Elmstone Group

What Elmstone Group does

Elmstone Group is a privately held, founder-owned real estate investment and property management firm founded in 2011 by Shari L. Gould and Steven R. Gould. The company acquires, owns, operates, rehabilitates, repositions, and disposes of multifamily and single-family residential assets, primarily Class B/C value-add properties in secondary markets. Since inception it has acquired and managed more than 30 properties totaling over 1,000 units across Texas, Oklahoma, Indiana, and Tennessee, with notable prior dispositions including Spanish Chase (188% capital gain), The Village on West Irving (186%), and The Monterey ($15.0M sale vs. $11.7M purchase). The firm is now refocusing its acquisition pipeline on the East Tennessee market, particularly Knoxville, while maintaining legacy assets across multiple states.

The business operates through a per-property LLC syndication model in which individual investors become members in specific property LLCs (e.g., Elmstone Group CDS, LLC, Elmstone Group OP1, LLC, Elmstone Group XII, LLC). Each property typically attracts 13-42+ passive investor-members who receive monthly cash flow distributions and capital appreciation upon sale. Elmstone Group Property Management, LLC operates as the dedicated property management entity under the 'Elmstone Living' brand, handling leasing, tenant screening, maintenance, and financial reporting. Revenue is generated from two streams: recurring rental income from owned properties and episodic capital gains on property dispositions. The technology stack is entirely third-party: ResMan for property management, Vonage Business for telephony, Zego (CashPay) and Aptexx for resident payments, and Paychex Flex and Stratustime for HR and time tracking. There is no evidence of proprietary technology, AI/ML, or data-driven competitive differentiation.

Customer acquisition relies heavily on referrals from the Lifestyles Unlimited education and mentor group, supplemented by industry association memberships (NAA, AAGD, TAA), the company's own website and blog, and a documented focus on environmental sustainability (EPA Green Power Partner since 2015, 20-25% YoY water reduction, 30-40% YoY common-area electricity reduction). The parent organization operates with 1-10 employees, indicating that on-site property staff and vendor relationships (Green Mountain Energy, SW Water Consultants, Pest Management of Texas, Petri Electric, Sherwin-Williams, Sears Commercial, Vima Decor, ML Carpet Care) carry the operational workload. No institutional capital, venture funding, or external equity has been evidenced; growth has been funded by investor-member subscriptions and disposition proceeds.

Name

Elmstone Group

Legal name

Elmstone Group Property Management, LLC

Website

https://elmstonegroup.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Elmstone Group is a privately held, founder-owned real estate investment and property management firm that acquires, rehabilitates, repositions, and disposes of multifamily and single-family assets across Texas, Oklahoma, Indiana, and Tennessee, serving passive individual investors through per-property LLC syndications.

Ownership category

akta.pro rank

Headquarters

HQ city

Plano

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Rental Income: The company generates rental income from owned multifamily and single-family properties across Texas, Oklahoma, Indiana, and other states. Properties are acquired, rehabilitated, repositioned, and managed to generate cash flow and appreciation.
2. Property Disposition: Properties are sold after rehabilitation and value-add repositioning, generating capital gains for investor members. Examples include The Monterey (sold Nov. 2020 for $15.0M vs. $11.7M purchase), Spanish Chase (188% capital gain on sale), The Village on West Irving (186% capital gain on sale), and Casa Del Sol (~30% capital gain on sale).

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Elmstone Group is a collection of fully integrated real estate companies that acquires, owns, operates, rehabilitates, repositions, and sells multifamily and single-family residential assets. Investors participate as members in property-specific LLCs to access passive real estate ownership, while the company provides in-house property management services (leasing, maintenance, tenant screening, financial reporting) under the Elmstone Living brand.

Product overview

Elmstone Group is a real estate investment and property management company consisting of fully integrated, specialized real estate companies. The company provides acquisition, asset management, rehabilitation, repositioning, and disposition of multifamily and single family assets. The Elmstone Group operates under the Elmstone Living brand (Elmstone Group Property Management, LLC) which manages apartment communities with services including tenant screening, leasing, maintenance, utilities management, and financial reporting. The company has historically focused on the Texas real estate market (Dallas-Fort Worth area) and is currently expanding into the East Tennessee market, particularly around Knoxville.

Differentiator

Problem solved

Functional benefit

Products and services

• Multifamily Real Estate Acquisition & Investment
• Property Management Services (Elmstone Living)
• Asset Rehabilitation & Repositioning
• Property Disposition Services

Quantifiable outcome

• 20-25% Year-on-Year reduction in water usage through water conservation programs
• +5 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Partnerships

23 partnerships are on record, tiered core, standard, strategic and minor.

• Green Mountain EnergycoreTechnology or Integration · 1 January 2015Renewable electricity provider. Since 2015, Elmstone Group has been purchasing wind energy credits to offset 100% of property electricity use. The migration to wind power prevents more than 1.25 million pounds of CO2 pollution. Properties transitioned from 2015-2017, with The Monterey (Oct. 2016), Silverado (July 2017), and Spanish Chase (May 2017) completing transition to 100% renewable electricity.
• SW Water Consultants / SW Utility BillingcoreTechnology or IntegrationWater conservation and utility billing services. SW Water Consultants implements water conservation programs at little-to-no cost, provided SW Utility Billing is contracted for monthly resident utility billing. This creates a win-win-win where the vendor drives business, properties get water conservation at no immediate cost, and residents get reduced water bills.
• Pest Management of Texas, Inc.coreTechnology or IntegrationProvides Integrated Pest Management (IPM) services across properties. IPM reduces risks to human health and the environment while improving Indoor Air Quality (IAQ) for residents and guests.
• Sears CommercialstandardOthersPrimary appliance supplier for property make-readies and renovations. Provides Kenmore appliances including refrigerators, dishwashers, ranges, and microwave/vent hood combos in standard white and deluxe black finishes.
• Vima DecorstandardOthersSupplier of flooring (bamboo laminate), vanities, faucets, light fixtures, ceiling fans, and blinds for property make-readies and deluxe unit upgrades.
• Petri ElectricstandardOthersElectrical services provider for LED lighting conversions and light sensor installations across properties.
• National Apartment Association (NAA)strategicStrategic or Co-development PartnerIndustry association membership providing access to education, training, and industry certifications including CAM (Certified Apartment Manager), CAPS (Certified Apartment Portfolio Supervisor), NALP (National Apartment Leasing Professional), and CGPM (Credential for Green Property Management).
• Apartment Association of Greater Dallas (AAGD)strategicStrategic or Co-development PartnerRegional industry association membership providing education, training, and networking. The Monterey was featured in AAGD's Rooflines magazine in October 2018.
• Texas Apartment Association (TAA)strategicStrategic or Co-development PartnerState industry association membership providing education, training, and advocacy resources.
• Lifestyles Unlimited, Inc.strategicStrategic or Co-development PartnerEducation and mentor group that helped Shari and Steven Gould learn real estate investing over 16+ years. Serves as a key referral source for new investor-members seeking passive real estate investment opportunities.
• Sherwin-WilliamsstandardOthersPaint supplier with property accounts. Standard colors include Popular Gray and Versatile Gray from Sherwin Williams for interior wall painting.
• ML Carpet Care & ServicesstandardOthersCarpet cleaning and painting services for property make-readies and renovations.
• ResMancoreTechnology or IntegrationProperty management software platform used for leasing, resident management, work orders, make-readies, accounting, and financial reporting across all properties.
• Vonage Business SystemscoreTechnology or IntegrationDigital phone service provider for property offices. Includes efax service capabilities.
• Zego (CashPay)coreTechnology or IntegrationPayment processing platform enabling residents to pay rent online and create work orders. Includes Panini check scanner integration for payment processing.
• Habitat for HumanityminorOthersCharitable partner supported by company and employees.
• Texas Scottish Rite Hospital for Children (TSRHC)minorOthersCharitable partner supported by company and employees.
• Genesis Women's ShelterminorOthersCharitable partner supported by company and employees.
• Leukemia & Lymphoma Society (LLS)minorOthersCharitable partner supported by company and employees.
• Wounded Warrior ProjectminorOthersCharitable partner supported by company and employees.
• Wigs for KidsminorOthersCharitable partner supported by company and employees.
• American Red CrossminorOthersCharitable partner supported by company and employees. Referenced in emergency procedures for assisting displaced residents.
• U.S. Environmental Protection Agency (EPA)strategicStrategic or Co-development PartnerAs a Green Power Partner (GPP) both in corporate and at each property, Elmstone Group purchases green power in amounts that meet EPA's requirements. Demonstrates commitment to environmental sustainability.

Scale indicators5 records

Recent moves7 records

Expansion highlights3 records

Broad incumbents

• Asset Living: Houston-headquartered national multifamily property manager with deep Texas roots; comparable in third-party property management capabilities for value-add multifamily owners like Elmstone.
• Greystar Real Estate Partners: Largest U.S. multifamily property manager and operator; overlaps with Elmstone's full-stack approach (own + operate) but at vastly greater scale and across geographies including Texas and the Southeast.
• Crow Holdings Capital: Long-established Dallas-based real estate investment manager with multifamily strategies, sharing the Texas multifamily investment focus but at a substantially larger scale and broader institutional capital base.
• Linc Property Management (Lincoln Property Company): One of the largest U.S. apartment managers with deep Texas multifamily presence; overlaps with Elmstone's in-house property management function but operates at far greater scale across hundreds of properties.
• Bell Partners: Vertically integrated multifamily owner/operator active in the Sun Belt; comparable integrated model (own + manage) but with a much larger institutional portfolio.

Direct peers

• Palladium USA: Multifamily real estate investment firm focused on value-add acquisitions and repositioning in U.S. growth markets, closely aligned with Elmstone's acquisition-rehab-sale strategy.
• Westmount Realty Capital: Dallas-based multifamily investment and management firm with a similar value-add, Texas-anchored strategy and comparable deal-by-deal investor LLC structure. Most directly comparable peer by geography, asset class, and capital model.
• Bayshore Capital: Smaller, value-add multifamily operator with a deal-by-deal investor structure similar to Elmstone's LLC-per-property model, pursuing value-add repositioning in U.S. Sun Belt submarkets.

Regional players

• JLB Partners: Irving, TX-based multifamily developer and operator with strong DFW-suburban focus that overlaps directly with Elmstone's core Texas market footprint.

Emerging players

• Triumph Communities: Smaller multifamily investment and management operator in the Sun Belt; comparable as a sub-scale, vertically integrated peer pursuing value-add repositioning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 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 Elmstone Group