Elmington

What Elmington does

Elmington is a privately held, Nashville-based real estate investment and development firm founded in 2010 by Cary Rosenblum and Ben Brewer. It operates as a vertically integrated platform across five operating divisions — Elmington Affordable (LIHTC and affordable housing development), Elmington Construction (multi-family general contracting), Elmington Living (property management for 70+ owned assets), Elmington Residential (single-family build-to-rent communities), and Elmington Commercial (office, retail, and industrial investment) — plus a standalone software product, Fortress, an all-in-one property management platform originally built for internal use. As of 2024 the firm owns and manages over 12,000 affordable and conventional units, over 1,000,000 sq ft of commercial space, has developed over 16,000 affordable housing units across 8 states, and reports 1,000+ team members supporting properties in 27+ states and a cumulative transaction volume above $4 billion. The model blends project-based development economics (development fees, ownership, and appreciation), recurring property management fees on the owned portfolio, third-party construction revenue, and long-duration ownership income on commercial assets; commercial outcomes cited include a 41.0% investor IRR and 7.80x equity multiple on Fountain Square, 63-175% NOI growth on selected portfolios, and occupancy uplift from 53.6% to 100% on the Midtown Portfolio. Customers are split between B2C end users (residents of affordable, conventional, and single-family rental communities) and B2B counterparties (LIHTC investors and syndicators, commercial tenants, and capital partners); go-to-market is direct and relationship-driven, with no disclosed external equity, debt, or institutional backing.

Name

Elmington

Legal name

Elmington

Website

https://oneelmington.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Nashville-based privately held real estate investment and development firm operating five integrated divisions—affordable housing, construction, property management, single-family rentals, and commercial—plus the Fortress property management software, serving residents, tenants, and investors across the U.S.

Ownership category

akta.pro rank

Product category

Real Estate Development and Investment

SIC

Operators Of Apartment Buildings (6513), Operative Builders (1531), Operators Of Nonresidential Buildings (6512), Investors, Nec (6799)

akta.pro primary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

akta.pro secondary industries

Multifamily (Apartment) Property Management (BPAJAGAD), Affordable Housing Property Management (BPAJAGAJ), Housing Development, Construction & Rehabilitation Programs (BPAIANAB)

Keywords

• Real estate development
• Affordable housing
• Property management
• Construction services
• Commercial real estate

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Affordable Housing Development: Development and ownership of affordable housing units across multiple states. One-time project-based revenue from development fees and property appreciation.
2. Construction Services: Nashville-based full-service general contractor specializing in multi-family housing providing residential and commercial construction services
3. Property Management (Elmington Living): Premier property management company managing 70+ affordable and conventional owned assets across 8 states with 12,576+ units. Recurring management fee revenue.
4. Commercial Real Estate Investment: Investment firm specializing in office, retail, and industrial assets. Revenue from property appreciation, rental income, and value creation through renovations. $675M in real estate transactions, $225M raised equity, 1.4M square feet in Middle Tennessee.
5. Residential (Single-Family Rental): Premier single-family rental community provider offering luxurious homes and apartments. Development and acquisition of build-to-rent communities. 2,800+ units built, acquired & under construction since inception.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Elmington is a privately held real estate investment and development firm that develops, builds, owns, and manages affordable and market-rate multifamily housing, single-family rental communities, and commercial real estate assets. Operating across 27+ states with 40,000+ units under management, the firm operates through integrated divisions covering affordable housing development, construction, property management, residential rentals, commercial investment, and proprietary property management software (Fortress).

Product overview

Elmington is a privately owned real estate investment and development firm offering a portfolio of integrated real estate services across multiple divisions. The company operates through five distinct divisions that work together to cover the full real estate lifecycle: Elmington Affordable (affordable housing development), Elmington Construction (general contracting and construction management), Elmington Living (property management), Elmington Residential (single-family rental communities), and Elmington Commercial (commercial real estate investment). Additionally, Fortress is a standalone property management software product offered by the company, designed for external property managers as well as internal use.

Differentiator

Problem solved

Functional benefit

Brands

• Fortress: All-in-one property management software designed by property managers for property managers, providing insights on income, occupancy, rent trends, smart pricing recommendations, and renewals.
• EPM

Products and services

• Elmington Affordable (Affordable Housing Development)
• Elmington Construction
• Elmington Living (Property Management)
• Elmington Residential (Single-Family Rental Communities)
• Elmington Commercial (Commercial Real Estate Investment)
• Fortress (Property Management Software)

Quantifiable outcome

• 41.0% investor rate of return on Fountain Square Portfolio
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators20 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• The Michaels Organization: One of the largest affordable housing developers and managers in the U.S., with vertically integrated development, construction, and property management capabilities overlapping Elmington Affordable's footprint.
• Greystar Real Estate Partners: Largest multifamily property management and development company in the U.S., directly comparable to Elmington's vertically integrated model spanning development, construction management, and property management across affordable and conventional multifamily.
• Bozzuto Group: Multifamily developer, builder, and operator active across multiple states, with comparable management services and resident experience focus mirroring Elmington Living's positioning.
• The NRP Group: Vertically integrated developer, builder, and manager of affordable and market-rate multifamily housing, with similar LIHTC-driven development pipeline across multiple states comparable to Elmington Affordable.
• Asset Living: Third-largest multifamily property manager in the U.S., managing both affordable and conventional communities, directly paralleling Elmington Living's service offering.
• WinnCompanies: Major owner/manager of affordable and market-rate multifamily housing with in-house development and property management; closely parallel to Elmington Affordable and Elmington Living.
• Dominium: Affordable housing-focused developer and manager across multiple states; comparable in LIHTC-driven development pipeline and affordable property management to Elmington Affordable and Elmington Living.

Broad incumbents

• Lincoln Property Company: Large, diversified multifamily and commercial property manager and developer; broader portfolio but materially overlapping residential and commercial property management with Elmington's Elmington Living and Commercial arms.
• Cushman & Wakefield: Global commercial real estate services firm with investment sales, leasing, and property management capabilities that overlap Elmington Commercial's office, retail, and industrial investment activity.

Emerging players

• AppFolio: Cloud-based property management software serving residential and commercial managers; comparable as a competitor to Elmington's Fortress software product in the property management technology stack.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/elmingtonpm
• LinkedInlinkedin.com/company/elmington-property-management-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 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 Elmington