What Interstate Development does

Interstate Development is a privately held, tenant-service oriented commercial and multi-housing real estate development and investment firm headquartered in Eden Prairie, Minnesota. The company develops, acquires, repositions, and manages a diversified portfolio spanning three asset classes: industrial (Bridgepoint, a 340,000 sq ft class-A industrial park in South St. Paul on the former St. Paul Stockyards site with a $27M project budget; Otsego, a 257,000 sq ft industrial outdoor storage facility plus 30,000 sq ft office/warehouse on the I-94 corridor), retail (Plaza 66, a 10,000 sq ft class-A building in Richfield, MN with a $4.5M budget), and multifamily housing across approximately 2,000+ units in 8 properties concentrated in Minnesota (Mankato, Rochester, St. Cloud, Eagan, Woodbury, St. Anthony Village) with one property in Edmond, Oklahoma.

The multifamily portfolio is heterogeneous and includes student-focused housing (The Grove at Mankato — 524 units/1,079 beds; Rendezvous Apartments in Edmond — 108 units/432 beds), value-add acquisitions (Portage Townhomes in Rochester — 60 units; Kascade Place in Rochester — 96 units; Cloud on Fifth in St. Cloud — 190 units), adaptive reuse (CityVue Apartments — office-to-residential conversion, 112 units), ground-up BTR/single-family rental (Acclaim of Woodbury — 109 homes), and a ground-up infill project using prefabricated construction (3725 Stinson — 38 units). The firm emphasizes land-use entitlement acquisition and site assembly (e.g., assembling single-family parcels into a retail pad at Plaza 66) as core competencies, and uses AppFolio-powered tenant and investor portals to manage stakeholder relationships.

The business model is a real estate development and investment platform. Revenue mechanics derive from rental income, property appreciation, and asset management fees across owned assets, plus development fees and investor capital deployment (signaled by the AppFolio investor portal). The company operates with a lean internal team (1-10 employees) and is led by co-founders/Partners Eric Simmer and Lonnie Provencher, with President Victoria Perbix, CFO Brett Johnson, and multifamily Partners Mike Holst and Gabi Franco. The firm is independently held with no disclosed institutional or PE backing, and serves commercial and residential tenants plus external investors in the upper Midwest region.

Name

Interstate Development

Legal name

Interstate Development

Website

https://interstatedevelopment.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Short description

Interstate Development is a privately held, Eden Prairie-based commercial and multi-housing real estate development and investment firm that develops, acquires, and manages industrial, retail, and multifamily properties across Minnesota and Oklahoma, serving tenants and external capital partners.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Land Subdivision (23721), New Multifamily Housing Construction (except For-Sale Builders) (236116), Commercial and Institutional Building Construction (236220), Commercial and Institutional Building Construction (23622), Industrial Building Construction (23621)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Operators Of Apartment Buildings (6513), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Residential Affordable Housing Development & Construction (IMAFABAI)

Keywords

• Commercial real estate development
• Multi-housing properties
• Real estate investment
• Industrial real estate
• Asset management

Headquarters

HQ city

Eden Prairie

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain

Revenue model

1. Real Estate Development and Investment: Revenue generated through development, acquisition, and management of commercial and multi-housing real estate properties. Income derived from property appreciation, rental income, and asset management fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Interstate Development is a tenant-service driven commercial and multi-housing real estate development and investment company. The firm acquires, entitles, develops, repositions, and operates industrial, retail, and multi-housing properties across Minnesota and Oklahoma. It serves both tenants (commercial leases and residential rentals) and equity investors through dedicated portals and direct asset management.

Product overview

Interstate Development is a tenant-service driven real estate development and investment company offering a diversified portfolio of multi-housing and commercial properties. The company's multi-housing platform includes eight residential properties: The Grove at Mankato (student housing), Rendezvous Apartments (student-focused), Portage Townhomes, Kascade Place, Cloud on Fifth, CityVue Apartments, Acclaim of Woodbury (single-family homes for rent), and 3725 Stinson (prefabricated construction). The commercial portfolio includes three industrial/retail properties: Bridgepoint (master-planned industrial park), Otsego (industrial outdoor storage), and Plaza 66 (retail). The company operates as a unified real estate development and investment platform rather than a modular software product, delivering flexible services to tenants and investors across industrial, multi-housing, and retail asset classes.

Differentiator

Problem solved

Functional benefit

Products and services

• The Grove at Mankato Repositioned and rebranded student housing asset in Mankato, Minnesota with 524 units and 1,079 beds, offering fitness facilities, pool, sport court, and dog run.
• Rendezvous Apartments Core plus purpose-built student-focused housing in Edmond, Oklahoma with 108 units and 432 beds, offering 4-bedroom/4-bathroom apartments with pool, clubhouse, fitness, and study rooms.
• Portage Townhomes Value-add townhome acquisition in Rochester, Minnesota with 60 units of 2-bedroom townhomes featuring single-family living with private patio and attached garage.
• Kascade Place Value-add apartment acquisition in Rochester, Minnesota with 96 units of 1 and 2 bedroom apartments, featuring amenity renovations completed in 2024 with fitness, lounges, and secured parking.
• Cloud on Fifth Value-add acquisition in St. Cloud, Minnesota with 190 units and 355 beds, including conversion of student housing to market-rate, featuring rooftop solar, secured parking, lounges, and on-site retail.
• CityVue Apartments Multi-phase mixed-use redevelopment in Eagan, Minnesota with 112 units, including office high-rise conversion to housing, featuring rooftop solar, fitness, patio, pool, and secured parking.
• Acclaim of Woodbury Ground-up development of luxury single-family homes for rent in Woodbury, Minnesota with 109 homes featuring 3, 4, and 5 bedroom floorplans and amenities including clubhouse, fitness, pool, and pickleball.
• 3725 Stinson Ground-up development using prefabricated construction for in-fill market-rate housing in St. Anthony Village, Minnesota with 38 units of studio, 1, and 2 bedroom apartments featuring WiFi lounge and patio.
• Bridgepoint Master-planned industrial park in South St. Paul, Minnesota with 340,000 square feet of class-A institutional quality space across three phases and three buildings, developed on the former St. Paul Stockyards site with a $27 million project budget.
• Otsego Industrial outdoor storage facility in Otsego, Minnesota with 257,000 square feet of outdoor storage and a 30,000 square-foot office/warehouse building on a 15.5-acre site located off the I-94 corridor.
• Plaza 66 Class-A retail building in Richfield, Minnesota with 10,000 square feet of space in a premier trade area, developed on land assembled from single-family homes with a $4.5 million project budget.

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat4 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/interstate-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Interstate Development