Ernst Valery Investments

What Ernst Valery Investments does

Ernst Valery Investments (EVI) is a private real estate production, innovation, and investment firm founded in 2001 and headquartered in Baltimore, Maryland, with regional offices in New York and Chicago. The firm specializes in affordable and workforce housing development in overlooked urban neighborhoods, operating primarily as a B2G (business-to-government) developer that partners with public housing authorities and city agencies on PACT/RAD conversions, LIHTC (Low-Income Housing Tax Credit) acquisition-rehabilitation projects, and mixed-income new construction. EVI's portfolio spans 6,000+ completed and in-progress units across 10+ states with $2B+ in capital deployed, including landmark projects such as the 2,000+ unit Edenwald Houses PACT conversion in the Bronx ($750M+ investment), the 297-unit Concordia Place rehabilitation in Chicago ($100M), and the first intergenerational care-based co-housing project in the United States (CareHaus).

The firm generates revenue through development fees on new construction and rehabilitation projects, LIHTC syndication and asset management fees, ongoing rental income from owned and operated affordable housing properties, and management fees from the $6.25M Aequo Fund, which provides capital to underrepresented developers. EVI distributes its services through direct partnerships with housing authorities (NYCHA, HABC), LIHTC syndication with institutional investors, and joint ventures with established developers such as L+M Development Partners. The firm's go-to-market is relationship-driven rather than technology-driven, relying on prior staff tenure at housing finance agencies (HABC, IHDA), MIT CoLab network ties, and earned media coverage. EVI maintains a parallel impact ecosystem via the Aequo Foundation's 2:1 savings match program for tenant families, complementing its core development business with community wealth-building infrastructure.

Name

Ernst Valery Investments

Legal name

Ernst Valery Investments

Website

https://eviequity.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Short description

Ernst Valery Investments is a private real estate development firm founded in 2001 that partners with public housing authorities and cities on affordable housing preservation, PACT/RAD conversions, and LIHTC projects across 10+ U.S. states, deploying $2B+ in capital.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Other Activities Related to Real Estate (531390), Residential Property Managers (531311), Real Estate Property Managers (53131), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate (6500)

akta.pro primary industry

Real Estate Investment Management (Acquisitions & Dispositions) (BPAJAMAK)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD), Residential Real Estate Asset Management (BPAJAMAA)

Keywords

• Affordable housing development
• LIHTC investments
• Public housing conversion
• Community development finance
• Mixed-income housing

Headquarters

HQ city

Baltimore

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development Fees: EVI earns development fees on new construction and rehabilitation projects, typically structured as a percentage of total development costs. Fees are realized at project completion or in installments aligned with construction milestones.
2. Tax Credit Equity (LIHTC): EVI deploys and manages Low-Income Housing Tax Credit investments, earning syndication fees and ongoing asset management fees from tax credit partnerships with investors seeking affordable housing tax benefits.
3. Property Ownership and Operations: EVI owns and operates completed affordable housing properties, generating ongoing rental income from tenant leases. Properties are managed to maintain affordability compliance (typically 15-30 year compliance periods).
4. Aequo Fund Investment Management: The $6.25 million Aequo Fund provides capital to Black, Brown, women, and immigrant developers, generating management fees and carried interest for EVI. The fund focuses on expanding affordable housing through mission-aligned development partnerships.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Ernst Valery Investments is a private real estate production, innovation, and investment firm that develops, owns, and operates affordable and mixed-income housing in overlooked urban neighborhoods across the United States. The firm delivers development services spanning LIHTC new construction, large-scale PACT/RAD public housing conversions, and acquisition-rehabilitation projects, while also operating The Aequo Fund (a $6.25M impact investment vehicle for underrepresented developers) and The Aequo Foundation (which administers a 2:1 savings match program for tenant families). EVI partners directly with public housing authorities, city agencies, and institutional LIHTC investors to deploy capital into community-centered affordable housing.

Product overview

Ernst Valery Investments (EVI) is a private real estate production, innovation, and investment firm operating a portfolio of affordable housing and mixed-use development projects. The firm offers two named impact vehicles: The Aequo Fund ($6.25M investment vehicle providing capital to underrepresented developers) and The Aequo Foundation (administering a 2:1 savings match program for tenant families). EVI's core portfolio spans 23+ named development projects including large-scale PACT/RAD conversions (Edenwald Houses - 2,000+ units, $750M+), acquisition-rehabilitation LIHTC properties (Concordia Place - 297 units, $100M; Lafayette Plaza - 196 units, $30M+), intergenerational co-housing (CareHaus), and various new construction, adaptive reuse, and mixed-income residential projects across Baltimore, New York, Chicago, Philadelphia, Buffalo, and Memphis.

Differentiator

Problem solved

Functional benefit

Brands

• The Aequo Fund: A $6.25 million investment vehicle providing capital to Black, Brown, women, and immigrant real estate developers for affordable housing projects.
• The Aequo Foundation

Products and services

• The Aequo Fund A $6.25 million impact investment vehicle that provides capital to Black, Brown, women, and immigrant real estate developers pursuing affordable housing projects across major U.S. cities. The fund generates management fees and carried interest for EVI while expanding affordable housing through mission-aligned development partnerships.
• Aequo Foundation Programs Community wealth-building programs administered by the Aequo Foundation, including a 2:1 savings match program for tenant families and scholarships/mentorship for emerging developers. The foundation supports EVI residents and the broader affordable housing developer ecosystem.
• Affordable Housing Development Services

Quantifiable outcome

• 2,000+ public housing units preserved and modernized through Edenwald PACT conversion without resident displacement
• +4 more outcomes

Named customers4 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

Seven partnerships are on record, tiered core, major and strategic.

• L+M Development PartnerscoreStrategic or Co-development PartnerL+M Development Partners is a co-investor and joint-venture development partner with EVI on major acquisition-rehabilitation projects including Concordia Place ($100M) and Lafayette Plaza ($30M+). L+M brings additional capital capacity and underwriting expertise to large-scale LIHTC transactions.
• New York City Housing Authority (NYCHA)coreStrategic or Co-development PartnerNYCHA is the public housing authority partner for the Edenwald Houses PACT/RAD conversion — one of the largest public housing transformations in NYC history at 2,000+ units and $750M+ investment. EVI and partners work with NYCHA to convert public housing to project-based Section 8 while preserving affordability.
• New York City Housing Development Corporation (HDC)majorStrategic or Co-development PartnerNYC HDC provided financing for the $783 million PACT modernization project at Edenwald Houses, announced in 2023. HDC serves as a key financing partner for affordable housing preservation in New York City.
• Aequo FoundationcoreStrategic or Co-development PartnerThe Aequo Foundation is a partner organization (not a subsidiary of EVI) that administers the Aequo Savings Match Program for tenant families across EVI's residential portfolio. It also supports emerging developers through scholarships, mentorship, and university partnerships. EVI founder Ernst Valery established both the Aequo Fund and Aequo Foundation.
• MIT CoLab (Massachusetts Institute of Technology Community Labs)strategicStrategic or Co-development PartnerEVI Managing Director Ernst Valery is a Mel King Community Fellow at MIT CoLab. EVI collaborates with MIT CoLab professionals globally to incubate businesses designed to build wealth and increase access to opportunity for tenant families and local communities.
• Housing Authority of Baltimore City (HABC)coreStrategic or Co-development PartnerHABC partnership enables EVI's work underwriting and converting public housing to privately owned and managed affordable housing through HUD's Rental Assistance Demonstration (RAD) program. EVI team member Michael Ryan previously worked for HABC in this capacity.
• Illinois Housing Development Authority (IHDA)strategicStrategic or Co-development PartnerIHDA is the Illinois state housing finance agency that provides LIHTC, Tax Exempt Bonds, Risk Share Insured Senior Debt, and subordinate loans for multifamily affordable housing projects. EVI team member Michael Ryan previously worked in IHDA's Multifamily Finance Department.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Enterprise Community Partners: Enterprise is a national nonprofit that combines LIHTC development, financing, and policy advocacy at much greater scale than EVI, operating as both a competitor and a capital source for affordable housing developers.
• The Related Companies: Related Companies is a major national real estate firm with a large affordable housing division (Related Affordable) that executes LIHTC and mixed-finance deals at far greater scale than EVI, providing a broader incumbent benchmark.
• Habitat for Humanity International: Habitat for Humanity is a large-scale nonprofit affordable housing developer with a mission-driven model adjacent to EVI's, though focused more on for-sale homeownership than the multifamily rental LIHTC niche EVI operates in.

Direct peers

• The NHP Foundation: NHP Foundation is a nonprofit affordable housing developer/owner that builds and preserves affordable and mixed-income rental housing using LIHTC and public financing, closely matching EVI's preservation and development model.
• Aeon: Aeon is a Midwest-focused nonprofit affordable housing developer and owner that builds, owns, and manages LIHTC-financed rental communities with a comparable size, mission, and resident-services emphasis.
• BRIDGE Housing: BRIDGE Housing is a West Coast nonprofit affordable housing developer that builds, owns, and manages LIHTC-financed rental communities with a similar mission-driven, resident-centered development approach to EVI.
• Pennrose: Pennrose is a privately held affordable housing developer and owner-operator executing LIHTC new construction and rehabilitation across multiple U.S. states, with comparable project size, financing structures, and resident-centered mission.
• Jonathan Rose Companies: Jonathan Rose Companies is a mission-driven real estate investment and development firm focused on affordable and mixed-income housing, with a comparable portfolio approach of acquiring, developing, and preserving multifamily communities.
• L+M Development Partners: L+M is EVI's JV partner on Concordia Place and Lafayette Plaza and is itself one of the largest affordable housing developers in the Northeast, executing LIHTC and mixed-income developments of directly comparable scale and structure.
• WinnCompanies: WinnCompanies is one of the largest affordable housing owners and property managers in the U.S., combining LIHTC development with long-term property management — a hybrid model directly comparable to EVI's own.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ernst-valery-investments-corp

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 Ernst Valery Investments