Highmark Holdings

What Highmark Holdings does

Highmark Holdings, LLC is a Nashville, Tennessee-based developer and sponsor of multifamily affordable housing, founded in 2006 by Joseph H. Torrence and Robert S. King. The firm's core activity is the acquisition, rehabilitation, and operation of apartment communities financed primarily through Low Income Housing Tax Credits (LIHTC) and tax-exempt bonds allocated by the Tennessee Housing Development Agency (THDA) and syndicated via capital partners including Berkadia and Regions Bank. Highmark's portfolio comprises 14 apartment communities totaling approximately 2,080 units concentrated in Tennessee, with more than $30-50M deployed in capital improvements across the portfolio. Property operations are managed through a combination of Enfield Management Company (co-founded by Robert King in 2013) and Elmington Property Management.

The business model combines long-duration rental income from stabilized affordable housing with episodic developer fees, LIHTC equity syndication economics, and asset management fees generated across the multi-decade LIHTC compliance horizon. In 2019 the firm executed its first ground-up new-construction deal using 9% LIHTC allocation, signaling a strategic extension from value-add acquisitions into development. The firm has built an ecosystem of relationships spanning state allocating agencies, capital markets intermediaries, and resident-service providers (e.g., Martha O'Bryan Center). Highmark Holdings operates as a private LLC with an estimated 11-50 employees.

Name

Highmark Holdings

Legal name

Highmark Holdings, LLC

Website

https://highmarkholdings.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Highmark Holdings is a Nashville-based developer and sponsor of multifamily affordable housing, operating approximately 2,080 LIHTC-financed units across 14 Tennessee communities for low- and moderate-income households.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Residential Property Managers (531311)

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro industry

PRIMARYBPAJAMAI

Affordable & Public Housing Asset Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

SECONDARYBPAJAFAD

Affordable & Subsidized Housing Property Management (LIHTC, Section 8)

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Residential Property Management

Keywords

• Affordable housing development
• Multifamily real estate
• LIHTC tax credits
• Tax-exempt bond financing
• Apartment property management

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel

Revenue model

1. Rental Income from Multifamily Housing: Highmark Holdings generates revenue through rental income from their portfolio of apartment communities. As sponsor and developer of multifamily affordable housing properties, the company collects rent from residents across their acquired and developed apartment communities in Tennessee.

Go-to-market motion2 records

Distribution channels1 record

Core offering

Highmark Holdings is a Nashville-based developer and sponsor of multifamily affordable housing that acquires, develops, and renovates apartment communities in Tennessee. The company specializes in developments qualifying for Low Income Housing Tax Credits (LIHTC) and tax-exempt bond financing, and oversees property operations through partner management firms.

Product overview

Highmark Holdings is a Nashville-based developer and sponsor of multifamily affordable housing. The company operates a portfolio of apartment communities across Tennessee, specializing in properties financed through Low Income Housing Tax Credits (LIHTC) and tax-exempt bond financing. Their portfolio includes six named apartment communities (Miller Town Apartments, Ridgewood at Greenbrier Apartments, Biltmore Place Apartments, Cherokee Hills Apartments, River Retreat Apartments, and Rutherford Pointe Apartments) totaling over 2,000 units. Since 2007, the company has acquired 13 apartment communities and 2,080 units, with renovations exceeding $50 million. In 2019, they completed their first new construction deal financed with 9% Low Income Housing Tax Credits.

Differentiator

Problem solved

Functional benefit

Products and services

• Miller Town Apartments Multifamily affordable housing apartment community located in Clarksville, Tennessee, financed through tax-exempt bonds and 4% Low Income Housing Tax Credits. Serves low and moderate-income households earning at or below 60% of Area Median Income.
• Ridgewood at Greenbrier Apartments Multifamily affordable housing apartment community located in Greenbrier, Tennessee, part of Highmark Holdings' portfolio financed through LIHTC and tax-exempt bond structures.
• Biltmore Place Apartments Multifamily affordable housing apartment community located in Nashville, Tennessee, offering LIHTC-qualified rental housing to qualifying low and moderate-income households.
• Cherokee Hills Apartments Multifamily affordable housing apartment community located in Cleveland, Tennessee, part of Highmark Holdings' LIHTC-financed affordable rental housing portfolio.
• River Retreat Apartments Multifamily affordable housing apartment community located in Madison (Nashville), Tennessee, providing affordable rental units to qualifying low and moderate-income households.
• Rutherford Pointe Apartments Multifamily affordable housing apartment community located in La Vergne, Tennessee, part of Highmark Holdings' tax-exempt bond and 4% LIHTC-financed rental housing portfolio.

Quantifiable outcome

• Created or preserved more than 2.7 million affordable rental housing units nationwide through LIHTC program
• +3 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Elmington Property ManagementcoreChannel Partner/ Reseller/ DistributorElmington Property Management is a key community partner that provides professional property management services for Highmark Holdings' apartment communities. They ensure properties are impeccably managed, providing safe, high-quality, and affordable housing to all residents. The partnership ensures professional day-to-day operations including tenant management and maintenance.
• NICEminorStrategic or Co-development PartnerNICE (presumably NICE Ltd., a contact center/workforce management software company) is listed as a community partner. The nature of the partnership in the context of affordable housing is not explicitly detailed but may relate to workforce management, HR technology, or contact center solutions for property management operations.
• Martha O'Bryan CentercoreStrategic or Co-development PartnerThe Martha O'Bryan Center is a nonprofit community organization serving Nashville. Robert King serves on the organization's Board of Directors. The partnership focuses on community development projects, educational programs, youth mentoring, literacy programs, job readiness, and personal finance classes for residents. The Martha O'Bryan Center actively supports Highmark Holdings' initiatives to strengthen neighborhoods and empower residents.
• Enfield Management CompanycoreChannel Partner/ Reseller/ DistributorEnfield Management Company LLC was co-founded in 2013 by Robert King and Glynda Shamwell to manage Highmark Holdings' assets and explore multifamily management opportunities. The company specializes in managing multifamily apartment properties and partners with community, government, and educational organizations to provide resident programs including nutrition classes, youth mentoring, literacy programs, job readiness, and personal finance classes.

Scale indicators6 records

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• The Related Companies: Large national real estate developer whose affordable housing arm develops LIHTC multifamily assets at scale. Operates the same sponsor-developer model in affordable housing but across a far broader portfolio and geographic footprint than Highmark.
• Hunt Companies: National real estate investment manager with a multifamily housing platform that includes LIHTC-financed properties. Broader incumbent with overlapping affordable housing exposure but focused on institutional capital deployment.

Direct peers

• WinnCompanies: Boston-based developer and manager of multifamily housing including a substantial LIHTC portfolio. Operates the same integrated sponsor + property manager model as Highmark Holdings (developer-sponsor with in-house management arm).
• Linc Housing: Long-standing nonprofit-affiliated LIHTC developer and operator in California. Comparable to Highmark in mission-driven affordable housing development and apartment-community operations.
• The Michaels Organization: New Jersey-based developer and manager of affordable housing with significant LIHTC new construction activity. Comparable to Highmark in LIHTC-financed multifamily development and sponsor role.
• The NRP Group: Cleveland-headquartered national developer, owner, and manager of multifamily affordable housing, active in LIHTC and tax-exempt bond financing — directly comparable to Highmark Holdings in business model, deal structure, and resident segment.
• Beacon Communities: Boston-based affordable housing developer, owner, and operator with a portfolio of LIHTC-financed multifamily properties. Closely comparable to Highmark in tenant segment, financing structure, and vertical operating model.
• McCormack Baron Salazar: National affordable housing developer and manager with focus on LIHTC new construction and rehabilitation. Highly comparable in sponsor + property management orientation and LIHTC deal structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/highmark-holdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

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 Highmark Holdings