What Hovde Properties does

Hovde Properties is a privately held, family-owned real estate company founded in 1933 by Ingvald "Inky" Hovde and now in its fourth generation of family ownership under brothers Steve Hovde (Chairman) and Eric Hovde (CEO), with Randy Guenther serving as President since 2017. The company operates as an integrated developer, owner, and manager of commercial and residential real estate concentrated in Wisconsin, with operational footprint spanning Madison (headquarters), Milwaukee, Janesville, and Racine. Its residential portfolio includes luxury and market-rate apartment communities such as Ovation 309 (a 13-floor Madison high-rise), The Idylwood Residences (219 units in Janesville), Lamphouse Apartments, Woodsview Apartments, The Glade Residences, Brix Apartment Lofts (Milwaukee), and the in-development Breakwater 233 (202+ units, $40M+ lakefront project in Racine). The commercial portfolio includes the Hovde Building and Churchill Building (Madison office properties), Village Crossing, and 417 East Chicago Street, alongside mixed-use developments.

The company generates revenue primarily through recurring monthly rental income from residential apartments and commercial leases, supplemented by one-time development fees and profit from new construction projects. Property management is executed in-house using Yardi property management software (with a dedicated Yardi Specialist on staff), and the integrated developer-owner-manager model provides operational control over the full real estate lifecycle. GTM motion is direct leasing via on-site property management teams for residential and commercial tenants, with enterprise-level engagement for major mixed-use urban infill developments involving municipal and financial partners (City of Racine, Johnson Financial Group, C.G. Schmidt Construction, Kahler Slater Architects on Breakwater 233). Under President Guenther's leadership since 2017, the company has achieved 35% revenue growth, supported by an aggressive expansion strategy initiated in 2008 focused on Wisconsin mixed-use urban developments. The affiliated Hovde family of companies (Hovde Group, Hovde Capital Advisors, H-Bancorp) operates separately and is not consolidated into Hovde Properties.

Name

Hovde Properties

Legal name

Hovde Properties

Website

https://hovdeproperties.com

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

11–50 employees

Short description

Hovde Properties is a fourth-generation, family-owned real estate developer, owner, and manager founded in 1933, developing and operating residential apartment communities and commercial properties throughout Wisconsin markets including Madison, Milwaukee, Janesville, and Racine.

Ownership category

akta.pro rank

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Residential Rental Income: Monthly rental income from residential apartment communities including Woodsview Apartments, The Glade Residences, Ovation 309, Lamphouse Apartments, The Idylwood Residences, and Breakwater 233.
2. Commercial Rental Income: Rental income from commercial properties including the Hovde Building, Churchill Building, Village Crossing, 417 East Chicago Street, and Brix Apartment Lofts commercial spaces.
3. Real Estate Development: Development fees and profit from new construction projects including mixed-use developments, residential communities, and commercial buildings throughout Wisconsin.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Hovde Properties is a family-owned developer, owner, and manager of commercial and residential real estate throughout Wisconsin. The company plans, develops, owns, and operates market-rate residential apartment communities (including luxury high-rises and mixed-use projects) and commercial office/retail buildings across Madison, Milwaukee, Janesville, and Racine. It manages the full real estate lifecycle in-house, from acquisition and development through ongoing property management and tenant leasing.

Product overview

Hovde Properties is a family-owned real estate development, ownership, and management company founded in 1933, operating as a developer, owner, and manager of commercial and residential real estate throughout Wisconsin. The company's core offering consists of two main product lines: Residential Properties (including apartments, multi-family communities, and mixed-use developments) and Commercial Properties (office buildings and retail spaces). Key residential properties include Woodsview Apartments, The Idylwood Residences (219 units), The Glade Residences, Ovation 309 (a 13-floor luxury high-rise with 38 floor plans), Lamphouse Apartments, and Breakwater 233 (a $40+ million lakefront development with 200+ units). Commercial properties include the Hovde Building and Churchill Building in Madison, Village Crossing, and 417 East Chicago Street. The company also maintains affiliated companies including Hovde Group (investment banking), Hovde Capital Advisors (asset management), and H-Bancorp (bank holding company).

Differentiator

Problem solved

Functional benefit

Products and services

• Residential Properties Developer, owner, and manager of market-rate residential real estate communities including apartments and multi-family housing throughout Wisconsin, focused on positively impacting surrounding communities.
• Commercial Properties Owner, maintainer, and developer of commercial real estate including office buildings and mixed-use properties across Wisconsin.
• Ovation 309 Luxury high-rise apartment building in Downtown Madison with 38 original floor plans across 13 floors offering one-, two-, and three-bedroom apartments; awarded TOBY High-Rise Building of the Year by the Apartment Owners & Managers Association of Wisconsin.
• Woodsview Apartments Residential apartment community managed by Hovde Properties in Wisconsin.
• The Idylwood Residences Upscale apartment community in a park-like environment on Janesville's east side featuring 219 thoughtfully designed homes with modern finishes and resort-style amenities.
• The Glade Residences Residential apartment community managed by Hovde Properties in Wisconsin.
• Lamphouse Apartments Residential apartment community managed by Hovde Properties in Wisconsin.
• Breakwater 233 Luxury lakefront development in Racine offering 202 market-rate apartments (in a 200+ unit building) with marina views, contemporary finishes, and amenities connecting downtown with Lake Michigan; a $40+ million redevelopment project with the City of Racine as a development partner.
• Hovde Building Commercial office building at 122 W. Washington Avenue in Madison, WI — originally the Wisconsin Power & Light building, purchased by Hovde in 1970 and renamed the Hovde Building. Serves as the company's headquarters location.
• Churchill Building Historic commercial building at 16 North Carroll Street in Madison, originally built in 1915 as the first skyscraper in Madison at 134 feet tall; purchased by Hovde in 1974 (formerly Gay Building) and renamed the Churchill Building.
• Village Crossing Commercial property portfolio managed by Hovde Properties.
• 417 East Chicago Street Commercial property managed by Hovde Properties.
• Brix Apartment Lofts Mixed-use property in Milwaukee's Walker's Point neighborhood — a former industrial candy-bar manufacturing building converted to apartments, with first-floor commercial tenants including Community Oral & Maxillofacial Surgery.

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• City of RacinecoreStrategic or Co-development Partner · 20 February 2023City of Racine is a key development partner for the Breakwater 233 project, providing $3.5 million in additional funding and land ownership through the Racine Redevelopment Authority.
• C.G. Schmidt ConstructioncoreImplementation/ SI/ Consulting Partner · 20 February 2023C.G. Schmidt Construction is the general contractor for the Breakwater 233 project.
• Kahler Slater ArchitectscoreTechnology or Integration · 20 February 2023Kahler Slater Architects is providing architectural design services for the Breakwater 233 luxury development.

Scale indicators6 records

Recent moves11 records

Expansion highlights5 records

Others

• Mid-America Apartment Communities (MAA):
• JLL (Jones Lang LaSalle): Global commercial real estate services firm providing property management, brokerage, and investment sales. Comparable as a property management operator, though JLL serves third-party institutional clients rather than owning assets itself.
• Cushman & Wakefield: Global commercial real estate services platform providing property management, valuation, and advisory services. Comparable as a commercial real estate operator and advisor, though operating at global scale and as a service provider rather than asset owner.

Direct peers

• The Mandel Group: Milwaukee-based real estate developer, owner, and manager operating across Wisconsin. Directly comparable to Hovde as a vertically integrated Wisconsin-focused real estate firm with multifamily and mixed-use developments.
• Continental Properties: Wisconsin-headquartered multifamily developer and operator with a national footprint, developing market-rate apartment communities. Closely comparable as a developer-owner-operator focused on residential real estate with Midwest roots.
• Gorman & Company: Wisconsin-based real estate development and management firm with significant multifamily and mixed-use development in the Midwest. Directly comparable as a Wisconsin-headquartered developer-manager with overlapping geography.
• Wangard Partners: Wisconsin-based commercial and multifamily real estate developer focused on Milwaukee and southeastern Wisconsin. Closely comparable as a regional developer-owner-operator active in similar Wisconsin submarkets.

Regional players

• Towne Realty: Wisconsin-based real estate investment and management firm operating multifamily and commercial assets in the Midwest. Comparable as a regional owner-operator with overlapping Wisconsin market presence.
• Veridian Homes: Madison, Wisconsin-based homebuilder and developer. Comparable as a Wisconsin developer with deep local roots, though focused on for-sale housing rather than rental apartments and commercial.

Broad incumbents

• AvalonBay Communities: Large publicly traded multifamily REIT operating high-density apartment communities across the U.S. Comparable as a multifamily owner-operator, but operates nationally at much greater scale and as a public REIT rather than a private family firm.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/hovde-properties-1294785687268551
• LinkedInlinkedin.com/company/hovde-properties
• Instagraminstagram.com/hovdeproperties
• Xx.com/hovdeproperties

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Hovde Properties