Henderson Development

What Henderson Development does

Henderson Development is a private, family-run real estate development company headquartered in Park City, Utah, specializing in multi-family apartment and residential condominium development in the Salt Lake Valley and Park City markets. Founded in 1996, the company has completed projects totaling approximately $103 million in value across 1,095 units developed, with an additional $125 million in projects under development or planned. Its portfolio includes market-rate rental apartment complexes (West Station, District North, Hyve, Power Station/The Gauge) and for-sale condominiums (Moose Lodge, One & Nine, Roundabout), with individual project costs ranging from $7 million to $13 million. The company's strategic focus is on early-stage development in up-and-coming submarkets that subsequently transform into denser, higher-value neighborhoods.

The company generates revenue through two primary streams: one-time proceeds from condominium and stabilized rental property sales (e.g., District North sold in 2022, One & Nine sold through the 2008 downturn, Roundabout sold in 2019), and recurring rental income from operated apartment complexes such as Hyve Apartments (301 units, Salt Lake City, 199,413 net rentable square feet), developed as a joint venture with Forum. Henderson Development also structures joint ventures and operates an Early Stage Development Investment Fund to provide investment opportunities for accredited investors and financial partners. Targeted returns for investors have historically ranged from 15% annualized to 225-300% equity multiples depending on project and exit, with rental assets achieving 96.5% to 98% occupancy.

Henderson Development operates with a low-overhead structure (1-10 employees), differentiating itself through submarket early-mover positioning and a leadership team that combines direct development experience with Fortune 500 corporate backgrounds. The company markets primarily through its company website, project case studies, and direct investor outreach; named repeat investors include Bob Hopper (Park City) and Scott C. Smith, both of whom have participated across multiple projects over a decade. The current pipeline includes The Gauge/Power Station (285 units, Salt Lake City), 30 West (Park City, benefiting from proximity to a planned Intermountain Health hospital), a commercial office asset at 1743/1745 Sidewinder Drive, and the Early Stage Development Investment Fund.

Name

Henderson Development

Legal name

Henderson Development

Website

https://hen-dev.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Henderson Development is a private, family-run real estate developer headquartered in Park City, Utah, specializing in multi-family apartments and for-sale condominiums in the Salt Lake Valley. Since 1996, it has completed $103MM in projects across 1,095 units.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Land Subdivision (2372), Residential Building Construction (2361), New Housing For-Sale Builders (236117), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

Keywords

• Multi-family apartments
• Residential condominiums
• Real estate development
• Development investment fund
• Property development services

Headquarters

HQ city

Park City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales

Revenue model

1. Real Estate Development and Sales: Develops multi-family apartments and residential condominiums for sale. Revenue generated from property sales to buyers.
2. Apartment Rental Operations: Holds and operates multi-family apartment complexes generating recurring rental income. Projects include District North, West Station, and Hyve Apartments.
3. Development Transaction Fees: Revenue from development services including property acquisition, entitlement negotiations, construction management, and project sales. Project costs range from $7MM to $13MM.
4. For-Sale Condominium Development: Develops luxury for-sale condominiums in premium markets (Park City). Projects include Roundabout Condominiums ($9MM, 4 units) and One & Nine Condominiums ($13MM, 43 units).

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Henderson Development is a private, family-run real estate development company based in Park City, Utah that develops, owns, and manages multi-family apartment communities and residential condominium projects. Over 25+ years it has completed approximately $103MM of projects and has $125MM under development, totaling 1,095 units. Capital is sourced through an Early Stage Development Investment Fund and joint-venture partnerships such as Hyve Apartments with Forum.

Product overview

Henderson Development is a real estate development company specializing in multi-family apartments and residential condominiums in Utah. The company's portfolio consists of distinct property developments: multi-family rental apartments (District North, Hyve, West Station, The Gauge) and for-sale residential condominiums (One & Nine, Roundabout, Moose Lodge). Current projects include Hyve Apartments and a commercial office space in Park City. Future projects encompass The Gauge Apartments (285 units), 30 West development, and an Early Stage Development Investment Fund. The company focuses on up-and-coming markets in the Salt Lake Valley and Park City areas, with development expertise spanning acquisition, entitlement, construction, and property management.

Differentiator

Problem solved

Functional benefit

Products and services

• Multi-Family Apartment Communities For-rent residential apartment developments delivered in Park City and surrounding Utah markets; targets individual tenants seeking mountain-lifestyle housing.
• Residential Condominium Projects For-sale residential condominium developments targeted at individual buyers in Park City, Utah; part of the company's broader residential portfolio.
• Early Stage Development Investment Fund Investment fund that pools capital from investors to finance Henderson Development's early-stage apartment and condominium projects; targets individual and institutional investors seeking real estate development exposure.
• Hyve Apartments (Joint Venture with Forum) Multi-family apartment project co-developed with Forum under a joint-venture structure; targets renters in the Park City/Utah market.

Quantifiable outcome

• 11% Projected Annual Return, 225-300% Equity Multiple on sale for District North Apartments
• +6 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators24 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Wood Partners: One of the largest multifamily developers in the U.S., building apartments across dozens of metros. Comparable in product category (multifamily for-rent) and developer profile, though far larger and geographically diversified.
• Hamilton Partners: National multifamily and mixed-use developer with a longstanding Western U.S. presence. Comparable in product category (multifamily for-rent) and developer profile, with wider geographic reach and institutional scale.
• The Related Companies: Large diversified real estate developer operating across multifamily, mixed-use, and affordable housing nationally. Provides a broad incumbent benchmark for multifamily development at scale, including affordable housing programs.
• Greystar Real Estate Partners: Global leader in multifamily development, investment, and property management. Operates across the U.S. including Western markets, providing a broad incumbency benchmark for multifamily execution at scale.

Direct peers

• Ivory Homes: Utah's largest homebuilder, operating for over a century and active across the Salt Lake Valley. Both companies deliver residential for-sale and build-to-rent product in overlapping Utah submarkets, making Ivory Homes the most direct regional analog to Henderson Development.
• Cowboy Partners: Salt Lake City-focused real estate development firm specializing in urban infill multifamily and mixed-use projects. Directly comparable given its focus on transforming up-and-coming Salt Lake neighborhoods with multifamily product.
• Garbett Homes: Utah-based residential developer building townhomes, condos, and single-family homes in the Salt Lake Valley. Operates in the same geographies with a similar multi-family and for-sale condominium product mix as Henderson Development.
• Millrock Development: Utah-based developer focused on multifamily and mixed-use projects in the Salt Lake Valley. Closely comparable given geographic focus on the same submarkets and similar multifamily product type.

Regional players

• Wasatch Premier Properties: Real estate investment and management firm based in the Park City/Heber Valley corridor. Comparable investor-facing model in the same Utah mountain and Wasatch markets where Henderson develops.
• Princeton Homes: Long-standing Utah residential developer with both multifamily and for-sale single-family products in the Salt Lake market. Operates in the same geography with overlapping residential product, though more weighted to single-family.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hendersondevelopmentpc

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Henderson Development