Norstar Development
Norstar Development engages in residential, commercial, retail, and industrial property development and construction services.
- Company typePrivate
- Founded-
- HeadquartersBuffalo, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
Norstar Development firmographics
Firmographics- Name
- Norstar Development
- Legal name
- Norstar Development USA, L.P.
- Website
- https://norstarus.com
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Norstar Development engages in residential, commercial, retail, and industrial property development and construction services.
- Ownership category
- akta.pro rank
Norstar Development industry classification
Industry- Product category
- Affordable Housing Development
- NAICS
- New Multifamily Housing Construction (except For-Sale Builders) (236116), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (62331), Land Subdivision (2372)
- SIC
- Land Subdividers & Developers (No Cemeteries) (6552), Investors, Nec (6799)
- akta.pro primary industry
- Residential Affordable Housing Development & Construction (IMAFABAI)
- akta.pro secondary industries
- Public & Affordable Housing Programs (Subsidies, Vouchers, Public Housing) (BPAIANAA), Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH), Greenfield Site Origination & Land Acquisition (Leases, Easements, Title) (EUAMAAAA)
Keywords
Where Norstar Development is headquartered
LocationHeadquarters
- HQ city
- Buffalo
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Norstar Development business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Affordable Housing Development: Development fees from constructing affordable housing units in partnership with public housing authorities, state agencies, and private developers. Revenue generated through government-funded programs including LIHTC, HUD RAD, and various state housing programs.
- General Contracting: Norstar Building Corporation acts as general contractor on projects, with construction contracts exceeding $275 million over the last decade.
- Property Management: Property management fees through Norstar Property Management USA and Norstar Accolade Property Management, managing thousands of units throughout Florida, Texas, and Alabama.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Norstar Development product offering
Product offeringCore offering
Norstar Development USA, L.P. develops affordable, market-rate, senior, and supportive multifamily housing in partnership with public housing authorities, state housing finance agencies, and non-profit organizations. Projects are financed through federal programs (LIHTC, HUD RAD, Choice Neighborhoods) and state housing agencies. The company provides end-to-end services including development, general contracting through Norstar Building Corporation, and property management through Norstar Property Management USA and Norstar Accolade Property Management (over 6,000 multifamily units).
Product overview
Norstar Development USA is an affordable housing development company operating through a portfolio of specialized subsidiaries and service lines. The core business centers on Norstar Development USA L.P. as the primary development entity, supported by Norstar Building Corporation for general contracting services, two property management companies (Norstar Property Management USA and Norstar Accolade Property Management managing over 6,000 units), and Norstar Solar LLC for renewable energy. The company develops affordable housing, market-rate apartments, senior housing, supportive housing for special populations, and historic rehabilitations across five U.S. states. Norstar has been ranked among the top 50 Affordable Housing Developers nationally, particularly known for public housing revitalization projects utilizing LIHTC, HUD programs, and state housing finance mechanisms.
Differentiator
Problem solved
Functional benefit
Products and services
- Norstar Development USA L.P. Core affordable housing development subsidiary responsible for developing residential communities across multiple U.S. states including New York, Texas, Florida, Michigan, and Alabama, in partnership with public housing authorities and utilizing LIHTC, HUD programs, and state housing finance.
- Norstar Building Corporation (NBC) General contracting subsidiary providing construction services for multi-residential construction projects, with experience in both affordable housing and luxury high-rise apartments.
- Norstar Property Management USA Property management services for affordable housing units across multiple states, committed to tenant comfort and maximum return on investment.
- Norstar Accolade Property Management (NAPM) Full-service real estate management firm managing over 6,000 multifamily units including 3,400 units with affordable housing covenants, serving households at 30-60% of area median income.
- Norstar Solar LLC Solar energy subsidiary operating a 2,724.48 kW DC community distributed generation solar facility in Rome, New York, spanning 14.02 acres.
Quantifiable outcome
- Ranked 15th largest affordable housing developer in 2013 by Affordable Housing Finance magazine
- +4 more outcomes
Companies that use Norstar Development
Customer profileNamed customers13 records
Segments3 records
Ideal customer profiles2 records
Norstar Development technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Norstar Development partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- City of FlintcoreCollaboration on Choice Neighborhoods Implementation Grant for Flint, Michigan redevelopment. Norstar worked with the city as part of Flint's Transformation Plan to develop 253 mixed-income housing units.
- Public Housing Authorities (21 listed)coreNorstar has worked with over 21 public housing authority clients including Flint Housing Commission, Punta Gorda Housing Authority, St. Petersburg Housing Authority, Pinellas County Housing Authority, Ann Arbor Housing Commission, Detroit Housing Commission, and others on award-winning community developments.
- Solstice Power Technologies, LLCcoreManager of subscriptions for Norstar Solar LLC community distributed generation project in Rome, NY.
- Dynamic Energy Solutions, LLCcoreManager of production and maintenance for Norstar Solar LLC 2,724.48 kW solar field in Rome, NY.
- Common Ground (Rochester, NY)minorNon-profit partner at 1630 Dewey Avenue providing counseling, economic empowerment, transportation coordination, and health services to residents.
- Communities of Hope (Detroit, MI)minorNon-profit partner at Gardenview Estates providing youth programs, financial literacy, wellness, academic achievement and recreation services.
- Fortune SocietyminorTechnical assistance provider for Freedom Commons Syracuse, adapting their West Harlem supportive housing model for upstate New York.
- Center for Community AlternativescoreCo-developer of Freedom Commons Syracuse providing re-entry services for formerly incarcerated individuals experiencing homelessness.
- Apartment Life - CARES ProgramminorNon-profit program providing after school tutoring, mentoring, library reading hours, and coordination with social service agencies at Texas LIHTC properties.
- Syracuse Housing AuthoritycorePartner for Freedom Commons supportive housing project, providing Section 8 Project-Based voucher program operating funding.
Scale indicators11 records
Recent moves6 records
Expansion highlights5 records
Norstar Development competitors and assessment
Company assessmentDirect peers
- The Michaels Organization: One of the largest affordable housing developers and property managers in the U.S., operating nationally with vertically integrated development, construction, and management — directly comparable to Norstar's full-service affordable housing model and PHA partnerships.
- The NRP Group: National affordable and market-rate multifamily developer with strong LIHTC and HUD program expertise, operating across multiple states with integrated development and construction capabilities similar to Norstar.
- Pennrose: Developer and manager of affordable, mixed-income, and market-rate multifamily housing across the U.S., frequently partnering with public housing authorities on LIHTC and RAD transactions — a closely comparable operating model to Norstar.
- Enterprise Community Partners: National nonprofit developer and investor in affordable housing that partners with PHAs on LIHTC, Choice Neighborhoods, and RAD projects — directly overlapping Norstar's development pipeline, financing partners, and supportive housing strategy.
- L+M Development Partners: Affordable and mixed-income housing developer active in the Northeast and Mid-Atlantic with deep PHA relationships and integrated development/construction — comparable to Norstar's NY footprint and LIHTC-financed portfolio.
- Jonathan Rose Companies: Mission-driven developer of affordable and mixed-income multifamily housing with expertise in green building and historic rehabilitation — closely mirrors Norstar's LEED certifications, historic adaptive reuse (e.g., Academy Lofts), and supportive housing work.
- Volunteers of America National Services: National nonprofit developer of affordable and supportive housing serving special-needs populations — directly comparable to Norstar's Freedom Commons supportive housing model and similar PHA co-development structures.
- Mercy Housing: One of the largest national nonprofit affordable housing developers, with a vertically integrated development and property management platform and expertise in serving low-income and special-needs households — comparable scale and operating model to Norstar.
- The NHP Foundation: Nonprofit affordable and supportive housing developer and owner focused on LIHTC-financed multifamily — directly comparable in target population, financing structure, and integration of supportive services to Norstar's work.
Broad incumbents
- The Related Companies: Mixed-income and affordable housing developer operating within a much larger diversified real estate platform; competes for the same LIHTC allocations and large PHA redevelopment mandates as Norstar but with significantly greater capital base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Norstar Development social profiles
Digital presenceNorstar Development compliance and trust
Trust signalCompliance8 records
Norstar Development financial estimates
Financial estimateRevenue estimate
Valuation estimate
Norstar Development leadership team
Management profileNumber of profiles
Profiles4 records
Norstar Development subsidiaries and ownership
Company hierarchySubsidiaries5 records
Norstar Development funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Norstar Development 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 Norstar Development
What does Norstar Development do?
Norstar Development USA, L.P. develops affordable, market-rate, senior, and supportive multifamily housing in partnership with public housing authorities, state housing finance agencies, and non-profit organizations. Projects are financed through federal programs (LIHTC, HUD RAD, Choice Neighborhoods) and state housing agencies. The company provides end-to-end services including development, general contracting through Norstar Building Corporation, and property management through Norstar Property Management USA and Norstar Accolade Property Management (over 6,000 multifamily units).
Is Norstar Development a public or private company?
Norstar Development is a private company. It is classified as family owned and is currently operating.
When was Norstar Development founded?
Norstar Development was founded in -1. It employs 11 to 50 people.
Where is Norstar Development based?
Norstar Development is headquartered in Buffalo, United States, in the North America region.
How does Norstar Development make money?
Three revenue lines are on record. Affordable Housing Development is the primary driver. The others are general Contracting and property Management.
Who are Norstar Development's main competitors?
Direct peers on record are The Michaels Organization, The NRP Group, Pennrose, Enterprise Community Partners, L+M Development Partners, Jonathan Rose Companies, Volunteers of America National Services, Mercy Housing and The NHP Foundation. The Related Companies is listed as a broad incumbent.
Does Norstar Development have an API?
No public API is recorded for Norstar Development.
What industry is Norstar Development in?
Norstar Development's product category is Affordable Housing Development. Its primary akta.pro industry code is IMAFABAI, Residential Affordable Housing Development & Construction, with a secondary code of BPAIANAA, Public & Affordable Housing Programs (Subsidies, Vouchers, Public Housing). Its NAICS code is 236116 and its SIC code is 6552.