CR Builders
CR Builders, LLC is a Montana-based affordable housing developer specializing in Low-Income Housing Tax Credit (LIHTC) projects across Montana, North Dakota, and Wyoming, delivering full-lifecycle development services for nonprofit, healthcare, and government co-sponsors. The firm has completed 25 developments totaling 1,079 units and nearly $250 million in development costs.
- Company typePrivate
- Founded2011
- HeadquartersBillings, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What CR Builders does
CR Builders, LLC is a privately held affordable housing development firm headquartered in Billings, Montana, founded in 2011 by Don Sterhan as the development arm of Mountain Plains Equity Group (MPEG). The company specializes in Low-Income Housing Tax Credit (LIHTC) development, providing full lifecycle services — project feasibility, 15-year financial modeling, project development, construction management, and project entitlements — from concept through occupancy. Across 25 completed developments, the company has built 1,079 housing units representing nearly $250 million in total development costs, with notable projects including Prairie Ridge Residences (120 units, $28.7M), Chapel Court Apartments (56 units), and MRM Unified Campus (158-bed homeless shelter plus 29 apartments).
The firm's core competency is the navigation of complex, competitive LIHTC allocation processes and the coordination of multi-source financing — conventional debt, private activity bonds, HOME Funds, HTF, CDBG, HUD, and USDA Rural Development — to make affordable housing projects financially viable. Its customer base is project-based and consists of nonprofit co-sponsors (YWCA Billings, Montana Rescue Mission, St. Johns United, CommunityWorks ND, Pride Inc.), housing authorities (Richland County Housing Authority), and healthcare systems (Benefis Health System). Geographic focus is Montana, North Dakota, and Wyoming, with recent expansion into Arizona via La Sonora at Dove Mountain (142-unit senior living, $41.5M) and select market-rate/luxury product lines (Marina Cay Estates).
Following National Equity Fund's October 2023 acquisition of MPEG, CR Builders operates as an independent, development-focused entity with a six-person leadership team and a project-by-project fee-generating business model. Revenue derives primarily from developer fees (typically 3–5% of total development cost) on new projects, with supplemental income from asset management services on completed developments.
CR Builders firmographics
Firmographics- Name
- CR Builders
- Legal name
- CR Builders LLC
- Website
- https://cr-builders.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- CR Builders, LLC is a Montana-based affordable housing developer specializing in Low-Income Housing Tax Credit (LIHTC) projects across Montana, North Dakota, and Wyoming, delivering full-lifecycle development services for nonprofit, healthcare, and government co-sponsors. The firm has completed 25 developments totaling 1,079 units and nearly $250 million in development costs.
- Ownership category
- akta.pro rank
CR Builders industry classification
Industry- Product category
- Affordable Housing Development
- NAICS
- New Multifamily Housing Construction (except For-Sale Builders) (236116), Land Subdivision (2372), Residential Remodelers (236118)
- SIC
- Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Residential Bldgs (1520)
- akta.pro primary industry
- Residential Affordable Housing Development & Construction (IMAFABAI)
- akta.pro secondary industries
- Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB), Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH), Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF)
Keywords
Where CR Builders is headquartered
LocationHeadquarters
- HQ city
- Billings
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
CR Builders business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Marketing or Sales, Others
Revenue model
- Development Fees: CR Builders earns development fees as the project developer for affordable housing projects, managing the entire development process from concept to occupancy.
- Asset Management: Ongoing asset management services for completed housing developments to ensure continued compliance and operational performance.
- Tax Credit Syndication (Historical): As the development arm of Mountain Plains Equity Group (MPEG), the company facilitated syndication of LIHTCs to convert tax credits into equity for developers and help investors acquire tax credits. MPEG was acquired by National Equity Fund in October 2023.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
CR Builders product offering
Product offeringCore offering
CR Builders develops affordable multifamily housing using the Low-Income Housing Tax Credit (LIHTC) program, managing the entire development lifecycle from project feasibility and financial modeling through project development, construction management, and project entitlements navigation. They coordinate multiple financing sources (conventional debt, equity, private activity bonds, HOME Funds, HTF, CDBG, HUD, USDA Rural Development) and work alongside nonprofit sponsors, housing authorities, and healthcare systems to deliver senior, family, and special-needs housing.
Product overview
CR Builders is an affordable housing development company offering a suite of professional services spanning the entire development lifecycle: Project Feasibility assessment, Financial Modeling and 15-year projections, Project Development coordination, Construction Management, and Project Entitlements navigation. Their portfolio of developed properties includes 25 housing developments representing 1,079 units and nearly $250 million in investment. The portfolio includes senior housing communities (Garden Hills Senior, Prairie Ridge Residences, Hawk's Point Residences, Cascade Ridge Senior Living, Chapel Court Apartments, Century Cottages, Sierra Court Apartments, Jackson Flats Community), multifamily apartments (Sunset Village, Century View Apartments, Tapestry Apartments, Dacotah Ridge, Gateway Vista, Parkview Village), workforce housing townhomes (ParkRidge Townhomes, Sage Court Townhomes), mixed-use campuses (MRM Unified Campus with homeless shelter and apartments), and luxury/retirement properties (Marina Cay Estates, La Sonora at Dove Mountain). The company operates throughout Montana, the Mountain West, and the Upper Plains regions, specializing in Low-Income Housing Tax Credit (LIHTC) projects.
Differentiator
Problem solved
Functional benefit
Products and services
- Project Feasibility Services Evaluates whether a housing project concept is viable by assessing market conditions, development potential, and alternative strategies using financial models and evaluation metrics. Aimed at project sponsors, nonprofit co-developers, and housing authorities considering new affordable housing developments.
- Financial Modeling Services Projects long-term financial viability of housing developments by analyzing development costs, interest rates, operating expenses, and financing costs to model 15-year operational projections. Used by sponsors and co-developers to assess project economics and financing structures.
- Project Development Services Manages the complete development lifecycle including identifying funding sources (HOME, HTF, AHP), coordinating with lenders, investors, banks, Housing Finance Agencies, architects, and general contractors through to project completion. Delivered to nonprofit sponsors, housing authorities, and institutional co-developers.
- Construction Management Services Provides expert guidance during the construction phase, monitoring progress collaboratively with general contractors and architects from start to finish to ensure projects stay on time and on budget. Targeted at project sponsors and partners needing oversight of construction execution.
- Project Entitlements Services Navigates municipal zoning approvals, planning reviews, and building permit acquisition to ensure land is properly zoned for multi-family development. Provides project sponsors with regulatory pathway management prior to and during construction.
Quantifiable outcome
- 25 pioneering housing developments completed representing 1,079 units
- +2 more outcomes
Companies that use CR Builders
Customer profileNamed customers13 records
Segments6 records
Ideal customer profiles4 records
CR Builders technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
CR Builders partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and major.
- General ContractorscoreConstruction partners including Goldmark Development Corp., Martel Construction, Dietrich Construction, Oakwood Construction, Sletten Construction, Greystone Construction, and others who build CR Builders' housing developments.
- ArchitectscoreArchitectural partners including R.H. Rogers & Associates, CTA Architects, Goldmark Design and Development, HGFA Architects, A&E Architects, Schutz Foss Architects, and others who design CR Builders' projects.
- Nonprofit Sponsors and Co-DeveloperscoreNonprofit organizations that co-sponsor affordable housing projects including YWCA Billings, Montana Rescue Mission, St. Johns United, CommunityWorks ND, Pride Inc., and others who bring project opportunities and serve target populations.
- Healthcare System PartnersmajorHealthcare systems like Benefis Health System that co-sponsor senior housing on their campuses, creating integrated care and housing options for seniors.
- Housing AuthoritiescoreLocal housing authorities like Richland County Housing Authority and Grand Forks Homes, Inc. that co-sponsor affordable housing developments for their communities.
Scale indicators8 records
Recent moves8 records
Expansion highlights6 records
CR Builders competitors and assessment
Company assessmentBroad incumbents
- Mercy Housing: Major national nonprofit developer of affordable multifamily housing for low-income families, seniors, and people with special needs. Comparable in mission, resident populations served, and use of LIHTC, HUD, and state housing finance sources.
- The Related Companies: Large national real estate developer with a sizable affordable housing arm (Related Affordable) that develops LIHTC multifamily projects. Comparable in LIHTC multifamily product type and use of layered federal financing, though operating at much larger scale.
- BRIDGE Housing: West Coast nonprofit affordable housing developer producing LIHTC multifamily rental and senior communities. Comparable in LIHTC-driven development, mixed-population portfolio (family, senior, special needs), and asset management of completed properties.
- Enterprise Community Partners: National nonprofit that develops and finances affordable housing across the U.S., including LIHTC multifamily projects in rural and small-city markets. Comparable in LIHTC project development model, financing coordination, and mission-driven resident focus.
- WNC & Associates: One of the largest LIHTC syndicators in the U.S., analogous to the Mountain Plains Equity Group role previously embedded with CR Builders. Comparable in the affordable housing finance ecosystem and as a deal counterparty for LIHTC equity.
- National Equity Fund: Large national nonprofit LIHTC syndicator that acquired Mountain Plains Equity Group in October 2023. Comparable as a former parent/syndication partner and a leading institutional counterparty in the affordable housing development space.
- NHP Foundation: National nonprofit affordable housing developer and asset manager focused on LIHTC multifamily housing for families, seniors, and special-needs populations. Comparable in mission, regulatory expertise, and asset management services parallel to CR Builders' offering.
Direct peers
- Dominium: One of the largest LIHTC-affordable housing developers in the U.S., building and managing multifamily apartment communities nationwide. Directly comparable to CR Builders in product (LIHTC multifamily apartments and townhomes), customer base (low-income families and seniors), and business model (vertical developer using federal housing programs).
- Gorman & Company: Regional affordable housing developer specializing in LIHTC and historic-rehabilitation multifamily projects across the Midwest and Mountain West. Closely comparable in size, LIHTC specialization, and mixed urban/rural small-market focus to CR Builders.
Emerging players
- Dominium Development & Acquisition: LIHTC-focused regional development affiliates and smaller competing developers operating in the Mountain West and Upper Plains. Comparable in target geographies (MT/ND/WY/ID) and pursuit of similar nonprofit co-sponsorship models with rural housing authorities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
CR Builders social profiles
Digital presenceCR Builders financial estimates
Financial estimateRevenue estimate
Valuation estimate
CR Builders leadership team
Management profileNumber of profiles
Profiles6 records
CR Builders funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CR Builders M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CR Builders
What does CR Builders do?
CR Builders develops affordable multifamily housing using the Low-Income Housing Tax Credit (LIHTC) program, managing the entire development lifecycle from project feasibility and financial modeling through project development, construction management, and project entitlements navigation. They coordinate multiple financing sources (conventional debt, equity, private activity bonds, HOME Funds, HTF, CDBG, HUD, USDA Rural Development) and work alongside nonprofit sponsors, housing authorities, and healthcare systems to deliver senior, family, and special-needs housing.
Is CR Builders a public or private company?
CR Builders is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was CR Builders founded?
CR Builders was founded in 2011. It employs 1 to 10 people.
Where is CR Builders based?
CR Builders is headquartered in Billings, United States, in the North America region.
How does CR Builders make money?
Three revenue lines are on record. Development Fees are the primary driver. The others are asset Management and tax Credit Syndication (Historical).
Who are CR Builders's main competitors?
Broad incumbents on record are Mercy Housing, The Related Companies, BRIDGE Housing, Enterprise Community Partners, WNC & Associates, National Equity Fund and NHP Foundation. Direct peers are Dominium and Gorman & Company. Dominium Development & Acquisition is listed as an emerging player.
Does CR Builders have an API?
No public API is recorded for CR Builders.
What industry is CR Builders in?
CR Builders's product category is Affordable Housing Development. Its primary akta.pro industry code is IMAFABAI, Residential Affordable Housing Development & Construction, with a secondary code of IMAFABAB, Multi-Family Residential Construction (Apartments, Condos, Townhomes). Its NAICS code is 236116 and its SIC code is 6552.