What Westrum Development Company does

Westrum Development Company is a privately held residential real estate developer headquartered in Fort Washington, Pennsylvania. Founded in 1986 by John Westrum (a second-generation builder) and opened for business in 1987, the company operates exclusively in the mid-Atlantic region, centered on the Philadelphia metro area with footprint in Pennsylvania, Delaware, and New Jersey. The firm develops, owns, and operates multifamily rental housing through four purpose-built brands: Luxor (suburban lifestyle apartments), ICON (urban infill lifestyle apartments), The Flats (suburban garden-style apartments), and Westrum Senior Living (Independent Living, Personal Care, and Memory Care communities with all-inclusive monthly rental). Cumulative production since founding exceeds 8,000 homes and apartments across more than 100 communities, with over 7,400 units rezoned to the company's use and 3,200+ multifamily units started across the targeted brands since 2013. Capital partners have invested more than $1.25 billion in equity since 1987.

The firm's underlying capability stack covers the full residential development lifecycle: an in-house Land Acquisition and Approvals team that drives projects from deal agreement through unconditional municipal approvals; Design and Construction using both traditional and modular methods (early modular adopter per Multifamily Executive coverage); and a captive Property Management division launched in 2017 that handles leasing, lease-up, and ongoing operations for the multifamily portfolio. The P.R.I.D.E. (Personal Responsibility in Delivering Excellence) operating framework governs execution from entitlements through stabilized operations. Senior Living communities are operated in partnership with Blue Harbor Senior Living, while design collaboration extends to firms such as Builders Design. Modular and traditional construction methods, branded leasing offices at each community, consumer-facing property websites, and virtual tour capabilities constitute the principal technology surface.

Westrum's revenue model combines development/construction margin (one-time on each project) with recurring multifamily rental income across the stabilized portfolio and managed services revenue from Westrum Property Management. Senior Living communities offer an all-inclusive monthly rental bundling meals, housekeeping, cable, entertainment, and local transportation with three care-level tiers (Independent Living, Personal Care, Memory Care). Customer distribution is split across four resident personas (luxury suburban renters, urban dwellers, garden-style suburban renters, and 55+ seniors) with no external customer concentration and pricing set per community/unit. Recent activity (2024 acquisition of 125 units adjacent to the existing LUXOR Wilmington community; lease-up of LUXOR Fort Washington in 2026) indicates continued, capital-partner-funded expansion of the rental portfolio within the mid-Atlantic region.

Name

Westrum Development Company

Legal name

Westrum Development Company

Website

https://westrum.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

Westrum Development Company is a privately held mid-Atlantic residential real estate developer founded in 1986 that builds, owns, and operates multifamily rental communities through four brands (Luxor, ICON, The Flats, and Westrum Senior Living) serving suburban renters, urban dwellers, and 55+ seniors across the Philadelphia metro area, Pennsylvania, Delaware, and New Jersey.

Ownership category

akta.pro rank

Product category

Multifamily Residential Real Estate Development

NAICS

Lessors of Residential Buildings and Dwellings (53111), Residential Property Managers (531311), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233)

SIC

Services-To Dwellings & Other Buildings (7340), Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industry

Senior & Assisted Living Residential Property Management (BPAJAFAE)

Keywords

• Residential real estate development
• Multifamily housing communities
• Senior living rentals
• Property management services
• Urban redevelopment

Headquarters

HQ city

Fort Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development and Sales: Develops residential properties for sale including single-family homes and multifamily communities. Transitioned from 100% homebuilding (1987-2011) to multifamily development starting in 2011.
2. Multifamily Rental Revenue: Operates luxury suburban apartments (Luxor), urban lifestyle apartments (ICON), garden-style apartments (The Flats), and senior living communities as rental properties generating recurring monthly rental income.
3. Property Management Services: Westrum Property Management division provides full-service property management including premarketing, lease-up, and ongoing operations for their own multifamily assets and potentially third-party clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Westrum Development Company develops, owns, leases, and manages residential multifamily rental communities across four consumer brands—Luxor (suburban lifestyle), ICON (urban infill), The Flats (suburban garden-style), and Westrum Senior Living (Independent Living, Personal Care, Memory Care). End-to-end services span in-house land acquisition and entitlements, design and construction (including modular methods), and ongoing property management through the Westrum Property Management division.

Product overview

Westrum Development Company operates as a residential real estate developer offering four distinct branded apartment community lines: LUXOR (Suburban Lifestyle Apartments), ICON (Urban Lifestyle Apartments), The Flats (Suburban Garden Style Apartments), and Senior Living Rental Communities (Independent Living, Personal Care, Memory Care). The company provides end-to-end development services including Land Acquisition and Approvals, Design and Construction (both traditional and modular), and Property Management. The brands range from luxury suburban multifamily to age-in-place senior living, collectively delivering over 8,000 homes across 100+ communities.

Differentiator

Problem solved

Functional benefit

Brands

• Luxor: Suburban Lifestyle Apartments - Self-contained, highly amenitized, technologically advanced, and socially integrated apartment communities located close to transportation, entertainment, recreation, and employment.
• Westrum Senior Living
• ICON
• The Flats

Products and services

• Luxor Suburban Lifestyle Apartments Self-contained, highly amenitized, technologically advanced, and socially integrated suburban apartment communities (studio, one-bedroom, one-bedroom den, and two-bedroom units) located close to transportation, entertainment, recreation, and employment for mid-Atlantic luxury renters.
• Westrum Senior Living Rental Communities Rental senior living communities offering Independent Living (IL), Personal Care (PC), and Memory Care (MC) with exceptional amenities, onsite medical, and multiple care levels bundled into one affordable monthly rental that includes meals, housekeeping, basic cable, entertainment, and local transportation; operated in partnership with Blue Harbor Senior Living.
• ICON Urban Lifestyle Apartments Urban infill apartment products featuring exceptional on-site amenities, off-street parking, and enhanced security and communication technologies, strategically located close to transportation, employment, and entertainment for mid-Atlantic urban renters.
• The Flats Lifestyle Apartments Luxury suburban garden-style apartment communities located close to transportation, entertainment, recreation, and employment, offering renters a quality suburban product at more accessible price points than the Luxor brand.
• Land Acquisition and Approvals In-house Land Acquisition and Approvals service that targets and evaluates projects based on valuation, deal terms, economics, market dynamics, and land use strategy, then drives each project from agreement through unconditional municipal approvals.
• Design and Construction Design and construction services utilizing best value-added products, materials, and methods including both traditional and modular construction, with the design team led by CEO Jon Herzog providing constant refinements and innovative build solutions.
• Property Management Property Management division that strives to achieve the highest Net Operating Income while delivering an unparalleled user experience, covering premarketing through lease-up and ongoing operations across the firm's multifamily portfolio.

Quantifiable outcome

• Over 8,000 homes and apartments constructed since 1987
• +4 more outcomes

Named customers4 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

Feature2 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Mural Arts PhiladelphiaminorStrategic or Co-development Partner · 21 October 2019Public/private partnership for the Percent for Art Program at Plaza@31Brewerytown. Local artists were chosen to design the 4,000-sf public use space in tribute to Brewerytown's heritage while celebrating 21st century ingenuity.
• Philadelphia Redevelopment Authority (PRA)minorStrategic or Co-development Partner · 21 October 2019Partnership through PRA's Percent for Art Program for the Plaza@31Brewerytown development and revitalization project.
• Blue Harbor Senior LivingcoreStrategic or Co-development PartnerBlue Harbor serves as the operator for Westrum's Senior Living Community properties. Together they have developed multiple senior living communities across the mid-Atlantic region.
• 1776 PartnersminorStrategic or Co-development PartnerPartnership to open campus in Brewerytown bringing LIVE, WORK, PLAY lifestyles to residents and the public at large.
• Builders DesignminorStrategic or Co-development PartnerChief Executive Officer of Builders Design cited Westrum's execution as second to none after researching over 100 Senior Living Communities. Collaboration on thoughtful, progressive, and engaging amenities for senior living communities.
• Municipal GovernmentscoreStrategic or Co-development PartnerStrong partnerships with local organizations, institutions, and governing bodies enabling delivery of responsible developments welcomed by communities. Successful rezoning of nearly 7,500 units through municipal collaboration. Partnerships with numerous municipalities including Lansdale Borough, Upper Dublin Township, Wilmington, DE, and others.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bozzuto Group: Privately held mid-Atlantic and East Coast multifamily developer, builder, and property manager. Directly comparable to Westrum in combining in-house development with a large property management platform across multiple branded apartment lines.
• Morgan Properties: Regional multifamily owner, developer, and operator headquartered in the mid-Atlantic with a portfolio of 100,000+ apartment homes. Closely matches Westrum's geographic footprint (PA/NJ/DE) and owner/operator model.
• Korman Communities: Family-owned multifamily owner and operator focused on the mid-Atlantic, with a multi-decade track record comparable to Westrum's 40-year history. Overlaps on garden-style and suburban apartment product.
• The Bainbridge Companies: Multifamily developer, owner, and manager operating across the U.S. East Coast. Comparable mid-size developer/operator profile with in-house construction and property management.
• Wood Partners: National multifamily developer focused on Class A garden-style, mid-rise, and senior housing communities. Comparable in product type (luxury suburban and senior) and developer/operator hybrid model.
• The NRP Group: Multifamily developer, owner, and operator with a strong presence in the mid-Atlantic and East Coast. Comparable as a vertically integrated developer/manager building Class A multifamily communities.

Broad incumbents

• Greystar Real Estate Partners: Largest multifamily owner, operator, and developer globally with significant mid-Atlantic exposure. Comparable as a broad incumbent in multifamily operations and management, though at materially greater scale than Westrum.
• Atria Senior Living: National senior living operator offering Independent Living, Assisted Living, and Memory Care. Comparable in CCRC-style continuum and all-inclusive monthly pricing model to Westrum Senior Living.
• Toll Brothers (Apartment Living): National homebuilder with a growing multifamily development arm. Comparable as a residential real estate company that has, like Westrum, evolved from for-sale homebuilding toward multifamily development.

Emerging players

• Blue Harbor Senior Living: Senior living operator that runs Westrum's senior living communities. Direct overlap on senior living operations and services and a key operational counterpart for Westrum's senior brand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCQ8u76KjdMGdxBT1euk17hg
• Facebookfacebook.com/westrumnewhomes
• LinkedInlinkedin.com/company/westrum-development-company

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 Westrum Development Company