Black Ink Development Holdings

What Black Ink Development Holdings does

Black Ink Development Holdings, LLC is a privately held commercial real estate development and investment firm founded in 2018 and headquartered in San Antonio, Texas. The company develops, acquires, and manages commercial real estate assets concentrated in senior housing (assisted living and memory care), skilled nursing facilities, and entertainment (dine-in movie theaters), with operational reach across Texas, Florida, Georgia, Arizona, and Missouri. Black Ink serves accredited investors and high-net-worth individuals seeking diversified real estate exposure, and acts as an equity and development partner to healthcare facility operators and real estate developers.

The firm's product surface is anchored by the Black Ink Investor Portal, a web platform built on AppFolio's Investor Management technology that provides 24/7 portfolio access, document storage, asset-level detail, and real-time performance metrics. Black Ink operates through a constellation of majority-owned subsidiaries and strategic co-ownership positions: Sodalis Elder Living Communities (24 assisted living and memory care communities across Texas, Florida, and Georgia, recognized on the Inc. 5000 list in 2021 and 2023), CaraDay Healthcare (20 skilled nursing buildings in Texas plus a home healthcare line launched in 2022), Majestic Theaters of Arizona (three dine-in theaters in Tempe and Gilbert), and a minority stake in an Alamo Drafthouse franchise location in St. Louis, Missouri. Over five years, Black Ink has developed, built, or acquired 11 commercial properties with a combined value exceeding $210 million, including 94-unit assisted living facilities, skilled nursing portfolios, and theater/restaurant/bar concepts.

Black Ink generates revenue through development fees, equity positions in portfolio companies, property appreciation, and managed investment portfolios, with investment terms structured individually through the AppFolio portal. The company is controlled by its two co-founders, Ernest Cunningham and Thomas Stallard, who hold the operating partnership and bring 40+ years of combined investing experience spanning commercial real estate, oil and gas joint ventures, and venture capital. Cunningham previously founded One Source Networks, acquired by GTT Communications for $186 million in 2015, and currently serves as CEO of Globalgig; Stallard previously managed more than $500 million across 150+ joint ventures as managing principal of The Champion Group. The go-to-market motion is enterprise, relationship-driven, with no intermediaries or retail channels and reliance on the founders' personal networks and direct investor engagement.

Name

Black Ink Development Holdings

Legal name

Black Ink Development Holdings, LLC

Website

https://blackinkus.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Black Ink Development Holdings is a privately held commercial real estate development firm that develops, acquires, and manages senior housing, skilled nursing, and entertainment properties for accredited investors, operating across five US states through AppFolio-backed portfolio companies.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development and Investment

NAICS

Other Financial Investment Activities (5239), Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Estate Investment Management (Acquisitions & Dispositions) (BPAJAMAK)

akta.pro secondary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Commercial real estate development
• Senior housing investments
• Skilled nursing facilities
• Accredited investor management
• Real estate portfolio diversification

Headquarters

HQ city

Texas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Technology or R&D, Marketing or Sales, Personnel

Revenue model

1. Real Estate Development: The company develops commercial real estate projects including senior housing, assisted living, memory care facilities, skilled nursing buildings, and movie theater/restaurant/bar concepts. Revenue is generated through development fees, equity positions, and property appreciation.
2. Investment Management: Revenue generated from managing investment portfolios for investors, providing returns through rental income, property appreciation, and exit proceeds from developed properties.
3. Equity Investments: The company holds equity positions in portfolio companies including Sodalis Elder Living Communities and CaraDay Healthcare, generating returns through company growth and distributions.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Black Ink Development Holdings is a commercial real estate development and investment firm that acquires, develops, and manages properties across senior housing (assisted living and memory care), skilled nursing, and dine-in movie theater/restaurant/bar asset classes. The company sources deals through its founders' networks, invests capital from accredited investors, and provides 24/7 portfolio access through the AppFolio-powered Investor Portal. Over five years it has built or acquired 11 commercial properties exceeding $210 million in value.

Product overview

Black Ink Development Holdings operates primarily as a commercial real estate investment and development firm offering an Investor Portal for portfolio management. The company builds, acquires, and manages real estate assets across senior housing (Assisted Living/Memory Care), skilled nursing facilities, and movie theater/restaurant/bar concepts. The portfolio includes affiliated companies Sodalis Elder Living Communities, CaraDay Healthcare, Majestic Theaters of Arizona, and Alamo Drafthouse Cinema franchise investments, collectively managing 21+ assisted living/memory care communities, 20+ skilled nursing buildings, and multiple entertainment venues across Texas, Florida, Georgia, Missouri, and Arizona.

Differentiator

Problem solved

Functional benefit

Products and services

• Black Ink Investor Portal A web-based investor management portal providing 24/7 online access for accredited investors to view investments, track returns, access documentation, and monitor performance metrics across diversified real estate portfolios in senior housing, skilled nursing, and movie theater sectors.
• Sodalis Elder Living Communities (SELC) An affiliated majority-owned company that owns and operates 24 Assisted Living and Memory Care communities across Texas, Florida, and Georgia. Recognized on the Inc. 5000 list of fastest-growing companies.
• CaraDay Healthcare An affiliated company in which Thomas Stallard and Ernest Cunningham are 2 of 5 owners, operating 20 Skilled Nursing Buildings in Texas and a home health care company.
• Majestic Theaters of Arizona An affiliated entity operating 3 dine-in movie theaters in Tempe and Gilbert, Arizona, with the Black Ink Development Holdings investor group as majority shareholder.
• Alamo Drafthouse Cinema Franchise Group A franchise group in which Cunningham and Stallard are minority investors, operating an Alamo Drafthouse location in St. Louis, Missouri.

Quantifiable outcome

• Over $210 million in commercial real estate assets developed or acquired in past 5 years
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core and minor.

• Sodalis Elder Living Communities (SELC)coreStrategic or Co-development PartnerBlack Ink Development Holdings founders Cunningham and Stallard are majority shareholders of SELC. Black Ink has built and developed 2 new 94-unit Assisted Living and Memory Care buildings in Texas for Sodalis. SELC operates 21+ Assisted Living/Memory Care communities in Texas, Florida and Georgia. SELC has been recognized on INC 5000 Fastest Growing Companies list.
• CaraDay HealthcarecoreStrategic or Co-development PartnerThomas Stallard and Ernest Cunningham are 2 of 5 partners in Caraday Healthcare. Caraday owns and operates 20 Skilled Nursing Buildings in Texas and launched a home healthcare company in 2022. Black Ink has helped Caraday acquire 7 skilled nursing buildings. Caraday has both owned and managed real estate assets.
• Majestic Theaters of ArizonacoreStrategic or Co-development PartnerAn investor group with Black Ink Development Holdings is the majority shareholder for this company. Majestic operates 3 dine-in movie theaters in Tempe and Gilbert, Arizona. Originally part of Alamo Franchise Group, Majestic is a new entity created after COVID pandemic shutdown of theaters nationwide. The company operates 2 commercial new construction buildings.
• AppFoliocoreTechnology or IntegrationBlack Ink Development Holdings uses AppFolio Investor Portal as their technology platform for investor management. The portal includes an easy-to-read dashboard, document organization, and real-time performance metrics. The platform is described as backed by state-of-the-art data security.
• Alamo Drafthouse Cinema Franchise GroupminorStrategic or Co-development PartnerErnest Cunningham and Thomas Stallard are both minority investors in a franchise group that operates a new Alamo Drafthouse location in St. Louis, Missouri. Black Ink has also developed 2 movie theater/restaurant/bar concepts in Arizona.
• Real Estate Holdings Stone OakminorOthersSodalis Stone Oak property - 94 Unit Assisted Living and Memory Care Building located at 25690 Stone Oak, San Antonio, TX 78261. Appraised value $11,000,000.
• Caraday Texas 3 BuildingminorOthersCaraDay Corpus Christi property - 121 Units of Skilled Nursing and 61 Units of Assisted Living located at 202 Fortune Dr., Corpus Christi, TX 78405. Purchase price $10,000,000, Appraised value $12,200,000.
• Caraday Temple PortfoliominorOthersCaraday Temple West property - 57 Unit Skilled Nursing Facility with 104 beds located at 1700 marlandwood Rd., Temple, TX 76502. Purchase price $8,520,000.
• Black Ink, Sodalis Gan Holdings LLCminorOthersSodalis College Station property - 94 Unit Assisted Living and Memory Care Building located at 3211 Harvey Road, College Station, TX 77845. Construction cost $16,500,000, Appraised value $31,670,000.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Welltower: Welltower is the largest U.S. healthcare REIT focused on senior housing operating, outpatient medical, and post-acute care. Directly comparable to Black Ink's senior housing and skilled nursing portfolio through Sodalis and CaraDay, though operating at massive scale.
• Ventas: Ventas is a major healthcare REIT with significant senior housing exposure (Lillibridge, Atria relationships). Comparable to Black Ink in that it creates value through strategic partnerships with senior housing operators like Sodalis and CaraDay.
• Healthcare Realty Trust: Healthcare Realty Trust is a REIT focused on medical office and outpatient healthcare facilities. Comparable to Black Ink's healthcare real estate investment DNA, though concentrated in MOB rather than senior housing.
• LTC Properties: LTC Properties is a self-administered REIT focused on senior housing and skilled nursing. Like Black Ink, it provides sale-leaseback and development capital to operators, with a similar focus on Texas and Sunbelt markets.
• Sabra Health Care REIT: Sabra invests in senior housing, skilled nursing, and behavioral health real estate leased to operators. Directly comparable to Black Ink's senior housing and skilled nursing development strategy through operator partnerships.
• National Health Investors: NHI is a healthcare REIT focused on senior housing and skilled nursing properties leased to operators. Comparable operating model to Black Ink's approach of developing and acquiring real estate then partnering with operating tenants like Sodalis.
• Omega Healthcare Investors: Omega Healthcare is a triple-net REIT specializing in skilled nursing and assisted living facilities. Directly comparable to Black Ink's 20-building CaraDay Healthcare skilled nursing portfolio interest.
• Marcus & Millichap: Marcus & Millichap is a commercial real estate investment services firm specializing in brokerage, financing, and investment advisory. Comparable to Black Ink in providing CRE investment opportunities to private investors, though at much larger scale.

Broad incumbents

• CBRE Group: CBRE is the world's largest commercial real estate services and investment firm. Comparable as a broad incumbent in CRE investment management with a healthcare real estate practice that overlaps with Black Ink's senior housing focus.
• JLL: JLL is a global real estate services and investment management firm. Comparable to Black Ink as a broader CRE investment platform, with a dedicated healthcare real estate capital markets group.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/black-ink-development-holdings-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 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 Black Ink Development Holdings