Crow Holdings Announces Major Initiative to Develop Multifamily Housing for Middle-Income Residents Across the U.S.
More than 10,000 Allora Apartments Underway and Planned to Help Meet Growing Demographic Demand for High-Quality, Attainable Rentals
Crow Holdings, a leading national real estate investment and development firm, announced today an established initiative to develop attainable housing communities across major U.S. markets and provide high-quality residential options for thousands of middle-class families across the country.
Crow Holdings’ multifamily development company, Trammell Crow Residential (TCR), is constructing Class A market-rate communities designed for renters who earn 80%-120% of the Area Median Income (AMI) under the company’s Allora brand of apartment buildings. The simplified building design of Allora is efficient and cost-effective to construct, while still offering sought-after lifestyle amenities, large living spaces, and high-grade finishes. Allora communities are strategically located in the Southeast and Southwest U.S. and will primarily be in suburban markets with high population and job growth. Having already started 2,400 Allora units in three states, Crow Holdings plans to develop a $1.5B portfolio of more than 8,000 additional Allora apartments across nearly 20 U.S. markets, the majority of which are in a newly established venture with leading institutional investors.
“We believe that the Allora brand represents an attractive offering in today’s market, given the tremendous demand for new, high-quality, workforce housing,” said Ken Valach, CEO of TCR. “These communities address the limited supply of attainable housing designed for middle-income Americans – a large and growing population demographic that has been excluded from the recent luxury multifamily housing boom in the U.S.”
“As many people in the country grapple with economic uncertainty and rising costs, the demand for attainable communities like Allora will only continue to grow,” said Michael Levy, CEO of Crow Holdings. “We are so pleased to be able to provide housing options for teachers, first responders, healthcare workers, and others like them who may have had difficulty finding places to live near the places they work. In addition to addressing a substantially unmet need, attainable housing is a highly attractive investment opportunity due to its speed to market, reliable income stream, and favorable operating costs.”
Led by a long-tenured leadership team, TCR has developed more than 260,000 multifamily units, bringing innovation, experience, and expertise to the company’s projects on behalf of its investment partners.