Novo Properties
Novo Properties is a Washington, DC-based multifamily owner, developer, and property manager serving third-party property owners and residential renters across the Mid-Atlantic, Chicago, and Maryland's Eastern Shore, with a managed portfolio of ~2,000 apartment homes and over $750M in cumulative real estate investment since 2003.
- Company typePrivate
- Founded2003
- HeadquartersWashington, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Novo Properties does
Novo Properties is a Washington, DC-based multifamily real estate owner, developer, and property manager founded in 2003. The company operates across three integrated business lines: (1) third-party property management services for ~46 multifamily properties utilizing the Yardi Voyager platform, (2) acquisition and ground-up development of value-add and core plus multifamily assets, with over $750 million of cumulative real estate investment and development executed since inception, and (3) NOVO Capital Partners, established in 2021, which provides mezzanine lending, capital allocation, and investment management services. The owned and managed portfolio comprises approximately 2,000 apartment homes across Washington DC, Northern Virginia, Suburban Maryland, Chicago, and Cambridge on Maryland's Eastern Shore, supported by a team of 101–250 employees across three regional offices.
The company's go-to-market combines a direct sales motion (third-party management contracts secured by VP Michelle Reed's division, with eight new contracts since 2020) with a self-serve digital rental application channel (rentals.livenovo.com). NOVO's specialized expertise in DC's Tenants Opportunity to Purchase Act (TOPA) — including partnerships with the Latino Economic Development Center (LEDC) and direct tenant association deals such as Glenwood Apartments (90 units) and 1320 Nicholson Street (24 units) — provides a regulatory deal-sourcing advantage in the DC metro market. The company maintains a private LP investor base serviced through a Juniper Square-powered investor portal and emphasizes a 'proactive stewardship' management philosophy.
In February 2026, Novo Properties was acquired by Proper, a Chicago-based national acquisitions and property management platform backed by private equity firm TriSpan. Under Proper's 'Flexible Autonomy' model, NOVO operates as one of six acquired operating companies, retaining its leadership team and local branding while gaining access to shared back-office services, enterprise purchasing power, and a combined portfolio of nearly 20,000 units across 15 states.
Novo Properties firmographics
Firmographics- Name
- Novo Properties
- Legal name
- Novo Properties
- Website
- https://livenovo.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Acquired
- Headcount range
- 101–250 employees
- Short description
- Novo Properties is a Washington, DC-based multifamily owner, developer, and property manager serving third-party property owners and residential renters across the Mid-Atlantic, Chicago, and Maryland's Eastern Shore, with a managed portfolio of ~2,000 apartment homes and over $750M in cumulative real estate investment since 2003.
- Ownership category
- akta.pro rank
Novo Properties industry classification
Industry- Product category
- Multifamily Property Management
- NAICS
- Real Estate Property Managers (53131), Residential Property Managers (531311), Lessors of Real Estate (5311)
- SIC
- Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)
- akta.pro primary industry
- Real Estate Investment Management (Acquisitions & Dispositions) (BPAJAMAK)
- akta.pro secondary industry
- Real Estate Management for Family Offices (Acquisition, Development, Property Ops) (FSAAADAI)
Keywords
Where Novo Properties is headquartered
LocationHeadquarters
- HQ city
- Washington
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Novo Properties business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Property Management Fees: NOVO generates revenue through property management fees charged to third-party property owners and from management of its own portfolio of approximately 2,000 apartment homes across Washington DC, Maryland, Virginia, Illinois, and Maryland's Eastern Shore.
- Real Estate Development and Investment: NOVO acquires, develops, and manages multifamily assets and infill development sites for profit. The company has executed over $750 million of real estate investment and development since inception in 2003, including $350M in value-add and core plus multifamily assets and $400M worth of mixed-use and multifamily development.
- NOVO Capital Partners - Mezzanine Lending: Established in 2021, NOVO Capital Partners focuses on mezzanine lending, capital allocation, and investment management services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Third-party property management services |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Novo Properties product offering
Product offeringCore offering
NOVO Properties acquires, develops, and manages multifamily real estate assets in core urban markets across the Mid-Atlantic and Chicago regions. The company provides third-party property management services, in-house asset management for its own portfolio, and operates a capital arm (NOVO Capital Partners) for mezzanine lending and investment management. The company manages approximately 2,000 apartment homes and has executed over $750M in real estate investment and development since its 2003 founding.
Product overview
NOVO Properties is a multifamily owner, developer, asset and property management organization offering a unified suite of real estate investment and management services. The core offerings consist of Property Management Services (third-party management utilizing Yardi Voyager, led by Michelle Reed) and Development and Acquisitions (acquiring value-add and core plus properties, plus infill ground-up development). In 2021, the company expanded with NOVO Capital Partners for mezzanine lending and investment management. The company manages a portfolio of approximately 2,000 apartment homes across Washington, DC, Maryland, Virginia, Chicago, IL, and Cambridge, MD, with properties including The Grayson (Alexandria, VA), The Trilogy at Hyde Park (Chicago, IL), and The Glenwood Apartments (Washington, DC).
Differentiator
Problem solved
Functional benefit
Products and services
- Property Management Services Third-party property management services for multifamily property owners, utilizing the Yardi Voyager platform for comprehensive reporting and financial analysis, focused on proactive stewardship and cost-saving technology. The division is led by VP Michelle Reed with a team of 43 associates and has secured eight new third-party management contracts since 2020.
- Development and Acquisitions Acquisition of value-add and core plus multifamily properties that are under-capitalized or under-valued, plus infill ground-up development in high barrier-to-entry sub-markets. NOVO Partners have executed over $750M of real estate investment and development since 2003, including $350M in value-add and core plus multifamily assets and $400M in mixed-use and multifamily development.
- NOVO Capital Partners Capital company established in 2021 focusing on mezzanine lending, capital allocation, and investment management services.
Quantifiable outcome
- Over $750M in real estate investment and development executed since inception
- +4 more outcomes
Companies that use Novo Properties
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Novo Properties technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Novo Properties partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Latino Economic Development Center (LEDC)coreNOVO partnered with LEDC to provide development agreements that allow building renovations while protecting moderate-income tenants. LEDC is a non-profit that helps tenant associations navigate TOPA transactions in DC.
- Tenants Associations (TOPA Partners)coreNOVO has become a trusted partner for tenant associations under DC's Tenants Opportunity to Purchase Act (TOPA), executing development agreements and taking assignments of tenant rights to purchase. Examples include Glenwood Apartments (90-unit) and 1320 Nicholson Street (24-unit).
Scale indicators7 records
Recent moves11 records
Expansion highlights5 records
Novo Properties competitors and assessment
Company assessmentDirect peers
- Bozzuto Group: Mid-Atlantic multifamily owner, operator, developer, and third-party property manager headquartered in Maryland. Closely mirrors NOVO's vertically integrated business model across the DMV region and competes for the same institutional and tenant-association opportunities.
- Grady Management: Mid-Atlantic multifamily property manager serving institutional and private owners across DC, Maryland, and Virginia. Competes with NOVO for third-party management contracts on similar client profiles.
- UIP Asset Management: DC-area residential property manager and investor focused on multifamily assets across the Mid-Atlantic. Overlaps with NOVO on both ownership and third-party management mandates in the same geography.
- WC Smith: Washington, DC-based multifamily owner, developer, and property manager with a long-standing footprint across the District and surrounding suburbs. Directly comparable in scale, geography, and the combination of in-house ownership plus third-party management.
Broad incumbents
- AvalonBay Communities: Large-cap, publicly traded multifamily REIT owning and operating apartments across high-barrier U.S. coastal markets. Overlaps with NOVO on institutional multifamily ownership in the Mid-Atlantic, but at national scale.
- Greystar Real Estate Partners: Largest U.S. multifamily property manager, developer, and investor, operating globally. Comparable in the third-party management and investment-management lines of business, though dramatically larger than NOVO.
- JBG SMITH Properties: Public REIT and large-scale developer/owner of mixed-use and multifamily properties across the DC metro. Overlaps with NOVO in target submarkets and asset classes but operates at significantly greater scale.
- Cushman & Wakefield: Global commercial real estate services firm whose Property Management practice serves institutional multifamily and mixed-use owners. Overlaps with NOVO on third-party management but as part of a much broader services portfolio.
- Equity Residential: Major publicly traded multifamily REIT focused on urban and high-density coastal apartment markets including Washington DC. Comparable investor/operator profile in target metros, though vastly larger in AUM.
- Berkshire Communities (Berkshire Hathaway): Multifamily investment and property management arm operating a large third-party managed portfolio across the U.S. Competes with NOVO for institutional third-party management mandates and value-add acquisitions in select metros.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Novo Properties social profiles
Digital presenceNovo Properties financial estimates
Financial estimateRevenue estimate
Valuation estimate
Novo Properties leadership team
Management profileNumber of profiles
Profiles11 records
Novo Properties subsidiaries and ownership
Company hierarchySubsidiaries1 record
Novo Properties funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Novo Properties M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Novo Properties
What does Novo Properties do?
NOVO Properties acquires, develops, and manages multifamily real estate assets in core urban markets across the Mid-Atlantic and Chicago regions. The company provides third-party property management services, in-house asset management for its own portfolio, and operates a capital arm (NOVO Capital Partners) for mezzanine lending and investment management. The company manages approximately 2,000 apartment homes and has executed over $750M in real estate investment and development since its 2003 founding.
Is Novo Properties a public or private company?
Novo Properties is a private company. It is classified as private equity controlled and is currently acquired.
When was Novo Properties founded?
Novo Properties was founded in 2003. It employs 101 to 250 people.
Where is Novo Properties based?
Novo Properties is headquartered in Washington, United States, in the North America region.
How does Novo Properties make money?
Three revenue lines are on record. Property Management Fees are the primary driver. The others are real Estate Development and Investment and NOVO Capital Partners - Mezzanine Lending.
Who are Novo Properties's main competitors?
Direct peers on record are Bozzuto Group, Grady Management, UIP Asset Management and WC Smith. Broad incumbents are AvalonBay Communities, Greystar Real Estate Partners, JBG SMITH Properties, Cushman & Wakefield, Equity Residential and Berkshire Communities (Berkshire Hathaway).
Does Novo Properties have an API?
No public API is recorded for Novo Properties.
What industry is Novo Properties in?
Novo Properties's product category is Multifamily Property Management. Its primary akta.pro industry code is BPAJAMAK, Real Estate Investment Management (Acquisitions & Dispositions), with a secondary code of FSAAADAI, Real Estate Management for Family Offices (Acquisition, Development, Property Ops). Its NAICS code is 53131 and its SIC code is 6532.