Greenwater Capital Group

What Greenwater Capital Group does

Greenwater Capital Group (legally The Greenwater Group, LLC) is a private real estate investment firm founded in 2014 by Lethorn Irving II and domiciled in Michigan. The firm specializes in the acquisition, renovation, and disposition of single-family and multifamily residential properties, operating under a value-add investing thesis in which it purchases undervalued or distressed assets, improves them, and either resells for profit or holds them as rental investments. As of the most recent disclosure, the firm has completed more than 30 projects covering over 90 units, with cumulative transaction value exceeding $4 million, anchored by a signature 60-unit multifamily acquisition (Capri Manor, realized in 2017) alongside a continuing pipeline of single-family acquisitions across multiple Michigan submarkets from 2014 through 2023.

The firm serves two primary counterparty groups: property owners seeking quick, reliable dispositions — including those with distressed, complex, or renovation-heavy situations — and investor partners seeking above-average returns through value-add real estate opportunities. Its commercial offering is structured around three service lines — We Buy (direct property acquisition from sellers), We Renovate (rehabilitation services), and We Partner (co-investment and creative financing structures) — supported by a direct outreach and website intake go-to-market motion that commits to 24–48 hour seller response times. Geographic operations are concentrated in the Midwest, primarily Michigan, with no public indication of expansion beyond the region.

The business model is bootstrapped and operator-led, having been capitalized initially with a $5,000 loan rather than institutional capital, with no disclosed employees, headcount, revenue figures, or external investors. Founder Lethorn Irving II brings prior experience from a top-10 US bank (three years in residential real estate financing) and as an asset manager at a private Michigan real estate investment firm. The firm does not operate technology products, APIs, or proprietary platforms; its competitive position is built on localized deal sourcing, creative structuring, and operator expertise rather than scale, technology, or capital intensity.

Name

Greenwater Capital Group

Legal name

The Greenwater Group, LLC

Website

https://greenwatercg.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Greenwater Capital Group is a Michigan-based private real estate investment firm founded in 2014 that acquires, renovates, and disposes of single-family and multifamily properties under a value-add thesis, serving property sellers seeking quick closings and investors seeking above-average real estate returns.

Ownership category

akta.pro rank

Headquarters

HQ city

Lansing

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Property Acquisition and Disposition: The firm acquires undervalued or distressed properties, renovates them to increase their value, and either sells them for profit or holds them as rental properties. The value-add investing approach turns potential into high-yield results for investors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Greenwater Capital Group is a private real estate investment firm that acquires single-family and multifamily residential properties—often undervalued or distressed—directly from owners, renovates and repositions them through value-add strategies, and either resells them for profit or holds them as rental assets to generate above-average returns for investor partners in the Michigan market.

Product overview

Greenwater Capital Group (The Greenwater Group) is a private real estate investment firm offering a unified platform of property investment services. The company's core offerings consist of Single Family Property Investments and Multifamily Property Investments, supplemented by three service offerings: We Buy (property acquisition), We Renovate (rehabilitation services), and We Partner (strategic investment partnerships). The portfolio includes over 30 completed projects covering single-family homes, condominiums, and multifamily properties ranging from 4-unit to 60-unit buildings, with a focus on value-add investing strategies in the Michigan market.

Differentiator

Problem solved

Functional benefit

Products and services

• Single Family Property Investments Acquisition and disposition of single-family residential properties for investment purposes, including renovation and value-add strategies, primarily in the Michigan market.
• Multifamily Property Investments Acquisition, management, and disposition of multifamily residential properties, including mid-sized apartment complexes ranging from 4 to 60 units, primarily in Michigan.
• We Buy Service Property acquisition service that enables sellers to directly sell single-family or multifamily properties to Greenwater, facilitating quick transactions for owners looking to divest real estate assets, including distressed or complex situations.
• We Renovate Service Property renovation and rehabilitation services for properties requiring repairs, transforming distressed or outdated properties into high-yield investment assets.
• We Partner Service Strategic partnership and co-investment opportunities for complex projects requiring creative financing solutions and collaborative approaches to real estate development, enabling investor partners to participate in Greenwater's value-add deals.

Quantifiable outcome

• Over 30 successful projects covering over 90 units totaling over $4 Million in transaction value

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• DTN Management: Midwest-focused multifamily property management and investment firm operating apartment communities in Michigan and surrounding states. Comparable as a regional residential operator with overlapping acquisition and management activities.
• Beztak Properties: Michigan-based private real estate company owning and operating multifamily, senior living, and single-family rental properties across the Midwest. Directly comparable as a regional value-add residential operator with a similar Michigan geographic footprint.

Emerging players

• Roofstock: Online marketplace for buying and selling single-family rental properties, providing data and transaction infrastructure for SFR investors. Comparable as an enabling platform serving the same small-investor value-add residential niche.

Broad incumbents

• Invitation Homes: Largest publicly traded single-family rental REIT in the U.S. with a portfolio of over 80,000 homes. Comparable in the value-add single-family rental thesis but operates as an institutional incumbent competing for the same distressed residential supply.
• Amherst Holdings: Institutional residential real estate investment platform managing single-family rental portfolios across the U.S. Comparable in single-family value-add investing at scale, representing the institutional counterpart to small regional buyers.
• Tricon Residential: Publicly traded single-family rental operator with a portfolio concentrated in the U.S. Sun Belt. Comparable in SFR acquisition and value-add strategy and represents the institutional competition for residential inventory.
• Pretium Partners: Large institutional single-family rental investor and operator with billions in deployed capital. Comparable in single-family value-add strategy but at vastly greater scale and with institutional capital, serving as a benchmark for what a scaled version of Greenwater could become.

Regional players

• Contigo Property Management: Regional residential property management and investment firm operating in select markets. Comparable as a smaller regional residential operator with a similar scale and owner-operator profile, though serving different geographies.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/greenwater-capital-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 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 Greenwater Capital Group