What SAA|EVI does

SAA|EVI is a privately held, minority-owned real estate development company specializing in affordable, mixed-income, and workforce housing across urban markets. Formed in 2010 through the combination of Stuart Alexander and Associates (founded 1977 in Buffalo, NY) and Ernst Valery Investments Corp. (founded 2001), the firm is co-led by Ernst Valery and David Alexander, both Columbia MSRED graduates. SAA|EVI operates across 10 states (New York, Maryland, Pennsylvania, Virginia, California, Washington D.C., Florida, Illinois, Maine, and Michigan) with a portfolio of more than 2,500 units and a development pipeline approaching $2 billion.

The company's core capability is navigating complex affordable housing financing structures, including 9% and 4% Low Income Housing Tax Credits (LIHTC), Historic Tax Credits, New Markets Tax Credits, tax-exempt bonds, HUD financing, RAD conversions, and Section 8 project-based contracts. Projects range from small mixed-use buildings (8 units) to large multifamily communities (up to 2,039 units at Edenwald), with notable developments including Pilgrim Village Family and Senior (237-unit net-zero energy development in Buffalo), St. Luke Apartments ($110M renovation in Richmond, VA), and Nelson Kohl Apartments (first Class-A mid-rise in Baltimore's Station North district). The firm also operates the Aequo Fund, a $6.25 million investment vehicle that deploys capital to minority and women developers.

SAA|EVI generates revenue primarily through developer fees, equity returns on completed projects, and recurring asset management fees on its owned portfolio. Distribution is enterprise-oriented, relying on competitive RFPs, public-private partnerships, and direct negotiations with HUD, state and local housing authorities, and institutional tax credit equity partners (notably RedStone Equity Partners and Stratford Capital Group). The firm's differentiator is its "development without displacement" philosophy, which combines community engagement, tenant councils, and anti-displacement mechanisms to build political and community support for projects in revitalization contexts. The company has offices in Buffalo (headquarters), New York City, Baltimore, Miami, and Richmond.

Name

SAA|EVI

Legal name

SAA|EVI

Website

https://saaevi.com

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

1–10 employees

Short description

SAA|EVI is a minority-owned real estate developer specializing in affordable, mixed-income, and workforce housing across 10 U.S. states, using LIHTC, HUD, and tax-exempt bond financing to deliver community revitalization without displacement.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131), Lessors of Real Estate (5311)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Affordable & Public Housing Asset Management (BPAJAMAI)

akta.pro secondary industries

Affordable Housing Property Management (BPAJAGAJ), Residential Real Estate Asset Management (BPAJAMAA), New Development / Declarant Transition Management (BPAJAHAK)

Keywords

• Affordable housing development
• Real estate development
• Urban community revitalization
• Mixed-income housing
• Low income housing tax credits

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development and Sales: SAA|EVI generates revenue through development fees, property sales, and capital stack participation in real estate projects. The company structures deals with multiple revenue components including developer fees, asset management fees, and equity returns from completed properties. Revenue is primarily one-time transaction-based from development projects rather than recurring streams.
2. Asset Management: The company earns ongoing asset management fees from properties in their portfolio, providing recurring revenue from properties they have developed or acquired and continue to manage on behalf of investment partners.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

SAA|EVI is a community-focused real estate developer that acquires, finances, builds, and manages affordable, mixed-income, and senior housing developments across 10 U.S. states. The firm delivers turnkey development services—from land acquisition and complex financing structuring (LIHTC, tax-exempt bonds, RAD conversions) through construction, lease-up, and ongoing asset management—working with public housing authorities, HUD, and institutional equity partners. Its signature offering is a "development without displacement" approach to neighborhood revitalization, including a $6.25MM Aequo Fund supporting minority and women developers.

Product overview

SAA|EVI is a real estate development company offering a portfolio of residential properties and consulting services. The company's core products include affordable and mixed-income housing developments across multiple states, ranging from senior housing (Hertel Park Senior Residences, Walden Park Senior Residences, Trinity Tower Apartments) to family housing (Pilgrim Village Family and Senior, Susquehanna Residences) to market-rate properties (Nelson Kohl Apartments, Ministry Lofts at St. Michael's). The company also provides consulting services through its Downtown Revitalization Initiatives practice and operates the Aequo Fund, a $6.25 million investment fund supporting minority developers. Properties range from 8-unit mixed-use developments to 496-unit apartment communities, with total portfolio of over 2,500 units and nearly $2 billion in development pipeline. The company emphasizes sustainable, net-zero energy designs and a "development without displacement" philosophy.

Differentiator

Problem solved

Functional benefit

Brands

• Aequo Fund: A $6.25 million fund founded by Ernst Valery in 2021 to provide capital to black, brown, women, and immigrant developers. Latin verb meaning 'to level' or 'to be equal.' Fund 1 is active in Buffalo, Philadelphia, Baltimore, Richmond, and Portland, Maine.

Products and services

• Susquehanna Residences A 78-unit multifamily affordable housing property in Philadelphia with senior preference and a community wing providing supportive services. Units available at 30% and 50% AMI through partnership with Philadelphia Housing Authority.
• St. Luke Apartments A 496-unit affordable housing garden-style apartment community in Richmond, VA (Henrico County). Formerly Essex Village, acquired in 2017 and undergoing a $110 million renovation program. Named in honor of Maggie Lena Walker.
• Allegheny West Plaza A 45-unit senior residential facility in Philadelphia with 9,000 SF of ground floor retail space adjacent to a major transportation hub in North Philadelphia.
• Hertel Park Senior Residences A 138-unit senior housing property in Buffalo, NY (originally completed 1996) with 22,000 square feet of market-rate ground floor retail space. First major urban infill development combining affordable housing with market-rate retail.
• Pilgrim Village Family and Senior Two new buildings consisting of 237 units designed to achieve net zero energy in Buffalo's revitalizing Buffalo-Niagara Medical corridor. Largest multifamily development financed by LIHTC in New York outside of NYC to achieve net zero energy. Combined project cost approximately $88 MM.
• The Forge on Broadway A 158-unit mixed-income housing development with 10,000 square feet of ground floor commercial space. First phase of master planned development at the former Buffalo Forge Manufacturing site on Buffalo's Eastside. A $51 MM project.
• Nelson Kohl Apartments The first Class-A mid-rise, market-rate apartment building in Baltimore's Station North Arts and Entertainment District. An 8-story, 103-unit building with transit-oriented design, featuring a public green roof, gym, art gallery, and ground-floor retail including Milk and Honey cafe.
• Ministry Lofts at St. Michael's Historic renovation of the former St. Michael's Church complex in Baltimore's Upper Fells Point neighborhood. 37 unique lofts in the former parochial school, theatre, and rectory. The sanctuary was converted to Ministry of Brewing, a 200-seat brewpub.
• St. James Apartments An existing 151-unit senior affordable housing high-rise in Baltimore, MD, originally built in 1968. Development partnership with Stratford Capital Group includes securing a new 20-year Section 8 Project Based Contract.
• Park Heights Apartments A 100-unit senior affordable housing high-rise in Baltimore, MD, originally built circa 1968. Refinanced with Tax Exempt Bonds, HUD 221(d)(4) credit enhancement, and 4% LIHTC in partnership with Stratford Capital Group.
• Langdon Apartments A proposed 33-unit, 100% affordable new construction development in Washington, D.C. Being developed in partnership with D.C. Coalition for Housing Justice and Avanti Real Estate Services.
• Parkview Apartments A 26-unit affordable housing redevelopment in Buffalo, NY, converted from former Public School 59. A 4-story, 36,031 square foot property with community room, laundry facility, and exterior elevator.
• Beckett Gardens Apartments A 132-unit affordable housing garden-style apartment complex in Philadelphia with expiring Section 8 contract. Renovated with energy-efficient and green construction standards including solar panels. Includes new 8,500 square foot community center.
• Walden Park Senior Residences A 126-unit affordable senior housing complex in Buffalo, NY, built in 1994 using competitive 9% LIHTC allocation. Constructed on accelerated 9-month schedule.
• Trinity Tower Apartments An 83-unit senior affordable housing high-rise in Buffalo, NY, originally built in 1968. RAD conversion from HUD to Project Based Vouchers with Tax Exempt Bonds, LIHTCs, and seller note financing.
• The Chesapeake Retail + Apartments A mixed-use property across from Baltimore's Pennsylvania Station. 8 residential units plus commercial retail space in the Station North Arts and Entertainment District, renovated in November 2014.
• Downtown Revitalization Initiatives Consulting Consulting services for New York's Downtown Revitalization Initiatives program, which invests $100 million into downtown neighborhoods. Projects include Geneva, NY, Rome, NY, Binghamton, NY, and Auburn, NY.
• Aequo Fund A $6.25 million fund founded by SAA|EVI President Ernst Valery to provide capital to black, brown, women, and immigrant developers. Fund 1 has raised $6.2MM and deployed nearly $3MM into ten investments controlled by minorities or women. Active in Buffalo, Philadelphia, Baltimore, Richmond, and Portland, Maine.
• Edenwald Apartments (NYCHA PACT RAD Conversion) A 2,039-unit public housing RAD conversion in the Bronx, New York City, awarded to SAA|EVI in partnership with Camber Property Group through NYCHA PACT Round 9 in 2021. Represents SAA|EVI's first deal in New York City and one of the largest public housing conversions in recent years.

Quantifiable outcome

• Pilgrim Village Family and Senior will be the largest multifamily development financed by Low Income Housing Tax Credits in New York outside of NYC to achieve net zero energy
• +3 more outcomes

Named customers5 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

Partnerships

Six partnerships are on record, tiered major, flagship, strategic and minor.

• L+M Development PartnersmajorStrategic or Co-development Partner · 23 December 2022L+M Development Partners and SAA|EVI acquired Concordia Place Apartments in Chicago in December 2022, expanding the company's portfolio to the Chicago market.
• Camber Property GroupflagshipStrategic or Co-development Partner · 1 January 2021Partnership with Camber Property Group awarded NYCHA PACT Round 9 in 2021, a RAD conversion of the 2,039-unit Edenwald Apartments in New York City. This represents SAA|EVI's first deal in New York City and one of the largest public housing conversions in recent years.
• Penn Station PartnersmajorStrategic or Co-development Partner · 1 January 2021SAA|EVI President Ernst Valery joined the Penn Station Partners development team in 2021 to renovate the historic Baltimore Penn Station. The project is anticipated to total over $500 million in investment.
• Baltimore Development CorporationmajorStrategic or Co-development PartnerBaltimore Development Corporation sold land through a City-issued RFP and LDA process to SAA|EVI for the Nelson Kohl development. Example of successful public-private partnership where the city provides land, private sector provides capital.
• Bronx Cooperative Development Initiative (BCDI)strategicStrategic or Co-development PartnerBCDI, a community organization, is exploring a development without displacement strategy in the South Bronx with SAA|EVI affiliate Ernst Valery Investments Corp. BCDI brings community relationships and facilitation capabilities.
• Uplift SolutionsminorChannel Partner/ Reseller/ DistributorUplift Solutions occupies the majority of retail space at Allegheny West Plaza in North Philadelphia as their company headquarters, creating an anchor tenant relationship in a mixed-use senior housing development.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• The Related Companies: Large, diversified national developer with a major affordable housing arm (Related Affordable) operating across the same LIHTC, RAD, and mixed-income segments as SAA|EVI, but at meaningfully greater scale and capital base.
• WinnCompanies: National multifamily developer, owner, and manager with a substantial affordable housing portfolio. Competes with SAA|EVI for LIHTC allocations, RAD deals, and housing authority partnerships across multiple Northeast and Mid-Atlantic markets.
• Enterprise Community Partners: National nonprofit providing capital, development, and policy advisory for affordable housing. Listed as a partner of SAA|EVI and operates overlapping LIHTC and HUD investment programs — adjacent competitor/partner rather than direct deal competitor.

Direct peers

• Pennrose: Multi-state developer and property manager of affordable, mixed-income, and market-rate housing using LIHTC and HUD financing. Closely comparable in geographic diversification, financing toolset, and mission orientation.
• L+M Development Partners: Mission-driven affordable and mixed-income housing developer with deep LIHTC, HUD, and RAD experience across the Northeast and Mid-Atlantic. Direct comparable to SAA|EVI; the two have even partnered on the Concordia Place acquisition in Chicago.
• Jonathan Rose Companies: Mission-driven real estate firm developing and preserving affordable and mixed-income housing using LIHTC and green-building strategies. Comparable development pipeline scale and 'development without displacement'-style community impact orientation.
• The NHP Foundation: Nonprofit affordable and supportive housing developer/owner across the U.S. that uses LIHTC, RAD, and project-based Section 8 — directly overlapping SAA|EVI's financing approach and resident mix (seniors, families, supportive housing).
• Camber Property Group: NYC-based affordable and mixed-income developer specializing in RAD conversions and large public-housing recapitalizations. Co-developer with SAA|EVI on the 2,039-unit NYCHA PACT Edenwald Apartments.
• Preservation of Affordable Housing (POAH): Nonprofit that preserves and develops affordable rental housing, with active LIHTC and HUD-financed acquisitions and rehabilitations — directly comparable to SAA|EVI's distressed-asset turnaround model (e.g., Essex Village/St. Luke).

Emerging players

• BRP Companies: NYC-based affordable and mixed-income developer with a growing LIHTC and mixed-use pipeline, including partnerships on major affordable and supportive housing projects. Closely comparable in geography and use of NY/NJ housing finance programs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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 SAA|EVI