GMD Development

What GMD Development does

GMD Development, LLC is a privately held, mission-based developer and long-term owner of affordable rental housing headquartered in Seattle, Washington. Founded in 2011 by Gregory Dunfield, the company develops new construction multifamily projects and acquires and rehabilitates existing affordable housing properties across Washington, Montana, Alaska, and Idaho. Its portfolio comprises at least 14 named new construction developments (such as Linden Flats, Willow Crossing, Eclipse Fremont, Encore Apartments, Watershed Renton, Larkspur Commons, Arrowleaf Park, Perennial Park, Rockcress Commons, Starner Gardens, Junegrass Place, Bluebird Village, Trillium Landing, and the in-progress Victory Northgate) and 12 acquisition-rehabilitation properties totaling 433 units in Montana and Alaska. Over the President's career, the firm and its predecessor relationships have initiated 20+ new developments and 40+ acquisitions comprising more than 5,200 units.

The company finances projects using complex capital stacks that combine Low Income Housing Tax Credits (LIHTC), tax-exempt bonds, HUD programs, Federal Home Loan Bank (FHLB) grants, and other public and private sources. It targets higher-growth markets where average workforce incomes lag housing affordability, serving low-income families and seniors in both rural and urban communities. Go-to-market is relationship-driven and project-based: GMD works directly with local governments, community organizations, and financing partners to identify sites, structure deals, and execute development, rather than marketing a discrete product or service to a broad buyer base.

The business model is that of a vertically integrated affordable housing developer and long-term holder: revenue is generated through a combination of development fees, tax credit syndication-related economics, and recurring rental income from LIHTC-restricted units that GMD retains in its portfolio. A small core team of fewer than 10 employees, anchored by the founder/owner and partners with 20+ years of affordable housing experience, operates the platform. The firm also runs a resident scholarship program (up to $2,500 per recipient) and incorporates sustainability-oriented design and construction methods into its projects. There is no disclosed AI, software, or technology platform component to the offering; the differentiated capability is human expertise in regulatory and financial structuring of affordable housing transactions.

Name

GMD Development

Legal name

GMD Development, LLC

Website

https://gmddevelopment.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

GMD Development is a private, mission-based developer and long-term owner of affordable multifamily rental housing in the Pacific Northwest, founded in 2011 and headquartered in Seattle. It finances new construction and acquisition-rehabilitation projects using LIHTC, tax-exempt bonds, HUD, and FHLB funding to serve low-income families and seniors across Washington, Montana, Alaska, and Idaho.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Land Subdivision (23721)

SIC

General Bldg Contractors - Residential Bldgs (1520), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Residential General Contracting (New Build) (IMAFAAAB)

akta.pro secondary industries

Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH), Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

Keywords

• Affordable housing development
• Multifamily housing development
• Low income housing tax credits
• Housing preservation services
• Real estate development

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Affordable Housing Development and Ownership: GMD Development generates revenue through the development, acquisition, rehabilitation, and long-term ownership of affordable housing properties. Revenue is derived from rental income from affordable housing units, with financing supported by Low Income Housing Tax Credits (LIHTC), tax-exempt bonds, HUD programs, FHLB grants, and other public-private financing mechanisms.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

GMD Development is a private, mission-based developer and long-term owner of affordable housing in the Pacific Northwest. The company develops, acquires, rehabilitates, and owns multifamily affordable housing properties financed through Low Income Housing Tax Credits (LIHTC), tax-exempt bonds, HUD programs, FHLB grants, and other public-private financing. It serves low-income families and seniors in both rural and urban communities across Washington, Montana, Alaska, and Idaho.

Product overview

GMD Development is a private, mission-based developer and owner of affordable housing based in the Pacific Northwest. The company operates as a single integrated platform for developing and managing affordable housing, offering new construction of multifamily residential properties and preservation of existing affordable housing through acquisition and rehabilitation. The portfolio consists of distinct named properties across Washington, Montana, Alaska, and Idaho, including completed new construction projects (Linden Flats, Willow Crossing, Eclipse Fremont, Encore Apartments, Victory Northgate, Watershed Renton, Larkspur Commons, Arrowleaf Park, Perennial Park, Rockcress Commons, Starner Gardens, Junegrass Place, Bluebird Village, and Trillium Landing) and an acquisition rehabilitation portfolio of 12 properties totaling 433 units. The company also operates a scholarship program for residents of their properties. All properties utilize financing programs including Federal tax credits, tax-exempt bonds, HUD, FHLB, and other grant funding.

Differentiator

Problem solved

Functional benefit

Products and services

• Linden Flats Completed new construction affordable housing property in Seattle, WA with 170 units, developed for low-income families and seniors.
• Willow Crossing Completed new construction affordable housing property in Seattle, WA with 211 units, developed for low-income families and seniors.
• Eclipse Fremont Completed new construction affordable housing property in Seattle, WA with 153 units, developed for low-income families and seniors.
• Encore Apartments Completed new construction affordable housing property in Seattle, WA with 60 units, developed for low-income families and seniors.
• Victory Northgate Current new construction affordable housing project in Seattle, WA with 184 units, under active development for low-income families and seniors.
• Watershed Renton Completed new construction affordable housing property in Renton, WA with 145 units, developed for low-income families and seniors.
• Larkspur Commons Completed new construction affordable housing property in Bozeman, MT with 136 units, developed for low-income families and seniors.
• Arrowleaf Park Completed new construction affordable housing property in Bozeman, MT with 136 units, developed for low-income families and seniors.
• Perennial Park Completed new construction affordable housing property in Bozeman, MT with 96 units, developed for low-income families and seniors.
• Rockcress Commons Completed new construction affordable housing property in Great Falls, MT with 124 units, developed for low-income families and seniors.
• Starner Gardens Completed new construction affordable housing property in Billings, MT with 136 units, developed for low-income families and seniors.
• Junegrass Place Completed new construction affordable housing property in Kalispell, MT with 138 units, developed for low-income families and seniors.
• Bluebird Village Completed new construction affordable housing property in Ketchum, ID with 51 units, developed for low-income families and seniors.
• Trillium Landing Completed new construction affordable housing property in Juneau, AK with 49 units, developed for low-income families and seniors.
• Acquisition Rehab Portfolio Portfolio of 12 acquired and rehabilitated affordable housing properties across Montana and Alaska, totaling 433 units, providing preservation of existing affordable housing for low-income residents.

Quantifiable outcome

• Over 5,200 units developed or acquired in President's career
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Community OrganizationscoreStrategic or Co-development PartnerGMD Development creates partnerships with community organizations as part of their development process. They leverage relationships and local knowledge to identify successful opportunities and work collaboratively on affordable housing projects.
• Housing Development Consortium of King CountycoreStrategic or Co-development PartnerEmily Thompson, team member, serves as co-chair of the Tax Credit Affinity Group for the Housing Development Consortium of King County, demonstrating partnership with this regional housing advocacy organization.
• ULI Northwest (Urban Land Institute)coreStrategic or Co-development PartnerEmily Thompson serves as co-chair of the Affordable and Workforce Housing product council with ULI Northwest, representing partnership with this major land use industry organization.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Dominium: One of the largest U.S. affordable housing developers and owners, specializing in LIHTC-acquired and developed multifamily properties including in mountain west states. Comparable in unit economics, LIHTC reliance, and senior/family affordable rental focus.
• The NRP Group: Private affordable and workforce housing developer, owner, and property manager using LIHTC, tax-exempt bonds, and HUD financing for multifamily projects. Direct comparable in financing structure, mission orientation, and for-rent affordable model.
• Vitus Development: Large Pacific Northwest affordable housing developer and owner specializing in LIHTC, tax-exempt bond, and HUD-financed multifamily projects. Direct comparable given founder Greg Dunfield was previously a Partner at Pacific Housing Advisors, which later became Vitus Development.

Broad incumbents

• Mercy Housing: National nonprofit developer, owner, and operator of affordable and mixed-income housing using LIHTC and other public financing. Comparable in mission orientation and LIHTC deal structure, but at significantly greater scale and geographic footprint.
• BRIDGE Housing: West Coast-focused nonprofit affordable housing developer and owner with a large multifamily portfolio financed via LIHTC and tax-exempt bonds. Comparable business model and Pacific Northwest/West Coast orientation, but with substantially larger portfolio and headcount.

Regional players

• Plymouth Housing: Seattle-based nonprofit developer of affordable and supportive housing using LIHTC and government financing. Comparable in Pacific Northwest geography and mission-driven LIHTC development approach, with a stronger supportive-housing focus.
• Bellwether Housing: Seattle-based nonprofit affordable housing developer and owner serving the Puget Sound region with LIHTC-financed multifamily rental properties. Closest regional geographic peer to GMD with overlapping Seattle-area pipeline.
• Imagine Housing: Washington-state nonprofit affordable housing developer focused on the Puget Sound region, using LIHTC and other public financing for multifamily rental properties. Comparable in geography and product type, though smaller scale than GMD.
• Catholic Community Services / CCS Affordable Housing: Faith-based affordable housing developer active in Washington and Alaska, developing LIHTC-financed multifamily rental projects. Comparable in PNW geography and LIHTC-financed family/senior housing product.
• Low Income Housing Institute (LIHI): Seattle-based nonprofit developer and operator of affordable rental housing, including properties financed with LIHTC and tax-exempt bonds. Strongly comparable to GMD in geography and target resident base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gmd-development

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 GMD Development