Costello

Affordable Housing Property Managementcostelloco.com

Company typePrivate
Founded1920
HeadquartersSioux Falls, United States
Headcount101–250
GTM typeB2C
OfferingServices

What Costello does

Costello Companies is a privately held, family-owned real estate enterprise headquartered in Sioux Falls, South Dakota, operating since the 1920s and currently led by third-generation owners Dan and Tom Costello. The company's core offering is Costello Property Management, which manages 90+ apartment and townhome communities across South Dakota, Nebraska, and Wyoming, with a primary focus on affordable housing delivered through LIHTC, HUD, HOME, and Rural Development programs. Tenant segments include low-to-moderate income residents, seniors (55+), and families, served through property-level leasing with monthly rents ranging from approximately $300 to $1,800 depending on unit size and subsidy status.

The business is vertically integrated across four operating entities: Costello Property Management (core leasing and management), Costello Compliance (regulatory compliance, auditing, and training services for affordable housing programs, with reach into 75%+ of state LIHTC agencies), Costello Development & Investments (land development and real estate investment), and BlackWing Elite Builders (multi-family construction). This integration enables in-house development, construction, management, and compliance for subsidized housing projects. The company generates revenue primarily through recurring monthly residential rental payments, supplemented by construction and compliance services. There is no proprietary technology platform; operations rely on standard property management processes executed through on-site managers at each property.

Costello markets through its property search website, email and SMS alert systems, and active participation in industry associations including the South Dakota Multi-Housing Association (SDMHA) and NAHB educational programs. Leadership is credentialed in affordable housing compliance (HCCP), accounting (CPA), and HR (SHRM-CP), and the firm has received national and regional recognition including the NAHB HCCP of the Year (2019) and SDMHA Merit Award (2020). Customer concentration is structurally low as revenue derives from a granular, long-tail base of individual residential tenants distributed across 35+ cities.

Costello firmographics

Firmographics

Name: Costello
Legal name: Costello Property Management
Website: https://costelloco.com
Company type: Private
Founded year: 1920
Operating status: Operating
Headcount range: 101–250 employees
Ownership category
akta.pro rank

Costello industry classification

Industry

Product category: Affordable Housing Property Management
NAICS: Residential Property Managers (531311), Real Estate Property Managers (53131)
SIC: Real Estate Agents & Managers (For Others) (6531)
akta.pro primary industry: Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)
akta.pro secondary industry: Multifamily Apartment Property Management (BPAJAFAA)

Keywords

Affordable housing management
Property management services
LIHTC compliance
Multi-family housing
Apartment rentals

Where Costello is headquartered

Location

Headquarters

HQ city: Sioux Falls
HQ country: United States
HQ region: North America

Offices4 records

Markets served

Costello business model

Business model

GTM type: B2C
Offering type: Services
Cost components: Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain, Technology or R&D

Revenue model

Residential Rental Income: Monthly rental payments from tenants across 90+ apartment and townhome properties. Revenue is recurring and subscription-based per unit, with rent amounts varying by bedroom count, location, and income-based qualifications for affordable housing properties.

Pricing tiers

Model	Billing	Price
Unit Pricing	Monthly	Studio and 1 Bedroom Units
Unit Pricing	Monthly	2 Bedroom Units
Unit Pricing	Monthly	3-4 Bedroom Units

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Costello product offering

Product offering

Core offering

Costello Property Management provides full-service residential property management for 90+ affordable apartment and townhome communities across South Dakota, Nebraska, and Wyoming, handling leasing, tenant screening, maintenance, compliance, and financial reporting. Through affiliated entities it also delivers affordable housing regulatory compliance and training (Costello Compliance), land development (Costello Development & Investments), and multi-family construction (BlackWing Elite Builders).

Product overview

Costello Companies operates as a diversified property management and real estate organization offering property management, development, construction, and compliance services through its portfolio of companies. The core offering is Costello Property Management, which provides full-service management for over 80 affordable apartment and townhome communities across South Dakota, Nebraska, and Wyoming. The organization is supported by affiliated companies: Costello Compliance (affordable housing regulatory compliance and training), Costello Development & Investments (land development), and BlackWing Elite Builders (multi-family construction). The property portfolio includes senior living communities, family housing, and income-based rental properties.

Differentiator

Problem solved

Functional benefit

Products and services

Costello Property Management Full-service property management for 90+ affordable apartment and townhome communities across South Dakota, Nebraska, and Wyoming, including tenant screening, leasing, maintenance, and portfolio management.
Costello Compliance Affordable housing regulatory compliance services covering LIHTC, HOME, HUD, and Rural Development programs, including auditing and training for property owners and agencies.
Costello Development & Investments Land development and real estate investment services supporting the Costello Companies property pipeline across the Midwest.
BlackWing Elite Builders Multi-family residential construction services providing new development and construction capabilities for Costello Companies property portfolio.
Affordable Apartment and Townhome Portfolio Portfolio of 90+ affordable rental housing apartment and townhome communities across South Dakota, Nebraska, and Wyoming, including senior living, family housing, and income-based properties available for rent.

Companies that use Costello

Customer profile

Segments3 records

Ideal customer profiles3 records

Costello technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Costello partnerships and signals

Strategic signal

Partnerships

Six partnerships are on record, tiered core, strategic and minor.

BlackWing Elite BuilderscoreStrategic or Co-development PartnerBlackWing Elite Builders is the construction arm of Costello Companies, handling multi-family construction projects for the organization's property development pipeline. Randy Reese is the owner of BlackWing Elite Builders.
Costello CompliancecoreStrategic or Co-development PartnerCostello Compliance provides affordable housing regulatory compliance services, auditing, and training. Scott Michael Dunn serves as CEO. The company has worked with over 75% of state LIHTC agencies, HUD, and Rural Development agencies.
Costello Investments (Development & Investments, LLC)coreStrategic or Co-development PartnerCostello Development & Investments, LLC handles land development for the Costello Companies portfolio. Bonnie Mogen serves as Director.
South Dakota Multi-Housing Association (SDMHA)strategicOthersIndustry association for affordable housing in South Dakota. Jeff Brooks serves on the Board of Directors. The association hosts conferences and awards programs.
USCIS (United States Citizenship and Immigration Services)minorOthersCostello Property Management participates in the E-Verify system through USCIS to verify employees' eligibility to legally work in the United States.
Lewis-Kirkeby-HallminorOthersRelated company within the Costello Companies network, operating at http://www.rentrapidcity.com/

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Costello competitors and assessment

Company assessment

Direct peers

Pinnacle Property Management: Large multifamily property manager with significant affordable housing and conventional apartment portfolios. Comparable to Costello in property management services for residential apartments, though at much larger national scale.
Dominium: One of the largest affordable housing owners/managers in the U.S., operating tens of thousands of LIHTC and subsidized units across multiple states. Directly comparable to Costello in its focus on affordable multifamily property management and LIHTC expertise, but at significantly greater national scale.
WinnCompanies: National multifamily property manager with strong affordable housing and LIHTC specialization, managing 100,000+ units. Directly comparable to Costello's affordable housing property management model and similarly emphasizes compliance expertise across HUD and LIHTC programs.
Apartment Management Consultants (AMC): Multifamily property management firm specializing in affordable and conventional apartments. Comparable to Costello in third-party residential property management services and affordable housing focus.

Broad incumbents

Housing Partners (NDC Asset Management): National affordable housing owner and manager with deep LIHTC expertise. Comparable to Costello in affordable housing focus and regulatory compliance capabilities, though with institutional backing and broader geographic footprint.
The Related Companies (Affordable Housing Division): Large diversified real estate firm with a substantial affordable housing portfolio managed alongside market-rate and mixed-income properties. Comparable to Costello in LIHTC and affordable housing operations but operates at national scale across broader geographies and asset types.

Regional players

Burlington Capital Properties: Midwest-focused affordable housing and LIHTC investor/manager based in Nebraska. Directly comparable regional peer to Costello with similar geographic concentration in the Plains states and comparable affordable housing/LIHTC business model.
LHCP (Lutheran Housing Coalition / equivalent Heartland affordable operators): Regional non-profit and for-profit affordable housing operators active in the Upper Midwest and Great Plains. Comparable regional peer to Costello in affordable housing focus across similar geographies, though typically smaller scale.

Emerging players

Quadel Consulting: Specialized affordable housing compliance and consulting firm serving LIHTC, HUD, and Rural Development programs. Comparable to Costello's Costello Compliance subsidiary in regulatory expertise and third-party training/auditing services.

Others

Novogradac & Company: Accounting and consulting firm specializing in affordable housing, LIHTC, and community development. Comparable to Costello Compliance in affordable housing advisory services, though much larger and diversified across audit, tax, and consulting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Costello compliance and trust

Trust signal

Compliance1 record

Costello financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Costello leadership team

Management profile

Number of profiles

Profiles10 records

Costello subsidiaries and ownership

Company hierarchy

Subsidiaries3 records

Costello funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Costello M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Costello

What does Costello do?

Is Costello a public or private company?

Costello is a private company. It is classified as family owned and is currently operating.

When was Costello founded?

Costello was founded in 1920. It employs 101 to 250 people.

Where is Costello based?

Costello is headquartered in Sioux Falls, United States, in the North America region.

How does Costello make money?

One revenue line is on record: residential Rental Income.

Who are Costello's main competitors?

Direct peers on record are Pinnacle Property Management, Dominium, WinnCompanies and Apartment Management Consultants (AMC). Broad incumbents are Housing Partners (NDC Asset Management) and The Related Companies (Affordable Housing Division). Regional players are Burlington Capital Properties and LHCP (Lutheran Housing Coalition / equivalent Heartland affordable operators). Quadel Consulting is listed as an emerging player. Novogradac & Company is listed as an others.

Does Costello have an API?

No public API is recorded for Costello.

What industry is Costello in?

Costello's product category is Affordable Housing Property Management. Its primary akta.pro industry code is BPAJAFAD, Affordable & Subsidized Housing Property Management (LIHTC, Section 8), with a secondary code of BPAJAFAA, Multifamily Apartment Property Management. Its NAICS code is 531311 and its SIC code is 6531.