Keller Development

What Keller Development does

Keller Development, Inc. is a family-owned housing developer and general contractor headquartered in Fort Wayne, Indiana, founded in 1957 by Edward E. Keller, Sr. Originally a concrete and excavating subcontractor, the firm has evolved over four generations of family ownership into a vertically integrated affordable housing platform offering development, general contracting, and (via its 2006-formed subsidiary New Generation Management, Inc.) ongoing property management. The company specializes in Low Income Housing Tax Credit (LIHTC) transactions and serves non-profit housing agencies, housing authorities, and government entities across Indiana, Illinois, and Kentucky, with a portfolio of 70+ completed developments spanning family, senior, and multi-family housing.

The business operates on a relationship-driven B2B model: project deal flow is sourced and executed through a long-standing network of tax credit syndicators (CREA, Merchants Capital), lenders (Old National Bank), LIHTC counsel (Kuhl & Grant), architects (MartinRiley, Douglas A. McComb), accountants (MCM CPAs), and non-profit co-developers (Brightpoint, Pioneer Development). The company holds NGBS Green Partner of Excellence and LEAD-SAFE Certified Firm designations, positioning it for green-certified affordable housing projects, and also provides consulting services to non-profit agencies navigating affordable housing development. Pricing and project economics are not publicly disclosed, and revenue is generated through a mix of developer fees, general contracting margins, and recurring managed-services fees from the property management subsidiary.

Keller Development's strategic posture is that of a measured, capital-disciplined regional specialist rather than a high-growth platform. The firm is privately held with no institutional investors, no disclosed M&A activity, and no public funding history; competitive differentiation rests on multi-generational LIHTC expertise, embedded partner relationships, green-building credentials, and full-lifecycle vertical integration from site selection and financing coordination through construction to long-term property management.

Name

Keller Development

Legal name

Keller Development, Inc.

Website

https://kellerdev.com

Company type

Private

Founded year

1957

Operating status

Operating

Headcount range

11–50 employees

Short description

Keller Development is a family-owned Indiana-based affordable housing developer and general contractor offering vertically integrated development, construction, and property management services, primarily serving non-profit agencies, housing authorities, and government entities across Indiana, Illinois, and Kentucky via LIHTC-financed projects.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Land Subdivision (23721)

SIC

Operative Builders (1531), General Bldg Contractors - Residential Bldgs (1520), Operators Of Apartment Buildings (6513), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Residential Affordable Housing Development & Construction (IMAFABAI)

akta.pro secondary industries

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC), Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD), Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB)

Keywords

• Affordable housing development
• General contracting services
• Property management services
• LIHTC housing projects
• Residential construction services

Headquarters

HQ city

Fort Wayne

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Housing Development: Development fees from creating affordable and market rate housing communities across Indiana, including site selection, project financing coordination, and construction management.
2. General Contracting: Construction services for affordable housing projects, providing quality construction on time and within budget.
3. Property Management: Property management services through New Generation Management, Inc. (formed in 2006) for all of Keller's housing developments, providing ongoing service from development through construction to property management.
4. Consulting Services: Consulting services to non-profit agencies to help navigate the complexities of developing, building, and managing affordable housing communities.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Keller Development develops, builds, and manages affordable and market-rate housing communities across Indiana and surrounding states. The company provides vertically integrated services covering site selection, project financing coordination, construction management, and ongoing property management through its subsidiary New Generation Management, Inc. It also acts as a general contractor for affordable housing projects and as a consultant to non-profit agencies navigating affordable housing development.

Product overview

Keller Development is a family-owned housing developer and general contractor offering a three-part service portfolio: (1) Housing Development, which builds and develops affordable and market rate housing communities across Indiana through new construction and rehabilitation; (2) General Contracting, providing construction services for affordable housing with a focus on quality, timeliness, and budget compliance; and (3) Property Management, delivered through their subsidiary New Generation Management, Inc. The company also provides consulting services to non-profit agencies for affordable housing development. Founded in 1957, the company serves multiple segments including family housing, senior living, and single-family communities.

Differentiator

Problem solved

Functional benefit

Products and services

• Housing Development Development of affordable and market-rate housing communities across Indiana and surrounding states, including site selection, project financing coordination, new construction, and rehabilitation for families, seniors, and individuals.
• General Contracting General contracting services providing quality construction for affordable housing projects, delivered on time and within budget for non-profit agencies, housing authorities, and government entities.
• Property Management Property management services for Keller Development's housing communities, delivered through its wholly owned subsidiary New Generation Management, Inc.
• Affordable Housing Consulting Consulting services for non-profit agencies to help navigate the complexities of developing, building, and managing affordable housing communities, including guidance on LIHTC financing and regulatory compliance.

Quantifiable outcome

• Over 70 housing developments completed across Indiana and surrounding states
• +1 more outcomes

Named customers6 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

Eight partnerships are on record, tiered core and minor.

• New Generation Management, Inc.coreOthersProperty management subsidiary formed in 2006 to provide property management services for all of Keller's housing developments. This vertical integration strengthened the level of service from initial development through construction to property management.
• Douglas A. McComb, Inc.minorImplementation/ SI/ Consulting PartnerArchitecture firm providing architectural services for housing development projects.
• Kuhl & Grant, LLPcoreImplementation/ SI/ Consulting PartnerTax credit and real estate law firm providing legal counsel for affordable housing transactions and tax credit structuring.
• CREA, LLCcoreStrategic or Co-development PartnerTax credit syndicator providing LIHTC financing for affordable housing developments. Long-term partnership spanning over two decades.
• MCM CPAs & Advisors, LLPminorImplementation/ SI/ Consulting PartnerAccounting firm providing financial and tax credit accounting services for housing developments.
• BrightpointcoreStrategic or Co-development PartnerNon-profit housing partner; Keller Development is described as 'vitally important partner' to Brightpoint for housing development initiatives.
• Pioneer Development Services, Inc.coreStrategic or Co-development PartnerAffordable housing developer partner; Terry Keusch describes Keller Development as an 'ideal joint venture partner' for development, construction, and management services.
• MartinRiley Architects & EngineersminorImplementation/ SI/ Consulting PartnerArchitecture and engineering firm that has collaborated with Keller Development on multiple projects as developer partner, construction partner, or both, characterized by collaborative approach.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• McCormack Baron Salazar: National developer of affordable and mixed-income LIHTC communities, often working with mission-driven non-profit partners and public housing authorities. Comparable in mission, LIHTC focus, and partnership with non-profit agencies for affordable housing development.
• Beacon Communities: Boston-based affordable housing developer and operator with a vertically integrated platform built around LIHTC and public housing redevelopment. Comparable as a development-plus-property-management affordable housing specialist serving institutional and public-sector partners.
• The Michaels Organization: New Jersey-based developer, general contractor, and property manager focused on affordable and workforce housing, with strong LIHTC and public housing expertise. Mirrors Keller's vertically integrated affordable housing delivery and operating platform.
• Woda Cooper Companies: Midwest-based affordable housing developer and general contractor specializing in LIHTC-financed multifamily and senior communities across multiple states. Highly comparable integrated developer/GC model with similar exposure to LIHTC syndicators and rural/secondary markets.
• Dominium: Minneapolis-based developer and manager of affordable LIHTC, project-based Section 8, and workforce housing communities nationwide. Comparable business model centered on LIHTC development with long-term property management.
• The NRP Group: Cleveland-based developer, general contractor, and property manager focused on LIHTC affordable housing and mixed-income communities across multiple states. Closely parallels Keller's vertically integrated development-to-management model on affordable housing, though at meaningfully larger scale.
• Pennrose: Philadelphia-based affordable housing developer with in-house general contracting and property management arms that delivers LIHTC-financed communities for families, seniors, and mixed-income populations. Directly comparable for the integrated affordable housing development model Keller operates.
• TWG Development: Indianapolis-based affordable housing developer and general contractor serving Indiana and surrounding states with LIHTC-financed family, senior, and supportive housing. Highly comparable in scale, geographic focus, and integration of development, construction, and property management for affordable communities.

Broad incumbents

• The Related Companies (Affordable): Large, diversified national real estate firm with a substantial affordable housing arm delivering LIHTC and mixed-income communities. Comparable in the affordable LIHTC product line but operates at much greater scale and across broader real estate categories than Keller.

Regional players

• Weigand Construction: Fort Wayne, Indiana-based general contractor with broad construction capabilities including multi-family and commercial work. Compares as a regional general contractor in the same Fort Wayne market, though broader in scope and not specialized in LIHTC affordable housing development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 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 Keller Development