MSquared

What MSquared does

MSquared is a women-owned real estate impact investment and development platform founded in 2020 and headquartered at 40 Fulton Street in Lower Manhattan. The firm operates three integrated service lines: Investment Management (discretionary funds deploying capital into mixed-income housing), Development Services (full-cycle execution from acquisition and entitlement through construction and asset management), and Advisory Services (consulting on urban development to public and private partners). It manages over $450M in assets under management and has $2.1B+ in development and investment spread across more than 30 projects in 10+ U.S. metropolitan areas including New York, Dallas, Los Angeles, Seattle, Newark, Fort Wayne, Philadelphia, New Haven, and Nashville.

The core product is mixed-income, mixed-use, transit-oriented multifamily housing — buildings that combine market-rate units with rent-restricted affordable units at 30%–80% of Area Median Income, frequently structured through public-private partnerships with housing authorities, public facility corporations, and city governments. Approximately 46% of the firm's 5,300+ units in development, acquired, or completed are rent-restricted affordable. Notable projects include the 698-unit Miramar in Inwood (NYC), the 250-unit Museum Parc with cultural space for the Newark Museum of Art, the 327-unit Westpark redevelopment of a 12-acre Philadelphia Housing Authority campus (Philadelphia Business Journal Best Affordable Housing Deal 2023), and three Seattle-metro Kōz developments (169–199 units each). The firm systematically partners with women- and minority-led developers (Mintwood Real Estate, Kōz Development) and cultural/community institutions (Destination Crenshaw, Corner to Corner).

The business model generates revenue through (1) management fees and carried interest on managed funds, (2) development fees and profit participation on projects taken from acquisition through asset management, and (3) advisory fees from public and private sector clients. The go-to-market is enterprise field sales directed at institutional LPs, public agencies, and developer partners, with deal sourcing driven by the founding team's network — most prominently former NYC Deputy Mayor Alicia Glen — alongside repeat institutional coverage and a website-based partnership inquiry funnel. Capital raising has been formalized with the October 2025 first close of a National Housing Fund.

Name

MSquared

Legal name

MSquared

Website

https://buildmsquared.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

MSquared is a women-owned real estate impact platform that invests in, develops, and advises on mixed-income, transit-oriented multifamily housing in U.S. cities. It manages $450M+ in assets and $2.1B+ in development across 5,300+ units serving institutional investors, public agencies, and developer partners.

Ownership category

akta.pro rank

Headquarters

HQ city

Fulton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management: MSquared manages discretionary funds that invest in mixed-income housing projects, generating management fees and carried interest from institutional investors.
2. Real Estate Development: The company executes development projects from acquisition through construction and asset management, capturing development fees and profits from project completions.
3. Advisory Services: Provides consulting services to public and private sector partners navigating urban development complexities, including planning, financing structuring, and project execution guidance.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

MSquared is a women-owned real estate impact platform that manages over $450M in discretionary funds investing in mixed-income housing, executes full-cycle development (acquisition, entitlement, construction, asset management) for mixed-income/mixed-use projects, and provides advisory services to public and private partners navigating urban development. The firm has $2.1B+ in development and investment across 30+ projects totaling 5,300+ units, with 46% of units committed as rent-restricted affordable housing in cities including New York, Dallas, Los Angeles, Seattle, Philadelphia, and Newark.

Product overview

MSquared is a women-owned real estate impact platform that operates three core service lines: Investment Management (managing discretionary funds for mixed-income housing), Development Services (executing projects from acquisition through asset management), and Advisory Services (guiding public and private sector partners through urban development complexities). The firm manages over $450M in assets under management and $2.1B in development and investment across 12+ active projects totaling 5,300+ units in development, acquired, or completed.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Management MSquared manages discretionary funds that invest in mixed-income housing projects in cities across the United States, generating management fees and carried interest from institutional LPs. The fund platform has over $450M in assets under management and $2.1B+ in development and investment.
• Development Services MSquared executes mixed-income, mixed-use development projects from start to finish, covering acquisition, entitlement, construction, and asset management. The firm captures development fees and project profits and partners with public agencies and private developers, frequently women- and minority-led.
• Advisory Services MSquared provides consulting services to public and private sector partners navigating the challenges and complexities of urban development, including planning, financing structuring, project execution guidance, and policy advisory around affordable housing production.
• Miramar A 698-unit mixed-income, mixed-use, transit-oriented development in Inwood, NYC, featuring 40% affordable housing, 85,000 SF of amenities, three courtyard gardens, and a permanent home for People's Theatre; joint development with LMXD and Taconic Partners.
• Loma A 370-unit mixed-income ground-up multifamily development in North Oak Cliff, Dallas, TX, with units affordable at 60-80% AMI under a 75-year affordability restriction, partnered with Mintwood Real Estate.
• The Clark on 54th A 48-unit mixed-income, mixed-use, transit-oriented development in the Crenshaw neighborhood of Los Angeles, CA, with deeply affordable units and 2,100 SF of retail space; in partnership with Destination Crenshaw.
• The Elex A 296-unit all-electric mixed-income, mixed-use adaptive reuse of the former GE campus in Fort Wayne, IN, including affordable units and units designated for residents with intellectual or developmental disabilities; part of the Electric Works public-private partnership.
• Oakhouse A 219-unit mixed-income ground-up multifamily development in North Oak Cliff, Dallas, TX, with over half the units as affordable housing at up to 80% AMI under 75-year affordability restrictions via the Dallas Public Facility Corporation; partnered with Mintwood Real Estate.
• Koz in Lower Queen Anne An operating 169-unit mixed-income development in Seattle's Lower Queen Anne neighborhood, built to Built Green Standard, with 50%+ affordable units at 40-80% AMI, financed in part by Goldman Sachs; partnered with Koz Development.
• Museum Parc A 250-unit mixed-income, mixed-use development in Newark, NJ with 50 deeply affordable units (30-50% AMI range) and 9,000 SF of gallery and pavilion space allocated to the Newark Museum of Art as cultural institution partner.
• The Renaissance on Jefferson A 66-unit mixed-income sustainable development in North Nashville, TN with geothermal loop system and photovoltaic solar panels, adjacent to Fisk University and Meharry Medical College; community partner Corner to Corner.
• Koz on Wetmore A 169-unit mixed-income, sustainable, transit-oriented development in downtown Everett, WA (Seattle Metro Area), serving the city's workforce with affordable units; partnered with Koz Development.
• Koz on Alderwood A 199-unit mixed-income, transit-oriented development adjacent to the Sound Transit Link light rail terminus in Lynnwood, WA (Seattle Metro Area), with access to downtown Seattle in under 30 minutes; partnered with Koz Development.
• The Anthem at Square 10 A 200-unit mixed-income, mixed-use development in downtown New Haven, CT, located on the former New Haven Coliseum site, with 40 units at 60-100% AMI affordability, 15,000 SF of retail/restaurant space, and 25,000 SF of public open space.
• Westpark A 327-unit mixed-income development in Philadelphia, PA transforming a 12-acre vacant public housing campus into a transit-oriented community with 190 affordable units, community retail, and 2 acres of public open space; partnered with the Philadelphia Housing Authority and L&M Development Partners (LMXD); recognized as Best Affordable Housing Real Estate Deal of 2023 by the Philadelphia Business Journal.

Named customers8 records

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

Twelve partnerships are on record, tiered core, key and minor.

• LMXDcoreStrategic or Co-development PartnerJoint development partner on Miramar project (698-unit mixed-income, mixed-use development in Inwood, NYC) alongside Taconic Partners. LMXD is an affiliate of L&M Development Partners.
• Taconic PartnerscoreStrategic or Co-development PartnerJoint development partner on Miramar project in Inwood, NYC. Taconic Partners is a prominent New York real estate development firm.
• Mintwood Real EstatecoreStrategic or Co-development PartnerWoman-led Dallas-based developer and partner on Oakhouse (219 units) and Loma (370 units) projects in North Oak Cliff, Dallas.
• Kōz DevelopmentcoreStrategic or Co-development PartnerWoman-led Seattle developer and repeat partner on three Kōz projects: Kōz in Lower Queen Anne (169 units, operating), Kōz on Wetmore (169 units, Everett), and Kōz on Alderwood (199 units, Lynnwood).
• Philadelphia Housing AuthoritycoreStrategic or Co-development PartnerPublic housing authority partner on Westpark project transforming a 12-acre vacant campus in West Philadelphia into 327 mixed-income units.
• Dallas Public Facility CorporationkeyStrategic or Co-development PartnerPublic entity partnership structure that ensures long-term 75-year affordability restrictions for Oakhouse project.
• Destination CrenshawkeyStrategic or Co-development PartnerNonprofit partner on The Clark on 54th project in Los Angeles, focused on revitalization without displacement along the historically African American Crenshaw corridor.
• Newark Museum of ArtkeyStrategic or Co-development PartnerCultural institution partner receiving 9,000 sq ft of exhibition gallery and pavilion space as part of Museum Parc development in Newark.
• L&M Development PartnerscoreStrategic or Co-development PartnerDevelopment partner affiliated with LMXD on Westpark project in Philadelphia alongside Philadelphia Housing Authority.
• Electric WorkskeyStrategic or Co-development PartnerMajor public-private partnership transforming the former GE campus in Fort Wayne. The Elex is the second phase of this mixed-use district with over 1 million sq ft of residential, education, healthcare, retail, and community space.
• Corner to CornerminorStrategic or Co-development PartnerCommunity-led nonprofit adjacent commercial tenant at Renaissance on Jefferson project in Nashville, supporting small business development for historically underestimated Nashvillians.
• Biggs GroupminorStrategic or Co-development PartnerFort Wayne-based development partner associated with Electric Works transformation; President Kevan Biggs provides endorsement quotes for The Elex project.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• The Community Builders: National nonprofit developer of mixed-income housing with deep public-sector relationships. Operates at similar AUM and unit scale as MSquared but with longer operating history, making it a comparable incumbent in the affordable/mixed-income niche.
• Pennrose: Long-standing multifamily developer and property manager with substantial affordable and mixed-income portfolio. Comparable in product type and mixed-income focus to MSquared, with broader operating geography and longer track record.
• L&M Development Partners: Established NYC-based mixed-income developer and parent of LMXD. MSquared partners with LMXD/L&M on both Miramar and Westpark, making L&M a directly comparable operator in the same product, geography, and partnership model.
• Tishman Speyer: Global mixed-use developer with deep NYC presence. Ian Lundy of MSquared came from Tishman Speyer; comparable on large-scale transit-oriented development, though Tishman Speyer's portfolio spans commercial, life sciences and market-rate as well.
• Taconic Partners: New York-based developer of mixed-income, mixed-use and commercial real estate. Joint partner with MSquared on Miramar, making Taconic a natural peer for large-scale, transit-oriented mixed-income projects in NYC.
• Preservation of Affordable Housing (POAH): Nonprofit acquirer/developer of affordable and mixed-income rental housing. Sara Myerson of MSquared's investment team served as POAH Chief of Staff; POAH offers a comparable impact-led platform with similar resident and income-mix philosophy.
• Goldman Sachs Urban Investment Group: Large-scale impact real estate investor; MSquared's founder and several team members came from this group and Goldman Sachs is also an LP/financing counterparty. Operates at much greater scale but shares the mixed-income impact thesis and capital-partner positioning.
• Carmel Partners: Institutional multifamily developer with significant workforce and mixed-income housing programs. Comparable in development scale and capital partner profile to MSquared, with broader geographic reach and a longer track record.

Direct peers

• LMXD: Affiliate of L&M Development Partners focused on mixed-income, mixed-use development. MSquared and LMXD are joint partners on Miramar (Inwood, NYC) and Westpark (Philadelphia), making LMXD the closest direct peer in scale, geography, and product mix.

Emerging players

• TruFund Financial Services: Mission-driven CDFI and impact investor with overlap in community development and minority-led developer financing. Smaller and less real-estate-focused than MSquared but a relevant emerging peer for impact-aligned deal flow targeting underserved developers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 MSquared