New Urban Development

Name

New Urban Development

Legal name

New Urban Development, LLC

Website

https://newurbandevelopment.org

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Residential Building Construction (2361), Residential Building Construction (23611), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro industry

PRIMARYIMAFABAI

Residential Affordable Housing Development & Construction

Industrials, Manufacturing & Construction/Construction & Civil Engineering/Residential Building Construction

SECONDARYFSALAKAF

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans)

Financial & Insurance/Mortgage & Housing Finance/Housing Finance Agencies & Government-Sponsored Housing Programs

Keywords

• Affordable housing development
• Workforce housing development
• LIHTC financing
• Community development real estate
• Senior housing development

Headquarters

HQ city

Troy

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others, Marketing or Sales

Revenue model

1. Affordable Housing Development: Real estate development of affordable and workforce housing properties. Revenue generated through development fees, property management services, and appreciation on owned assets. Properties serve residents meeting Area Median Income (AMI) requirements at 60% level or below.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

New Urban Development develops, owns, and manages affordable and workforce multi-family, senior, and mixed-use housing properties across Miami-Dade County. Properties are financed primarily through Low-Income Housing Tax Credits (LIHTC), U.S. HUD programs, city and county surtax/Empowerment Trust funds, and public-private partnerships. The company leases units directly to qualifying low-income, senior, disabled, and workforce households at rents determined by HUD income-based guidelines.

Product overview

New Urban Development is the real estate development affiliate of the Urban League of Greater Miami, offering a portfolio of affordable and workforce housing properties across Miami-Dade County. The company develops and manages multi-family, senior housing, and mixed-use properties financed primarily through Low Income Housing Tax Credits (LIHTC), HUD programs, and public-private partnerships. The portfolio includes completed properties (The Villages Apartments Phase I, Superior Manor Phase I, Carrie Meek Manor, Renaissance at Sugar Hill, M&M Town Homes, Urban Courtyard, Covenant Palms, M&M Maison II, Central City/Highland Park, Lakeview Apartments), properties in pre-development (The Villages Phase II, Superior Manor II, View 29, Serenity Grove, 3685 Grand Ave, Community Villas), and demolished properties (Super Manor Apartments). Over 1,300 units of affordable housing have been delivered, with over 1,500 units in the current pipeline. Approximately $100MM in projects are in permitting/pre-construction phase, and $120M in site-controlled pre-development projects.

Differentiator

Problem solved

Functional benefit

Products and services

• The Villages Apartments – Phase I A 150-unit multi-family affordable housing development located in Liberty City, Miami, comprising two buildings with amenities including community room, business center, in-unit washer/dryer, fitness center, outdoor playground, and swimming pool. Targeted at income-qualifying households.
• The Villages Apartments – Phase II 120-unit multi-family affordable housing development in Liberty City, Miami, serving residents at 60% AMI level. Mix of 16 one-bedroom, 72 two-bedroom, and 32 three-bedroom units ranging from 750 to 1,150 square feet.
• Superior Manor Apartments – Phase I 139-unit senior affordable housing development in Liberty City, Miami, designed for residents age 65+. Includes community room, business center, in-unit washer/dryer, fitness center, and rooftop terrace.
• Superior Manor Apartments – Phase II 76-unit multi-family affordable housing development in Liberty City, Miami, second phase serving families at 60% AMI level. Includes 16 one-bedroom, 46 two-bedroom, and 14 three-bedroom units, under construction with completion scheduled for 2023.
• View 29 116-unit mixed-use development in Wynwood, Miami, with 48 one-bedroom, 58 two-bedroom, and 10 three-bedroom units plus approximately 8,600 sqft of commercial/retail space. Targets affordable and workforce housing income levels.
• Renaissance at Sugar Hill 132-unit multi-family affordable housing development in Miami, originally built in 1956 as Sugar Hill Apartments and renovated in 2013. Includes 12 garden-style walk-up buildings, new community center, and computer center.
• Serenity Grove 150-unit senior affordable housing development in Miami Gardens (18330 NW 12th Avenue), developed in partnership with the City of Miami Gardens. Includes 110 one-bedroom and 40 two-bedroom units ranging from 700 to 950 square feet.
• 3685 Grand Ave 100-unit mixed-use/mixed-income development in Coconut Grove, Miami, integrating various income levels with market-rate amenities. Includes ground-floor commercial space and one-, two-, and three-bedroom units.
• Community Villas 80-unit affordable housing development in Coconut Grove, Miami. Four-story single building with 80 one-, two-, and three-bedroom units ranging from 700 to 1,100 sqft with parking; new construction following demolition of existing structures.
• Carrie Meek Manor 71-unit senior housing development (US HUD Section 202) for elderly and handicapped persons in Miami, financed with HUD, city, county, and Empowerment Trust support.
• M&M Town Homes 30-unit multi-family affordable housing property in Miami, opened in 1998, renovated and now managed under New Urban Development.
• Urban Courtyard 32-unit multi-family affordable housing complex in Miami, completed as a rehabilitation project preserving the existing exterior design.
• Covenant Palms 137-unit senior housing development in Liberty City, Miami, delivered as a garden-style property with one-, two-, and three-bedroom units and divested in 2019.
• M&M Maison II 21-unit multi-family affordable housing development in Miami, completed in 1996 using LIHTC and city/county home and surtax funds.
• Central City / Highland Park 35-unit three-story multi-family rental housing development in Miami, completed in 1996 using LIHTC and SURTAX funds for low-income families.
• Lakeview Apartments 40-unit affordable housing complex in Miami built in 1989, consisting of 6 two-story concrete-block buildings with 16 two-bedroom and 24 three-bedroom units (approximately 1,100 sqft each).
• Super Manor Apartments 87-unit multi-family property in Miami (now demolished), involved acquisition and rehabilitation of occupied one- and two-bedroom units with tenant relocation in compliance with the Uniform Relocation Act.

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Housing Partnership NetworkcoreStrategic or Co-development Partner · 1 January 2020New Urban Development became a member of the Housing Partnership Network in 2020. This membership provides access to a network of housing developers and community development organizations for collaboration, knowledge sharing, and potential co-development opportunities.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• The Related Companies: Large diversified real estate firm with a substantial affordable housing arm developing LIHTC and HUD-financed communities nationally. Comparable product and financing strategy but at meaningfully larger scale and broader geographic footprint.
• WinnCompanies: Large national owner/developer/manager of affordable, mixed-income, and market-rate multifamily housing. Notable comparable on the property management side given NUD's 8 managed properties and use of HUD-certified occupancy procedures.

Direct peers

• Housing Trust Group: Miami-based affordable and workforce housing developer with a deep Florida pipeline of LIHTC, HUD, and SAIL-financed multifamily and senior projects. Directly competes with NUD for the same Miami-Dade County sites, subsidies, and renters.
• L+M Development Partners: Multifamily developer of LIHTC-supported affordable, mixed-income, and market-rate communities, with significant senior housing exposure. Comparable scale, mixed-segment portfolio approach, and HUD/LIHTC financing expertise to NUD.
• National Housing Trust: Nonprofit owner/operator of affordable multifamily housing across multiple states, with a portfolio that includes family and senior properties financed via LIHTC and HUD. Comparable mission orientation, financing tools, and product mix.
• BRIDGE Housing Corporation: Mission-driven nonprofit affordable housing developer/owner active on the West Coast, developing LIHTC multifamily and senior communities with deep community engagement. Highly comparable mission, structure (nonprofit affiliate model), and product mix to NUD.
• AHC Inc. Regional nonprofit affordable housing developer and owner focused on Mid-Atlantic LIHTC and HUD-financed family and senior communities. Comparable nonprofit-affiliated model, LIHTC expertise, and resident-segment diversity.
• Preservation of Affordable Housing (POAH): Nonprofit affordable housing preservation and development organization operating nationally with a LIHTC-driven portfolio. Comparable mission-led model, similar reliance on LIHTC/HUD financing, and deep experience with both family and senior housing.
• The Michaels Organization: One of the nation's largest affordable housing developers and managers, operating LIHTC-financed rental communities including senior and family housing across multiple states. Closely comparable to NUD's LIHTC-financed, mixed-segment affordable housing model and overlapping HUD/Section 202 exposure.
• Atlantic Pacific Communities: Florida-based multifamily developer active in South Florida affordable and market-rate housing using LIHTC, bonds, and conventional financing. Direct competitor for Florida LIHTC allocations and Miami-Dade development sites.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 New Urban Development