National real estate investment and development firm Crow Holdings has established an initiative to develop attainable housing for middle-income households across the U.S., with more than 10,000 units underway and planned to meet the growing demand.
Trammell Crow Residential (TCR), the firm’s multifamily development arm, is constructing Class A market-rate communities designed for renters who earn between 80% and 120% of the area median income under its Allora brand. According to the firm, the Allora brand’s simplified building design allows for efficient and cost-effective construction while still offering top amenities, large living spaces, and high-grade finishes.
Allora communities will be located primarily in suburban markets with strong population and job growth in the Southeast and Southwest, including Atlanta; Charlotte, North Carolina; and key markets in Florida and Texas. More than 2,400 Allora units are underway in three states.
“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 part of the initiative, Crow Holdings plans to develop a $1.5 billion portfolio of more than 8,000 additional units under the Allora brand in nearly 20 markets, the majority of which are in a newly established venture with leading institutional investors. According to the firm, it may look as far north as the Washington, D.C., metro area on the East Coast and Seattle and Portland, Oregon, on the West Coast.
“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, health care 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.”