Stone House Development

What Stone House Development does

Stone House Development, Inc. is a privately held, Madison, Wisconsin-based full-service multifamily housing developer and long-term property manager founded in 1996 by Helen Bradbury and Richard Arnesen. The company develops, owns, and manages a portfolio of 1,700+ apartment homes across 18+ properties in Madison, split between 1,000+ affordable units under Section 42/LIHTC programs (priced at 60% and 80% of area median income) and 600+ market-rate units. Its geographic footprint includes historic adaptive-reuse projects (school buildings, warehouses, factories, railroad depots, hotels) and Section 42 executions across Wisconsin, Illinois, Texas, and Minnesota, with 7 of 20 currently managed Wisconsin projects classified as historic renovations containing mixed-income housing.

The business model is straightforward recurring rental income: monthly apartment leases on a subscription basis, supplemented by premium furnished corporate rentals (Arbor Crossing, Lyric, Madison Mark, NoVo) that include cable, internet, garage parking, and amenity access on flexible month-to-month terms. Ancillary revenue includes third-party property management and Section 42 compliance services for outside owners, financial feasibility analysis using internally developed proforma models for tax credit investments, and certified historic structure tax credit assistance. Pricing varies by unit type, neighborhood, and income-restriction tier; market-rate units operate at full market rent, while affordable units are gated by household-size income limits.

Distribution runs through property-specific websites (e.g., traderswayapts.com, ardeninmadison.com), a centralized availability portal with search filters (market-rate, income-restricted, furnished, short-term), virtual tours via Kuula, and seasonal promotional campaigns (free rent specials, parking incentives, $1,000 relocation reimbursements). Tenant operations run on AppFolio for rent payment and lease management. The company holds 19 city, state, and federal awards including Energy Star certifications (City Row 2010, Overlook at Hilldale 2011), Wisconsin Historical Society preservation awards, and the ABC of Wisconsin Gold Award for NoVo (2023). There is no indication of external institutional investment; ownership remains with the founders.

Name

Stone House Development

Legal name

Stone House Development, Inc.

Website

https://stonehousedevelopment.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Stone House Development is a Madison, Wisconsin-based multifamily housing developer and long-term property manager founded in 1996, operating 1,700+ apartment homes across 18+ properties — split between Section 42/LIHTC affordable units and market-rate rentals — and serving individual renters, families, and corporate relocation clients.

Ownership category

akta.pro rank

Product category

Multifamily Housing Development and Property Management

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Residential Building Construction (2361), Residential Property Managers (531311)

SIC

General Bldg Contractors - Residential Bldgs (1520), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB)

akta.pro secondary industries

Residential Affordable Housing Development & Construction (IMAFABAI), Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Multifamily housing development
• Affordable housing management
• LIHTC compliance services
• Historic tax credit projects
• Property management services

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Apartment Rental Income: Stone House Development generates revenue primarily through monthly apartment rentals across its portfolio of 1,500+ units spanning 18+ properties in Madison, Wisconsin. The company offers both market-rate apartments and income-restricted (affordable) units under Section 42/LIHTC programs. Additional revenue streams include furnished corporate rentals with premium pricing that includes cable, internet, and amenity access.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Stone House Development is a Madison-based full-service developer and long-term manager of multifamily housing. The company develops, owns, and manages 1,700+ apartment homes across 18+ properties, including 1,000+ income-restricted (Section 42/LIHTC) units and 600+ market-rate units, supplemented by furnished corporate rentals with month-to-month terms. It also offers Section 42 application assistance, LIHTC compliance property management, historic tax credit advisory, and financial feasibility analysis to its own portfolio and third-party property owners.

Product overview

Stone House Development is a Madison-based full-service multifamily housing development and property management company founded in 1996. The company operates a portfolio of apartment properties across Madison, Wisconsin, including both market rate and income-restricted (affordable) housing under Section 42/LIHTC programs. Their portfolio consists of 1000+ affordable and 600+ market rate apartments across 18+ property locations. The company's offerings include development services, property management, Section 42 application assistance, historic tax credit assistance, and furnished corporate rentals. Properties include branded apartment communities such as Arbor Crossing, Arden, The Breese, City Row, Ella, Fair Oaks, Lyric, The Madison Mark, The Overlook at Hilldale, The Overlook at Midtown, Park Central, Pinney Lane, The Royal, Tailor Place, The Urbane, Trader's Way, Starkweather Place, and NoVo. Services include full-service development, Section 42 application assistance, property management with LIHTC compliance, historic structure tax credit assistance, financial feasibility analysis, and furnished rental programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Arbor Crossing Apartments Market-rate apartment community located at 2715 Marshall Ct on Madison's west side, offering furnished rental options as part of the Stone House Development portfolio.
• Arden Apartments Downtown Madison mixed-income apartment community at 1050 E Washington Ave, featuring winter domes on terraces.
• The Breese Apartments Downtown Madison apartment community at 1003 E Mifflin St offering market rate and affordable housing options.
• City Row Apartments Downtown Madison apartment community at 614 E Johnson St, notable as the first Energy Star-qualified multifamily high-rise building in Wisconsin.
• Ella Apartments East side Madison apartments at 2860 E Washington Ave offering income-restricted units at the 80% AMI level, with in-unit washer/dryer, kitchen island, stainless steel appliances, vinyl plank flooring, and walk-in closets.
• Fair Oaks Apartments East side Madison apartments in the Atwood neighborhood at 144 S Fair Oaks Ave featuring spacious floorplans, oversized windows, vinyl plank flooring, and Energy Star stainless steel appliances.
• Lyric Apartments Downtown Madison apartment community at 1010 E Washington Ave featuring winter domes and offering furnished rental options.
• The Madison Mark Apartments Downtown Madison apartments at 132 E Wilson St offering furnished rental options.
• The Overlook at Hilldale Apartments West side Madison apartments at 4620 Frey St; received Energy Star Certification in 2011.
• The Overlook at Midtown Apartments West side Madison apartments at 8119 Mayo Dr featuring winter domes on terraces.
• Park Central Apartments Downtown Madison apartments at 1115 E Wilson St offering market rate housing options.
• Pinney Lane Apartments East side Madison apartments at 902 Royster Oaks Dr offering affordable housing options.
• The Royal Apartments South side Madison apartments at 2232 W Broadway offering income-restricted units at the 60% AMI level, with moderate-income and student-status restrictions applying.
• Tailor Place Apartments West side Madison apartments at 5630 Schroeder Rd in the Green Tree neighborhood offering market rate housing.
• The Urbane Apartments West side Madison apartments at 2725 Marshall Ct offering market rate housing options.
• Trader's Way Apartments New west side Madison apartment community at 6706 Old Sauk Road featuring pool, hot tub, sauna, co-working lounge, fitness center, yoga studio, and pet amenities.
• Starkweather Place Apartments East side Madison apartment community near Starkweather Creek bike path featuring winter domes on terraces.
• NoVo Apartments Downtown Madison apartment community at 216 S Pinckney St featuring winter domes and offering furnished rental options.
• Full-Service Multifamily Development Comprehensive multifamily property development service encompassing site selection, securing project approvals, financing and equity, project design, and construction supervision, delivered to third-party clients and for the company's own portfolio.
• Section 42 / LIHTC Application Assistance Advisory service assisting developers and owners with the Section 42 / Low-Income Housing Tax Credit (LIHTC) application process, drawing on completed projects in Wisconsin, Illinois, Texas, and Minnesota.
• Property Management and Section 42 Compliance Property management and Section 42/LIHTC compliance services provided for Stone House's own portfolio of 20 Wisconsin apartment projects and for third-party property owners, including staffing, training, accounting, compliance, maintenance, and marketing.
• Certified Historic Structure Tax Credit Assistance Advisory service assisting clients with Certified Historic Structure Tax Credits for adaptive reuse projects converting historic structures such as school buildings, warehouses, factories, railroad depots, and hotels.
• Financial Feasibility Analysis Financial feasibility analysis for affordable housing developments using a proprietary proforma model developed by Stone House principals specifically for Section 42 and tax credit real estate investments.
• Furnished Rentals Fully furnished apartments for rent in the Madison area near downtown or UW Hospital, with flexible month-to-month lease terms, cable and internet included, and access to amenities such as garage parking, fitness centers, and community lounges; targeted at corporate and relocating tenants.

Quantifiable outcome

• First Energy Star-qualified multifamily high-rise building in Wisconsin (City Row), and only the 17th in the nation (2010)
• +1 more outcomes

Named customers3 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

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Greystar Real Estate Partners: Charleston, SC-based global leader in multifamily property management, development, and investment. Comparable as a broad incumbent operating multifamily management at scale, though not a direct LIHTC specialist.
• JLL Multifamily Capital Markets: Global commercial real estate services firm with a multifamily investment sales, financing, and advisory practice. Comparable as a broader incumbent that participates in the same Wisconsin multifamily capital markets Stone House operates in.

Direct peers

• Gorman & Company: Oregon, WI-based developer and manager of affordable, mixed-income, and historic-reuse multifamily housing. Directly comparable on LIHTC application capability, historic renovation expertise, and integrated development/management model in the Madison region.
• The Alexander Company: Madison, WI-based multifamily developer specializing in affordable and market-rate housing with strong historic tax credit capability. Most direct geographic and operational peer to Stone House, competing for the same Wisconsin LIHTC allocations.
• Woda Cooper Companies: Columbus, OH-based affordable housing developer with LIHTC and historic preservation expertise, including rural and urban mixed-income communities. Comparable on Section 42 development and historic adaptive reuse.
• Dominium: Plymouth, MN-based national affordable housing developer and manager with deep LIHTC portfolio (~50,000 units). Comparable on integrated development/management, LIHTC underwriting, and adaptive-reuse capabilities across multiple states.
• McCormack Baron Salazar: St. Louis, MO-based developer focused on affordable and mixed-income multifamily in urban neighborhoods. Comparable on LIHTC-financed development and on mixed-income community models.
• The NRP Group: Cleveland, OH-based multifamily developer specializing in affordable, mixed-income, and market-rate apartments. Comparable on LIHTC-financed multifamily development at scale and integration with long-term property management.
• The Michaels Organization: Camden, NJ-based national developer, owner, and manager of affordable and market-rate apartments, including LIHTC and student housing. Comparable on integrated development-plus-management model at scale.

Others

• R4 Capital: Boston, MA-based LIHTC syndicator and investor. Comparable as a capital partner in the LIHTC ecosystem in which Stone House Development competes for allocations and equity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/stonehousedev
• LinkedInlinkedin.com/company/stone-house-development-inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Stone House Development