Mark Development, Inc.

What Mark Development, Inc. does

Mark Development, Inc. (MDI) is a privately held, Honolulu-based affordable housing developer and property manager founded in 1977 by Mark Y. Watase. The company develops, owns, and operates subsidized rental housing across the Hawaiian islands, currently overseeing more than 1,000 units across 18 properties on Oahu, Kauai, Hawaii Island, and Maui. The portfolio spans multi-family rentals, senior and elderly housing, workforce housing, off-farm labor housing (USDA Section 514), and rent-with-option-to-purchase communities on Hawaiian Home Lands. Customers are households earning 30%–120% of HUD Area Median Income (AMI), including low-to-moderate income families, seniors aged 62+, Native Hawaiian DHHL beneficiaries, agricultural workers, and local workforce employees.

The company's technology stack is built around third-party property management platforms rather than proprietary AI or ML systems: MDI operates BostonPost (advanced property management and accounting) and RealPage (leasing and online applications) software and submits HUD 50059 tenant certifications electronically to the TRACS Central Processing Facility. It is described as the only affordable housing property manager in Hawaii using BostonPost. Revenue is generated through two principal streams — (i) recurring rental income from owned units at AMI-based rents (e.g., $620/mo at 30% AMI for a Kalepa Village II 1BR up to $3,334/mo at 120% AMI for a Courtyards at Waipouli 3BR), and (ii) property management fees for managed projects, supplemented by development fees on new construction. Distribution is sales-led and relationship-driven, with online rental applications via RealPage and direct tenant relationships underwritten by program eligibility (Section 8, LIHTC, DHHL, USDA Section 514, HOME).

Name

Mark Development, Inc.

Legal name

Mark Development, Inc.

Website

https://mdihawaii.com

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

11–50 employees

Short description

Mark Development, Inc. is a Honolulu-based private affordable housing developer and property manager founded in 1977, operating 1,000+ rental units across 18 properties in Hawaii under LIHTC, HUD, USDA, and DHHL programs for low-income families, seniors, Native Hawaiian beneficiaries, and farmworkers.

Ownership category

akta.pro rank

Product category

Affordable Housing

NAICS

Residential Property Managers (531311), Lessors of Residential Buildings and Dwellings (53111), Land Subdivision (2372), New Single-Family Housing Construction (except For-Sale Builders) (236115)

SIC

Real Estate Agents & Managers (For Others) (6531), Operators Of Apartment Buildings (6513), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

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

akta.pro secondary industries

Residential Affordable Housing Development & Construction (IMAFABAI), Senior & Assisted Living Residential Property Management (BPAJAFAE), Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC), Rural, Tribal & Special-Population Housing Programs (FSALAKAL)

Keywords

• Affordable housing development
• Property management services
• HUD Section 8 housing
• LIHTC rental properties
• Senior housing management

Headquarters

HQ city

Honolulu

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Property Management Fees: Ongoing property management services for 17+ rental projects across Oahu, Hawaii Island, and Kauai. Revenue generated from management fees for affordable housing properties subsidized under various federal and state programs.
2. Rental Income: Direct rental revenue from over 1000 units across 18 properties. Rents are income-based, set according to HUD AMI guidelines with units targeting 30%, 50%, 60%, and 80% AMI households.
3. Development and Construction: Housing development services from site control through construction and occupancy. Historically developed subdivisions and multi-family communities for sale or rental, including pioneering rent-with-option-to-purchase models.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Mark Development, Inc. develops and manages affordable rental housing across the Hawaiian Islands, currently operating 18 properties comprising over 1,000 units on Oahu, Kauai, Hawaii Island, and Maui. The company specializes in properties subsidized under federal and state programs including HUD Section 8, LIHTC, FmHA 515, DHHL, and HUD HOME, serving low-to-moderate income families, seniors, Native Hawaiian beneficiaries, and agricultural workers. It combines end-to-end development capabilities (site control through construction and occupancy) with ongoing property management.

Product overview

Mark Development, Inc. is a housing development and property management company established in 1977, managing over 1,000 units across 18 properties in Hawaii. The company offers a portfolio of rental properties spanning multiple Hawaiian islands (Oahu, Hawaii Island, Kauai, Maui) and property types: multi-family rentals, senior/elderly housing, single-family rentals, workforce housing, and Hawaiian Home Lands properties. Key properties include Courtyards at Waipouli (82 units), Dolphin Bay Apartments, Hale Kupuna Elderly (28 units), Hale Makana O Moiliili, Hale Makana O Nanakuli, Hale O Pi'ikea Phases I-III, Hanapepe Resident Lots, Kalepa Village I-IV (160+ units combined), Koa'e Makana (134 units), Kulaimano Elderly Housing, Kulia I Ka Nuu, Lihue Gardens Elderly (58 units), Lihue Theater Apartments (21 units), Mahi'ai Hale (12 units), Na Kahua Hale O Ulu Wini, Na Lei Hulu Kupuna, Pa'anau Village Phases I-II, Uahi Ridge Phase 1 (95 units), Waipahu Tower, and Whitmore Circle Apartments. The company also provides property management services using BostonPost and RealPage software, and offers an online tenant portal. Executive management is led by the Watase family.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Management Services Ongoing property management of affordable rental housing developments for low-to-moderate income households, with on-site resident managers, maintenance crews, NCHM- and Spectrum-certified staff, and tenant screening based on AMI income verification and program eligibility.
• Courtyards at Waipouli 82-unit multi-family rental community on Hawaiian Home Lands in Kapaa, Kauai serving DHHL beneficiaries earning 30%, 80%, and 120% AMI, with 1-, 2-, and 3-bedroom units and a rent-with-option-to-purchase model.
• Dolphin Bay Apartments Multi-family affordable rental property located in Hilo, Hawaii Island.
• Hale Kupuna Elderly 28-unit senior rental property in Kalaheo, Kauai with one-bedroom units, age restriction of 62 or older, direct mortgage from State of Hawaii HHFDC, and HUD Section 8 project-based rental subsidies.
• Hale Makana O Moiliili Senior multi-family rental property located in Moiliili, Oahu.
• Hale Makana O Nanakuli Multi-family rental property located in Nanakuli, Oahu.
• Hale O Pi'ikea Phase I Multi-family rental property Phase I in Kihei, Maui.
• Hale O Pi'ikea Phase II Senior multi-family rental property Phase II in Kihei, Maui.
• Hale O Pi'ikea Phase III Multi-family rental property Phase III in Kihei, Maui.
• Hanapepe Resident Lots Phase IIA 30-unit single-family rental community on Hawaiian Home Lands in Hanapepe, Kauai (Phase IIA of 82 total). Homes with 2-3 bedrooms on approximately 7,500 sq ft lots. Rent-with-option-to-purchase model for DHHL beneficiaries earning up to 60% AMI.
• Kalepa Village I Multi-family affordable rental property in Hanamaulu, Kauai.
• Kalepa Village II 40-unit multi-family rental property in Hanamaulu, Kauai with 1-, 2-, and 3-bedroom units. Affordable housing for families earning 50% and below Kauai AMI under LIHTC and HUD HOME programs.
• Kalepa Village III 40-unit multi-family rental property in Hanamaulu, Kauai with 1- and 2-bedroom units. Affordable housing for families earning 60% and below Kauai AMI under LIHTC and HUD HOME programs.
• Kalepa Village IV Multi-family affordable rental property in Hanamaulu, Kauai.
• Koa'e Makana 134-unit multi-family rental community in Koloa, Kauai. Workforce housing for families earning 30%-60% AMI. Features 23 two-story buildings with 1-, 2-, and 3-bedroom units, solar water heating, granite countertops, and vinyl plank flooring.
• Kulaimano Elderly Housing Senior/disabled rental property in Pepe'ekeo, Hawaii Island.
• Kulia I Ka Nuu Multi-family rental property in Waianae, Oahu.
• Lihue Gardens Elderly 58-unit senior housing project in Lihue, Kauai with HUD Section 8 project-based rental subsidies and USDA financing.
• Lihue Theater Apartments 21-unit elderly property in Lihue, Kauai with one-bedroom units. Located at the site of the old Lihue Theater. Restricted to those earning 50% AMI.
• Mahi'ai Hale 12-unit off-farm labor rental property in Wahiawa, Oahu. Section 514 off-farm housing project subsidized by USDA. Family property with 2-bedroom units.
• Na Kahua Hale O Ulu Wini Multi-family rental property in Kailua-Kona, Hawaii Island.
• Na Lei Hulu Kupuna Senior rental property in Kaka'ako, Oahu.
• Pa'anau Village Phase I Multi-family affordable rental property in Koloa, Kauai.
• Pa'anau Village Phase II 49-unit family rental property in Koloa, Kauai with 1-, 2-, and 3-bedroom units. Affordable housing for families earning 60% and below Kauai AMI.
• Uahi Ridge Phase 1 95-unit (96 including manager unit) affordable rental property in Lihue, Kauai. 47 one-bedroom, 25 two-bedroom, 24 three-bedroom units for families earning 30%-60% AMI. Amenities include community room, EV charging, and bicycle/surfboard storage.
• Waipahu Tower Multi-family rental property in Waipahu, Oahu.
• Whitmore Circle Apartments Senior/disabled multi-family rental property in Wahiawa, Oahu.

Quantifiable outcome

• Over 1,000 affordable housing units developed and managed across Hawaii
• +5 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core, flagship and minor.

• Hawaii Assisted Housing, Inc.coreStrategic or Co-development Partner · 1 January 2001Co-developer with Mark Development for Kapolei Ho'olimalima, the groundbreaking first LIHTC Rent-to-Own community on Hawaiian Home Lands in the United States. The 70-unit development successfully converted families from renters to homeowners over 15 years.
• Kauai Habitat for HumanitycoreStrategic or Co-development Partner · 1 January 2000Partnership for Hanapepe Residential Housing project. MDI affiliate Hanapepe Development constructed 27 homes while Kauai Habitat for Humanity turned over 20 additional lots for self-help housing. Total of 47 single-family homes for DHHL beneficiaries.
• Princess Kahanu Development Corporation (PKDC)flagshipStrategic or Co-development Partner · 1 February 1996Joint development partnership for Princess Kahanu Estates, the 271-unit flagship DHHL project - the largest DHHL development at the time and model for future DHHL projects. PKDC financed home construction while MDI provided development management. Due to efficient execution, both entities returned over $1.5M in cost savings.
• Department of Hawaiian Home Lands (DHHL)flagshipStrategic or Co-development PartnerPrimary government partner for affordable housing development on Hawaiian Home Lands. Multiple landmark projects including Princess Kahanu Estates (271 units), Kapolei Ho'olimalima (70 units, first LIHTC on DHHL lands), Hanapepe Residential Housing (47 homes), and current projects like Courtyards at Waipouli and Hanapepe Phase IIA.
• The Hawaii CorporationminorStrategic or Co-development PartnerDevelopment partner for Beretania North project completed in 1976, the 721-unit landmark high-rise development in Downtown Honolulu. First high-rises on Block F of the Honolulu Redevelopment Agency.
• Ewa Expandable Housing CorporationminorStrategic or Co-development PartnerMDI held 80% ownership stake in this development entity for Hoakea Subdivision, a 156-unit single-family subdivision completed in 1986 with expandable home designs for growing families.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Eden Housing: Eden Housing is a California-based nonprofit affordable housing developer and manager operating 12,000+ units. Its integrated development, property management, and resident services model for low-income and senior housing closely mirrors Mark Development's approach.
• Conifer Realty: Conifer Realty is a national affordable housing developer and manager with over 25,000 units across multiple states. Its mixed portfolio of LIHTC, Section 8, and workforce housing is comparable to Mark Development's affordable housing portfolio composition.
• The Michaels Organization: The Michaels Organization is a national affordable housing developer and property manager with over 75,000 units across 30+ states. Its integrated development, construction, and management approach is highly comparable to Mark Development's vertically integrated model.
• BRIDGE Housing Corporation: BRIDGE Housing is a California-based nonprofit developer and manager of affordable, workforce, and mixed-income housing with a similar integrated development-plus-property-management model serving LIHTC, Section 8, and HUD-funded properties, making it a direct analog for Mark Development's value proposition.
• The John Stewart Company: The John Stewart Company is a California-based affordable housing developer and manager serving over 35,000 residents across multiple states. Its LIHTC-financed multifamily portfolio and operating model directly compare to Mark Development's affordable housing management approach.
• Mercy Housing: Mercy Housing is a national nonprofit affordable housing developer and manager operating in 40+ states. Its mission-driven approach to serving low-income families, seniors, and special populations using LIHTC and federal subsidies closely parallels Mark Development's operating model.
• National CORE (National Community Renaissance): National CORE is a California-based nonprofit developer and manager of affordable, senior, and supportive housing. Its vertically integrated model managing LIHTC and Section 8 properties is closely aligned with Mark Development's combined development and property management strategy.
• EAH Housing: EAH Housing is one of the largest nonprofit affordable housing developers and managers in California, operating over 20,000 units across multiple states. It closely mirrors Mark Development's model of developing and managing affordable housing for low-income families, seniors, and special populations.

Regional players

• Ikaika Ohana: Ikaika Ohana is a Hawaii-based affordable housing developer and manager serving Native Hawaiian families and low-income households. Its geographic focus on Hawaii and similar DHHL-adjacent programs makes it the most directly comparable regional peer to Mark Development.
• Hale Mahaolu: Hale Mahaolu is a Hawaii-based nonprofit providing affordable housing for seniors and low-income families on Maui. Its Hawaii-specific focus on senior and affordable housing using HUD programs makes it a regional peer with overlapping mission and customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mark-development-inc

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 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 Mark Development, Inc.