The Flournoy Companies

What The Flournoy Companies does

The Flournoy Companies is a Columbus, Georgia-based residential real estate firm founded in 1967 that develops, owns, and manages multifamily, build-to-rent, and active adult (55+) rental housing across the Southeast and Sunbelt United States. The company operates through two subsidiaries: Flournoy Development Group, which handles ground-up development and construction, and Flournoy Properties Group, which manages stabilized assets. Since inception, Flournoy has developed more than 48,000 units across 200+ communities and over $5 billion in developed assets, with active operations in 25 markets across North Carolina, Georgia, South Carolina, Tennessee, Virginia, Texas, Florida, Alabama, and Kentucky. The Ellison sub-brand anchors the luxury multifamily product line, with named communities including Ellison at The Exchange (434 units), Ellison Parkview (297 units), Ellison at the Preserve (315 units), and the recently completed Ellison Mallard Creek (397 units, January 2025).

The company generates revenue through a combination of residential rental income from owned and managed communities and property management fees, with monetization distributed across direct leasing, on-site operations, and a centralized web portfolio. Geographic concentration has been progressively reweighted toward Texas and Florida, and the product mix has been extended beyond traditional multifamily into build-to-rent single-family rental and active adult housing, with the most recent Ellison Mallard Creek delivery also incorporating ground-floor retail. Flournoy is a wholly owned subsidiary of Kajima USA Group, the US real estate platform of Japanese conglomerate Kajima Corporation, which underpins capital supply, risk-bearing capacity, and access to broader corporate development resources.

Name

The Flournoy Companies

Legal name

Flournoy Development Group LLC

Website

https://theflournoycompanies.com

Company type

Private

Founded year

1967

Operating status

Operating

Short description

The Flournoy Companies is a Southeast and Sunbelt-focused residential real estate developer and operator, founded in 1967 and a subsidiary of Kajima USA Group, that develops and manages multifamily, build-to-rent, and active adult rental housing across 25 markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Residential Rental Income: Flournoy generates primary revenue through rental income from multifamily apartment communities, build-to-rent townhome developments, and active adult communities across 25 active markets in the Southeast and Sunbelt.
2. Property Management Services: Flournoy Properties Group provides fully integrated boutique property management services for premier communities it develops and potentially for third-party owners, generating management fee revenue.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

The Flournoy Companies develops and manages Class A residential communities in the U.S. Southeast and Sunbelt through two operating groups: Flournoy Development Group builds multifamily, build-to-rent, and active adult (55+) communities from concept to completion, while Flournoy Properties Group provides fully integrated boutique property management services for those premier communities. The company has developed 48,000+ units across 200+ communities since 1967.

Product overview

The Flournoy Companies operates as a unified real estate development and property management platform. The company is organized under two primary operating groups: Flournoy Development Group (which crafts residential communities from concept to completion) and Flournoy Properties Group (which manages communities post-development). The development portfolio centers on the 'Ellison' sub-brand product line, encompassing named communities such as Ellison at The Exchange, Ellison Parkview, Ellison at the Preserve, and Ellison Mallard Creek. Development services span three distinct offerings—Multifamily, Build-to-Rent, and Active Adult—while property management delivers integrated boutique services for premier communities. The Ellison communities range from 297 to 434 units and include both traditional multifamily and mixed-use formats with ground-floor commercial components.

Differentiator

Problem solved

Functional benefit

Brands

• Ellison: Brand name used for multiple residential communities including Ellison at The Exchange, Ellison Parkview, Ellison at the Preserve, and Ellison Mallard Creek.

Products and services

• Multifamily Development Development of Class A multifamily residential communities from concept to completion, leveraging market-driven insights and intentional design for long-lasting value and sustainability. Targeted at prospective residents seeking high-quality rental housing and at capital partners/landowners seeking an experienced development partner.
• Build-to-Rent Development Development of purpose-built for-rent townhome communities designed for individual tenancy, offering residents single-family home-style living with community amenities and management services.
• Active Adult Development

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Greystar Real Estate Partners: Greystar is the largest multifamily property manager and a major developer/operator globally with substantial Sunbelt exposure. Flournoy competes with Greystar for third-party management contracts and institutional capital partnerships in similar submarkets.
• RangeWater Real Estate: RangeWater is a Sunbelt-focused multifamily developer and operator explicitly focused on the same growth states as Flournoy (NC, SC, GA, FL, TN, TX). Both pursue Class A garden-style and build-to-rent product targeting similar demographics.
• Wood Partners: Wood Partners is one of the largest multifamily developers in the U.S., developing Class A apartment communities concentrated in the Sunbelt and Southeast. Both compete head-to-head for land, capital partners, and renter demographics across overlapping metro footprints.
• Mill Creek Residential: Mill Creek Residential is a national multifamily developer and operator with strong Southeast/Sunbelt exposure, building Class A apartment communities in similar growth markets as Flournoy. Both pursue market-driven design and integrated development-and-management models serving similar renter demographics.
• RAM Partners: RAM Partners is a multifamily property management and development firm based in Atlanta with strong Southeast presence. Comparable third-party management focus and Class A resident experience emphasis to Flournoy Properties Group.
• Toll Brothers Apartment Living: Toll Brothers Apartment Living is the multifamily development arm of Toll Brothers, focused on Class A urban and suburban multifamily in similar Sunbelt/Mid-Atlantic markets. Comparable product positioning and resident demographics to Flournoy's Ellison communities.
• Lincoln Property Company: Lincoln Property Company is a large multifamily developer and third-party manager with deep Sunbelt/Southeast presence. They compete directly with Flournoy for institutional capital relationships, management mandates, and Class A renters in the same growth corridors.
• Cortland Partners: Cortland is a vertically integrated multifamily developer and operator with major Sunbelt presence. Both compete for institutional capital, residents in walkable mixed-use formats, and operate integrated development + management platforms.

Regional players

• Dominium: Dominium is a multifamily developer and operator specializing in affordable and mixed-income housing across the Southeast and South-central US. Adjacent peer given overlapping Sunbelt footprint and renter demographics, though focused on affordable rather than Class A.

Others

• JLL Capital Markets / Greystar equivalent: JLL (Jones Lang LaSalle) is a broad real estate services platform serving the same institutional capital partner ecosystem that funds Flournoy's developments. Relevant as an adjacent capital-markets intermediary rather than a direct operating competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/flournoycompanies
• LinkedInlinkedin.com/company/the-flournoy-companies
• Instagraminstagram.com/flournoypropertiesgroup

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 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 The Flournoy Companies