S.L. Nusbaum Realty Co.

What S.L. Nusbaum Realty Co. does

S.L. Nusbaum Realty Co., founded in 1906 and headquartered in Norfolk, Virginia, is a privately held, full-service commercial real estate firm serving the Mid-Atlantic and Southeast United States. The company operates two regional offices — Norfolk (440 Monticello Avenue, Suite 1700) and Richmond (7200 Glen Forest Drive, Suite 300) — and employs 501-1,000 staff across its service lines. Its core offering spans four integrated practice areas: commercial real estate brokerage and advisory services (tenant and landlord representation, investment sales); property management, with a managed portfolio of more than 30,000 apartment homes; development and acquisitions, with more than 10,300 multifamily units developed across 64 communities; and financial services, operated through the SLN Capital Markets division, which handles the sale and purchase of single-tenant, multi-tenant, and multifamily investment properties for private and institutional investors. Monthly completed-transaction volumes have ranged from approximately $10.5 million to $40 million per the company's own periodic press releases.

The company's revenue model is a mix of transaction-based brokerage commissions (sale and lease take-rates on each deal), recurring management fees on the 30,000+ unit portfolio, development fees and equity participation (e.g., the 2 Rivers Apartment Homes affordable-housing project in Williamsburg, VA at roughly $26 million construction cost), and capital-markets transaction fees on investment-property sales. The firm sells primarily through a direct enterprise field-sales motion via its Norfolk and Richmond offices, targeting national and regional retail tenants (Sheetz, Raising Cane's, Zaxby's, Buc-ee's, RaceTrac, Dollar General, Ace Hardware, O'Reilly, Paris Baguette, Wingstop, Checkers), commercial and industrial tenants (Land 'N' Sea, Trolley House Refreshments), and institutional and private real estate investors.

S.L. Nusbaum is led by CEO/President Steve Uphoff, with senior leadership including Richard Counselman (SVP, Multifamily Development), Doug Aronson (Senior Managing Director, SLN Capital Markets), Douglas O. Tice III (SVP, Land & Investments), Nathan Shor (SVP), and other VPs and Associates. The firm has been recognized as a National Apartment Association Top Employer for seven consecutive years (2025 and 2026) and as a Civic 50 Hampton Roads honoree. In March 2025, long-tenured partner Frank H. Cowling, Jr. retired after 30 years with the firm, creating a senior leadership transition risk that the firm appears to be backfilling through associate and VP-level hiring.

Name

S.L. Nusbaum Realty Co.

Legal name

S.L. Nusbaum Realty Company

Website

https://slnusbaum.com

Company type

Private

Founded year

1906

Operating status

Operating

Headcount range

501–1,000 employees

Short description

S.L. Nusbaum Realty Co. is a Virginia-based full-service commercial real estate firm founded in 1906 that provides brokerage, property management, development, and capital-markets services across the Southeast and Mid-Atlantic, managing 30,000+ apartment homes and serving retail, industrial, and multifamily clients.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Services

NAICS

Real Estate Property Managers (53131), Offices of Real Estate Agents and Brokers (53121)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

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

akta.pro secondary industry

Real Estate Development & Feasibility Advisory (Highest-and-Best-Use, Entitlements Support) (BPAJANAC)

Keywords

• Commercial real estate brokerage
• Property management services
• Multifamily housing management
• Commercial real estate development
• Tenant and landlord representation

Headquarters

HQ city

Norfolk

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Brokerage and Advisory Services: The company earns commissions from commercial real estate transactions including sales, leases, and advisory services for tenants, landlords, buyers, and sellers. They handle property searches for multifamily and commercial properties.
2. Property Management: Provides comprehensive property management services for multifamily housing and commercial real estate, earning management fees.
3. Development & Acquisitions: Development team charged with delivering optimal quality and value for clients while producing above-market financial returns for investors and owners.
4. SLN Capital Markets: Division specializing in sale and purchase of single, multi-tenant and multifamily investment properties for both private and institutional investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

S.L. Nusbaum Realty Co. is a full-service commercial real estate firm providing property management, leasing/brokerage, development and acquisitions, and advisory services for multifamily and commercial properties. The company manages a portfolio of over 30,000 apartment homes and has developed more than 10,300 multifamily units across 64 communities, primarily serving clients in the Southeast and Mid-Atlantic regions through Norfolk and Richmond, Virginia offices.

Product overview

S.L. Nusbaum Realty Co. operates as a full-service commercial real estate company with a diversified portfolio of services. The company offers a unified suite of services centered on multifamily housing management and commercial real estate brokerage, supplemented by property management, development & acquisitions, advisory services, and financial services. The company also operates SLN Capital Markets as a specialized division for investment property transactions. The company has developed over 10,300 multifamily units in 64 communities and currently manages a portfolio of over 30,000 apartment homes throughout the Mid-Atlantic and Southeast.

Differentiator

Problem solved

Functional benefit

Products and services

• Multifamily Housing Management Comprehensive property management services for multifamily communities, focused on operational excellence, tenant satisfaction, and asset performance across a portfolio of 30,000+ apartment homes.
• Commercial Real Estate Brokerage Strategic brokerage guidance for tenants, landlords, buyers, and sellers across commercial properties, supported by market intelligence and negotiation expertise.
• Property Management Property management services focused on increasing property value by ensuring a high-quality and clean environment for tenants and their customers across commercial and multifamily assets.
• Development & Acquisitions Development services delivering optimal combinations of quality and value for clients while producing above-market financial returns for investors and owners; includes more than 10,300 multifamily units developed across 64 communities.
• Advisory Services Strategic commercial real estate advisory services tailored to clients' business goals, helping maximize value and minimize risk at every stage of the real estate lifecycle.
• Financial Services Financial services related to commercial real estate transactions and property investments, including capital markets advisory for investors and owners.
• SLN Capital Markets Specialized division of S.L. Nusbaum Realty Co. focused on the sale and purchase of single, multi-tenant and multifamily investment properties for private and institutional investors.

Quantifiable outcome

• 30,000+ apartment homes managed
• +2 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles4 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 major and core.

• LS GreenLink U.S.A.majorStrategic or Co-development Partner · 1 March 2025S.L. Nusbaum Realty Co. facilitated LS GreenLink U.S.A.'s acquisition of 96.62 acres at 1213 Victory Boulevard in Chesapeake, VA for a $680 million subsea cable manufacturing facility. This is the nation's largest subsea cable manufacturing facility supporting Virginia's offshore wind energy projects.
• SheetzcoreStrategic or Co-development Partner · 1 March 2025Facilitated Sheetz ground lease of 2.05 acres at 9927 Mayland Drive in Henrico, VA for new convenience store location near Interstate I-64, expected to open Summer 2025.
• Raising Cane'scoreStrategic or Co-development Partner · 1 March 2025Facilitated Raising Cane's ground lease of 0.93 acres at 675 Lynnhaven Parkway in Virginia Beach, VA for new restaurant with drive-thru-focused layout.
• LS Cable & System Ltd.majorStrategic or Co-development Partner · 1 March 2025Parent company of LS GreenLink U.S.A., a global leader in power and communication cables founded in 1962 with over 6,500 employees and 35 subsidiaries in 17 countries.
• AGM Financial ServicescoreStrategic or Co-development Partner · 1 March 2025Financing partner for 2 Rivers Apartment Homes development in Williamsburg, VA along with TowneBank.
• TowneBankcoreStrategic or Co-development Partner · 1 March 2025Financing partner for 2 Rivers Apartment Homes development in Williamsburg, VA with approximately $26 million construction cost.
• TS3 Architects PCcoreImplementation/ SI/ Consulting Partner · 1 March 2025Architectural firm for 2 Rivers Apartment Homes development in Williamsburg, VA.
• Harkins Builders Inc.coreImplementation/ SI/ Consulting Partner · 1 March 2025General contractor for 2 Rivers Apartment Homes development in Williamsburg, VA.
• The Vakos CompaniescoreStrategic or Co-development Partner · 1 February 2025SLN Capital Markets sold seventh retail outparcel at Greenbrier Square shopping center (254,000 SF anchored by Kroger Marketplace) to The Vakos Companies.
• Uphoff VenturescoreStrategic or Co-development Partner · 1 February 2025Owner of 78,000 SF Class A office building at 15521 Midlothian Turnpike that achieved 100% occupancy with S.L. Nusbaum Realty Co. leasing services. Uphoff Ventures is developing a 257-room themed resort opening 2026.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Lincoln Property Company: National multifamily and commercial property management, development, and investment firm with substantial residential portfolio. Overlaps with SLN's property management and multifamily development services in Mid-Atlantic markets.
• CBRE Group: World's largest commercial real estate services firm, providing investment sales, leasing, valuation, and property management. Competes with SLN for large institutional and national tenant mandates across the Mid-Atlantic.
• Cushman & Wakefield: Global commercial real estate services firm with brokerage, property management, valuation, and project management. Larger scale and broader capital markets capability position it as a competitor on institutional mandates in SLN's geographies.
• JLL (Jones Lang LaSalle): Global real estate services and investment management firm offering brokerage, property management, capital markets, and advisory. Direct competition for institutional investment sales and large occupier mandates in SLN's markets.
• Newmark Group: Publicly traded commercial real estate services firm offering leasing, investment sales, and advisory. Competes with SLN Capital Markets on investment property transactions and tenant/landlord representation mandates.
• Greystar Real Estate Partners: Largest multifamily property management, development, and investment platform globally with ~$320B AUM. Competes with SLN for multifamily management contracts and development opportunities in the Mid-Atlantic/Southeast.
• Colliers International: Global full-service commercial real estate platform with brokerage, property management, valuation, and capital markets. Competes with SLN on Mid-Atlantic mandates and offers deeper research, capital markets reach, and global investor access.

Regional players

• Drucker + Falk: Mid-Atlantic-based multifamily property management and real estate services firm headquartered in Virginia. Direct competitor on multifamily management contracts across Virginia and the Carolinas.
• Harvey Lindsay Commercial Real Estate: Long-established Norfolk/Hampton Roads commercial real estate firm offering brokerage, property management, and development services. Direct regional competitor with overlapping Hampton Roads territory and similar service mix.

Direct peers

• Divaris Real Estate: Mid-Atlantic commercial real estate firm offering brokerage, property management, and advisory services across Virginia, North Carolina, and surrounding states. Direct competitor with overlapping service lines, regional footprint, and mid-market client base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/slnrc
• LinkedInlinkedin.com/company/s.l.-nusbaum-realty-co.
• Xx.com/slnusbaumrealty

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 S.L. Nusbaum Realty Co.