What Crescent Development does

Crescent Development is a privately held affordable housing development firm founded in 2015 and headquartered in Richmond, Virginia. The company develops, acquires, rehabilitates, and manages residential and mixed-use properties throughout Virginia's "Golden Crescent" region, with a portfolio of 11 named communities comprising more than 2,000 units delivered or under construction at a combined development cost exceeding $500 million. Its core operations involve acquiring and developing affordable housing — including senior-specific (55+) and active-adult communities as well as larger mixed-use projects with commercial components — funded through partnerships with financial institutions, housing authorities, and city planning departments that provide access to Low-Income Housing Tax Credit (LIHTC) financing and public-private deal structures.

The company's revenue model rests on two streams: rental income from its owned affordable housing units across Virginia, and developer fees on partner-driven projects. Individual communities are marketed through dedicated property-specific websites (e.g., The Oliver, The Mirage, Helios, The Horizon) with direct leasing to income-eligible tenants, while large-scale project acquisition is driven by an enterprise field sales motion targeting housing authorities, financial institutions, and civic stakeholders. Leadership is founder-controlled under CEO Zachery R. Frederick, who combines local Richmond market relationships with public/private partnership expertise. The firm operates with a notably lean team of 1-10 employees, executing a multi-year development pipeline extending through at least Q4 2027 with projects including The Cascade at Foundry Creek (128 senior units) and The Monarch at Cloverspring (240 units).

Name

Crescent Development

Legal name

Crescent Development

Website

https://crescent-development.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Crescent Development is a Richmond, Virginia-based affordable housing developer founded in 2015 that builds, acquires, and manages residential and mixed-use communities for low-income individuals, families, and seniors across Virginia's Golden Crescent region.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Land Subdivision (237210), Land Subdivision (23721), Continuing Care Retirement Communities (623311)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

akta.pro secondary industries

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB), Senior & Assisted Living Residential Property Management (BPAJAFAE), Community Development & Neighborhood Revitalization (CDBG, Place-Based Initiatives) (BPAIANAE)

Keywords

• Affordable housing development
• Mixed-use communities
• Residential property management
• Urban revitalization
• Low-income housing

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Rental Income from Affordable Housing Units: Crescent Development generates revenue through rental income from its portfolio of affordable housing units across Virginia. The company develops, acquires, rehabilitates, and manages residential and mixed-use properties.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Crescent Development develops, acquires, rehabilitates, and manages a portfolio of affordable housing and mixed-use residential communities across Virginia's "Golden Crescent" region. The company's portfolio includes eleven named communities comprising more than 2,000 units delivered or under construction since 2015, with combined development cost exceeding $500 million. Residents lease units in completed properties (The Oliver, The Mirage, The Concord, Wesbrook, The Horizon, Helios, The Compass), while upcoming properties (The Cascade at Foundry Creek, The Warwick at Foundry Creek, The Monarch at Cloverspring, The Phoenix at Cloverspring) are in development or planning.

Product overview

Crescent Development is an affordable housing development company that creates and manages residential communities across Virginia's 'Golden Crescent' region. The company operates as a portfolio of distinct residential properties rather than a unified software product. Their portfolio includes 11 named communities: completed properties (The Oliver, The Mirage, The Concord, The Horizon, The Compass, Wesbrook), under construction (Helios, The Cascade at Foundry Creek), and planned developments (The Warwick at Foundry Creek, The Monarch at Cloverspring, The Phoenix at Cloverspring). Since 2015, the company and its partners have delivered or have under construction more than 2,000 units with combined development costs exceeding $500 million.

Differentiator

Problem solved

Functional benefit

Products and services

• The Oliver A 164-unit residential community in Richmond, Virginia with 4,400 SF of commercial space, serving affordable housing residents in the Golden Crescent region.
• The Mirage A 139-unit residential community in Richmond, Virginia, providing affordable rental housing for low-income individuals and families.
• The Concord A 154-unit residential community in Richmond, Virginia providing affordable rental housing for low-income individuals and families.
• Wesbrook A mixed-use community in Richmond, VA featuring 189 apartment units, 36 rental townhomes, and 18,877 SF of commercial space, serving residential and commercial tenants.
• The Horizon A 305-unit residential community in Richmond, Virginia offering affordable rental housing for low-income individuals and families.
• Helios A 186-unit residential community in Henrico County, VA featuring 1, 2, and 3 bedroom apartments, providing affordable rental housing.
• The Compass A 160-unit active adult residential community in Richmond, VA featuring 1 and 2 bedroom apartments, designed for adult residents seeking age-appropriate amenities.
• The Cascade at Foundry Creek A 128-unit senior residential community (55+) in Richmond, VA featuring 1 and 2 bedroom apartments, purpose-built for senior residents.
• The Warwick at Foundry Creek A 216-unit residential community in Richmond, VA in development, providing affordable rental housing for low-income individuals and families.
• The Monarch at Cloverspring A 240-unit residential community in development, featuring 1, 2, and 3 bedroom apartments, planned for Q4 2027 launch to provide affordable rental housing.
• The Phoenix at Cloverspring A 152-unit residential community in development, designed to provide affordable rental housing for low-income individuals and families.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Local StakeholderscoreStrategic or Co-development PartnerCrescent Development partners with local stakeholders including civic organizations, community groups, and local government to develop, preserve, and manage housing that is accessible, dignified, and environmentally responsible. These partnerships are central to the company's mission and operational model.
• City Planning DepartmentscoreStrategic or Co-development PartnerCrescent Development collaborates with city planning departments to navigate regulatory landscapes and ensure community-aligned outcomes for urban development projects.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Pennrose: National developer and manager of affordable, mixed-income, and market-rate multifamily housing. Directly comparable to Crescent in LIHTC-financed development, mixed-use expertise, and partnership with public housing authorities.
• AMCAL Equities: Developer of affordable and market-rate multifamily housing throughout the Western and Southwestern U.S. Comparable to Crescent in LIHTC-financed multifamily development and mixed-use community delivery, with overlap on affordable housing programs.
• WinnCompanies: Owner, developer, and manager of affordable, market-rate, and military housing. Comparable to Crescent in the affordable multifamily ownership and management business, with broader geographic footprint and additional military housing segment.
• Fairstead: National affordable housing developer, owner, and operator with strong LIHTC pipeline. Comparable to Crescent in mission-driven affordable development and mixed-use community building, operating at a significantly larger national scale.
• Enterprise Community Development: Affordable housing developer and mission-driven affiliate of Enterprise Community Partners. Comparable to Crescent in affordable housing development, public/private partnerships, and community revitalization focus, with substantially broader geographic and capital reach.
• National Church Residences: Nonprofit developer and operator of senior and affordable housing communities. Comparable to Crescent in the senior/affordable housing development model, with Crescent's planned Cascade at Foundry Creek senior community aligning directly with NCR's core segment.
• L+M Development Partners: Affordable and mixed-income housing developer focused on urban neighborhoods. Comparable to Crescent in public/private partnership model, mixed-use integration, and community revitalization mission, primarily operating in the Northeast and Mid-Atlantic.
• The Michaels Organization: Developer and operator of affordable, market-rate, and student housing communities. Comparable to Crescent in the affordable housing development and long-term ownership/management model, with additional scale and student housing focus.
• The NRP Group: Large national developer, owner, and manager of affordable and market-rate multifamily housing. Closely comparable to Crescent in mission, LIHTC-driven development model, and mixed-income/mixed-use community delivery, though at significantly greater national scale.

Broad incumbents

• Volunteers of America National Services: National nonprofit developer and operator of affordable, senior, and supportive housing. Comparable to Crescent in mission-driven affordable and senior housing development with public/private partnerships, though operating at materially greater national scale as part of a national nonprofit.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/crescent-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Crescent Development