital partnerships.

Direct peers

• Carter & Associates: Atlanta-based commercial real estate developer and investor focused on office, multifamily, and mixed-use projects in the Southeast. Direct comparable as the former long-time employer of Shelton McNally's co-founders and overlapping product/geo focus.
• Crescent Communities: Multifamily and mixed-use developer operating across the Southeastern US. Direct comparable as the former employer of Principal Kyle Brock, with highly overlapping Sun Belt development strategy and product type.
• Novare Group: Atlanta-based multifamily and mixed-use developer with deep Southeast presence. Direct comparable as a former employer of multiple Shelton McNally team members, with a near-identical product mix (urban mid-rise multifamily) and target geographies.
• Rangewater Real Estate: Multifamily developer, investor, and operator focused on the Southeastern US. Direct comparable in product (Class A multifamily development), geography (Sun Belt), and life-cycle (development through lease-up and exit).
• Highpoint Development: Multifamily development firm pursuing, capitalizing, and executing projects throughout the Southeast. Direct comparable in multifamily development focus and Southeastern US submarkets.
• Chance Partners: Southeast-focused multifamily development firm. Direct comparable in product type (Class A multifamily), geography (Southeastern US), and similar firm scale, with shared personnel history.

Regional players

• JLB Partners: Multifamily developer headquartered in Atlanta with concentration in the Southeastern US. Comparable in product type, geography, and mid-size development firm profile, though more concentrated in Texas and the Carolinas.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Shelton McNally Real Estate Partners