What Spy Rock Real Estate Group does

Spy Rock Real Estate Group is a private real estate development and investment firm founded in 2008 by Andrew Basham and Taylor Williams, headquartered in Richmond, Virginia. The company acquires, develops, and operates a diversified portfolio of multifamily, commercial, hospitality, industrial, and affordable housing (LIHTC) properties concentrated in Virginia markets including Richmond, Henrico, Norfolk, Virginia Beach, Williamsburg, Chesterfield County, and Winchester. Since founding, Spy Rock reports having acquired or developed approximately 4,600 residential units, 590,000 SF of commercial space, 300,000 SF of industrial space, and 767 hotel keys.

The company's revenue model combines three streams: (1) one-time development profits and gains on the sale of stabilized assets, (2) recurring rental income from retained multifamily, commercial, and hospitality assets, and (3) affordable housing development fees using LIHTC syndication in partnership with Virginia Housing and municipalities. Distribution is direct: Spy Rock either sells stabilized assets to institutional buyers (e.g., $36.2M Greenwich Village sale to Rieder Holdings) or retains them for long-term operation, with rental units marketed directly to tenants through property-specific websites. The company operates with a small core team (1-10 employees) supported by an experienced leadership bench drawn from Colonial Properties Trust, Wachovia Securities, KPMG, RSM, EDENS, and Capital City Real Estate, and uses Juniper Square for investor relations.

Name

Spy Rock Real Estate Group

Legal name

Spy Rock Real Estate Group

Website

https://spy-rock.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Spy Rock Real Estate Group is a Richmond, Virginia-based private real estate developer and operator that acquires, develops, and owns multifamily, commercial, hospitality, industrial, and LIHTC affordable housing properties across Virginia markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Property Development and Sales: The company develops residential, commercial, and hospitality properties for sale or long-term ownership. Revenue is generated through development fees, property appreciation, and transaction profits when properties are sold.
2. Property Ownership and Operations: Spy Rock owns and operates a portfolio of exceptional properties generating rental income from multifamily apartments, commercial spaces, and hospitality assets.
3. Affordable Housing Development: Active developer of affordable housing using Low Income Housing Tax Credit (LIHTC) product and rent-restricted units, often in partnership with municipalities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Spy Rock Real Estate Group is a real estate development and investment firm that acquires, develops, owns, and operates a diversified portfolio of multifamily, commercial, hospitality, and industrial properties across Virginia markets. The firm generates revenue through property development, sales to institutional investors, long-term rental operations, and active participation in affordable housing development using the LIHTC program. Since 2008, the company has delivered approximately 4,600 residential units, 590,000 SF of commercial space, 300,000 SF of industrial space, and 767 hotel keys.

Product overview

Spy Rock Real Estate Group is a real estate development and investment firm based in Richmond, Virginia that owns and operates a portfolio of exceptional properties. The company offers a diversified portfolio of residential and commercial real estate products organized into three main categories: Multifamily and Mixed-Use properties (including market-rate apartments, active adult communities, and mixed-use developments), Affordable Housing developments (LIHTC properties providing rent-restricted housing), and Commercial properties (industrial, office, and retail spaces). The company also maintains a Hospitality portfolio of hotel properties. Since its founding in 2008, Spy Rock has acquired or developed approximately 4,600 residential units, 590,000 SF of commercial space, 300,000 SF of industrial space, and 767 hotel keys.

Differentiator

Problem solved

Functional benefit

Products and services

• The Ledger A 247-unit multifamily property in Richmond, VA offering 1, 2, and 3 bedroom apartments, expected to come online Q2 2028.
• The Guild A 300-unit multifamily property offering residential apartments in Richmond, VA, built in 2025.
• The Alder A 242-unit multifamily property offering residential apartments in Richmond, VA, built in 2024.
• Lake Forest A 176-unit active adult apartment community in Chesterfield County, VA offering 1 and 2 bedroom residences.
• The Horizon A 305-unit multifamily property offering residential apartments in the Richmond, VA area.
• The Compass A 160-unit multifamily property offering residential apartments in the Richmond, VA area.
• The Westbrook at Brewers Row A mixed-use property built in 2023 featuring 189 apartment units, 36 rental townhomes, and 18,877 SF of commercial space in the Richmond, VA area.
• The Ella Scott's Addition A 250-unit multifamily property with 18,000 SF of commercial space in Richmond, VA.
• The Scout A 218-unit multifamily property with 17,000 SF of commercial space in the Richmond, VA area.
• Symbol

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Home Builder's Association of Richmond (HBAR)coreOthersAndrew Basham is a Board Member of the Home Builder's Association of Richmond and serves on the Executive Committee and was former Chair of HBAR's Multifamily Council.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Dominium: One of the largest affordable housing developers in the U.S., specializing in LIHTC and rent-restricted multifamily — directly comparable to Spy Rock's affordable housing (LIHTC) product line.
• The Michaels Organization: Developer, owner, and manager of affordable, market-rate, and student housing — directly comparable to Spy Rock's affordable housing + market-rate multifamily model and property management of owned assets.
• RangeWater Real Estate: Multifamily developer and operator focused on Sun Belt and Southeast U.S. markets — comparable to Spy Rock's multifamily development and asset management activity in the Southeast (Virginia).
• Alliance Residential Company: Large national multifamily developer and property manager — directly comparable in development pipeline scale, market-rate multifamily focus, and third-party property management.
• Wood Partners: National multifamily developer with active market-rate apartment pipeline — closely comparable to Spy Rock's multifamily/mixed-use development activity (The Alder, The Guild, The Horizon, The Ledger).
• The NRP Group: National multifamily developer specializing in both LIHTC affordable housing and market-rate apartments, closely comparable to Spy Rock's dual LIHTC/market-rate multifamily strategy across multiple geographies.
• Capital City Real Estate: Mid-Atlantic multifamily developer with operations in Washington D.C. and Atlanta (former employer of Spy Rock team member Justin Olderman) — comparable in regional multifamily development focus and project scale.

Broad incumbents

• Greystar Real Estate Partners: Largest multifamily developer, operator, and investment manager globally — broader incumbent offering overlapping capabilities (multifamily development and property management) at much greater scale.
• Morgan Properties: Large multifamily owner/operator with a national portfolio — comparable in owning/managing multifamily rental product, though at meaningfully greater scale and geographic breadth than Spy Rock.
• GID: Diversified real estate investment and development firm operating across multifamily, mixed-use, and commercial — comparable in multi-asset-class real estate investment and operating strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/spy-rock-real-estate-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Spy Rock Real Estate Group