Bonner Carrington

What Bonner Carrington does

Bonner Carrington is a privately held, vertically integrated multifamily real estate operator headquartered in Austin, Texas, founded in 1988 by Stuart Shaw. The company designs, develops, constructs, owns, and operates Class A apartment home communities across Texas through wholly-owned subsidiaries Bonner Carrington Construction LLC (formed 2007) and Bonner Carrington Property Management (formed 2014). Its portfolio spans 20+ branded communities and 4,000+ apartment homes serving roughly 12,000 residents, organized under five sub-brands: Cypress Creek (mixed-income general living), Mariposa (mixed-income active adult 55+), Anthem and The Kelsey (market-rate general living), and Winsome Living (market-rate active adult 55+). Properties are concentrated across Austin, Dallas, Houston, Amarillo, San Marcos, Cedar Park, Georgetown, Temple, Plano, Pflugerville, and Del Valle, with a stated growth target of exceeding 10,000 units by 2025.

The business generates revenue primarily through recurring apartment rentals on owned Class A and mixed-income assets, augmented by construction-related activity through the in-house general contractor subsidiary and ancillary property management operations. The company's value proposition centers on vertical integration (design/build/own/operate), a long-term ownership orientation, servant-leadership culture, and the proprietary BonnerCarringtonServes community platform combined with a long-standing Apartment Life Ministries partnership that embeds resident community-formation teams in every property. Capital relationships are diversified across JPMorgan, Capital One, BWE, RBC, JLL, Broadway Bank, HUD, the Texas Department of Housing and Community Affairs, Hunt Capital Partners, and municipal partners including the City of Dallas (TIF) and the City of Houston. Customer-facing technology is limited to standard corporate and per-property websites; no proprietary technology platform, API, or AI/ML capability is disclosed.

Name

Bonner Carrington

Legal name

Bonner Carrington

Website

https://bonnercarrington.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Bonner Carrington is a privately held Austin-based vertically integrated multifamily developer that designs, builds, owns, and operates Class A and mixed-income apartment communities across Texas, managing 4,000+ apartment homes across 20+ branded communities serving roughly 12,000 residents.

Ownership category

akta.pro rank

Product category

Multifamily Residential Real Estate

NAICS

Land Subdivision (237210), Residential Property Managers (531311), Rental and Leasing Services (532)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD), Mixed-Use Property Management (BPAJAGAE)

Keywords

• Multifamily real estate development
• Apartment property management
• Affordable housing development
• Active adult housing
• Construction services

Headquarters

HQ city

Austin

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Apartment Home Rentals: Primary revenue from leasing Class A mixed income and market rate apartment homes to residents. The company designs, develops, constructs, owns, and operates their properties with a focus on long-term ownership.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Bonner Carrington is a vertically integrated multifamily real estate developer that designs, develops, constructs, owns, and operates Class A apartment home communities across Texas. The company manages a portfolio of more than 4,000 apartment homes across 20+ branded communities through sub-brands including Cypress Creek (mixed income), Mariposa (active adult 55+ mixed income), Anthem (market rate), The Kelsey (market rate general living), and Winsome Living (active adult 55+ market rate), supplemented by in-house construction (Bonner Carrington Construction LLC) and self-managed property operations.

Product overview

Bonner Carrington operates a vertically integrated multifamily real estate platform offering development, construction, and property management services across Texas. The company manages a portfolio of apartment communities under three main branded product lines: Mariposa (Active Adult 55+), Cypress Creek (Mixed Income/General Living), and Anthem/The Kelsey (Market Rate/General Living). Winsome Living represents their newest 55+ Active Living brand. Services span from land acquisition and design/development through construction (via Bonner Carrington Construction LLC), property management, and community enrichment programs through BonnerCarringtonServes. The portfolio encompasses over 4,000 apartment homes across 20+ branded communities statewide.

Differentiator

Problem solved

Functional benefit

Brands

• Cypress Creek: Mixed-income general living apartment communities across Texas
• Mariposa
• Anthem
• The Kelsey
• Winsome Living
• BonnerCarringtonServes
• The Ranch

Products and services

• Mariposa Apartment Homes Active Adult 55+ apartment community brand offering high-quality apartment homes designed for active seniors, featuring resort-style amenities and located across Texas including San Marcos, Cedar Park, Amarillo, Plano, and other markets. Operates as mixed-income housing with affordable and market-rate units within integrated communities.
• Cypress Creek Apartment Homes Mixed income apartment community brand offering high-quality apartment homes for general living residents, serving diverse residents across Texas including Houston, Georgetown, Temple, Del Valle, and other markets. Combines affordable and market-rate units within integrated communities.
• Anthem Apartment Homes Market rate Class A apartment community brand offering premium residential living, featuring best-in-class amenities including clubhouses, fitness centers, resort-style pools, and spacious apartments. Anthem at Ledgestone delivered 292 residences averaging 933 sq ft per unit and achieved a 32% internal rate of return.
• The Kelsey Apartment Homes Market rate general living apartment community brand located in Austin, Texas (Scofield Farms area / Pflugerville), offering resort-style amenities in a carefully designed living environment.
• Winsome Living Active Living 55+ apartment community brand offering high-quality homes designed for active seniors seeking a community-focused lifestyle in a market-rate tier, complementing the mixed-income Mariposa brand.
• Design and Development Services In-house design and development service that thoroughly plans properties to ensure they are beautiful, functional, and sustainable, with intentional emphasis on creating positive social interactions within communities. Underpins all Bonner Carrington apartment communities across Texas.
• Construction Services Vertical integration through Bonner Carrington Construction LLC, providing skilled construction professionals who build communities using quality materials, products, and state-of-the-art construction systems with a focus on sustainability and functionality.
• Property Management Services Self-managed property operations through dedicated property management teams that operate communities with a gracious, warm-hearted approach, focusing on putting people first and creating a sense of place across the Texas portfolio.

Quantifiable outcome

• 32% Internal Rate of Return on Anthem at Ledgestone development
• +3 more outcomes

Named customers1 record

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

Nine partnerships are on record, tiered core and minor.

• Apartment LifecoreStrategic or Co-development PartnerFaith-based nonprofit ministry that places resident teams in apartment communities to build community culture, welcome new residents, and organize social events. Partnership began in 2005.
• IFC Construction LLCcoreImplementation/ SI/ Consulting PartnerConstruction partner for development projects
• Travis County Housing Finance CorporationminorStrategic or Co-development PartnerLocal housing finance partner for Travis County developments
• Capital Area Housing Finance CorporationminorStrategic or Co-development PartnerHousing finance partner for capital area developments
• Africa New LifeminorOthersCharitable giving recipient - ministry organization supplying educational sponsorships, meals, churches, and healthcare in Africa
• Mobile Loaves and FishesminorOthersCharitable giving recipient - Austin-based organization serving homeless neighbors through food truck ministry and Community First! Village affordable housing development
• Shaw InstituteminorOthersCharitable giving recipient - nonprofit research organization focused on plastics, microplastics, climate change, and environmental research
• Cheyanna's Champions 4 ChildrenminorOthersCharitable giving recipient - nonprofit enhancing lives of Texas children with rare and undiagnosed conditions
• The SourceminorOthersCharitable giving recipient - women's health clinic providing pregnancy tests, STI testing, ultrasounds, and reproductive healthcare in Texas

Scale indicators6 records

Recent moves17 records

Expansion highlights4 records

Direct peers

• JPI Multifamily: Dallas-based vertically integrated multifamily developer, builder, and operator with a Class A new-construction focus across Texas and other Sun Belt markets. Closest competitor in scale, business model, and geographic footprint to Bonner Carrington.
• Avenue5 Residential: Austin-headquartered third-party multifamily property management firm that operates large Texas portfolios. Comparable as a Texas-focused multifamily operator and as a competitor for Bonner Carrington's Property Management subsidiary.
• Asset Living: Houston-based multifamily property management and investment firm with strong affordable and market-rate Texas exposure. Competes directly with Bonner Carrington Property Management across Texas metros.
• Alliance Residential Company: National multifamily developer and manager focused on Class A new-construction in growth markets, including Texas. Directly comparable third-party-managed multifamily platform with developer roots.
• Valiant Residential: Texas-based multifamily property management firm with strong Dallas-Fort Worth and Sun Belt concentration. Directly comparable third-party property management competitor to Bonner Carrington Property Management.

Broad incumbents

• Camden Property Trust: Houston-headquartered publicly traded multifamily REIT with deep Texas concentration and a development arm. Comparable as a larger, publicly capitalized Texas multifamily owner/operator competing for tenants and sites.
• Lincoln Property Company: Dallas-based national multifamily and commercial real estate owner, developer, and third-party manager. Overlaps with Bonner Carrington on Texas development and institutional property management.
• Greystar Real Estate Partners: Largest U.S. multifamily and student housing operator with significant Sun Belt and Texas exposure. Overlaps as vertically integrated developer/operator competing for institutional capital and residents.
• Gables Residential: National multifamily owner and operator with Sun Belt exposure. Comparable as a vertically integrated residential platform competing for Class A residents in Texas.
• Bell Partners: National multifamily owner/operator with significant Texas and Sun Belt Class A exposure. Comparable as a larger institutional multifamily owner competing in the same metros.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/bonnercarringtonmgt
• LinkedInlinkedin.com/company/bonnercarrington
• Instagraminstagram.com/bonnercarrington

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 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 Bonner Carrington