Multifamily Development Designed to Outlast the Cycle it Started In
We develop for our own portfolio and for third-party owners and partners with the same discipline, same team, either way.
Overview
We've been developing our own multifamily communities since 1989; market-rate, tax credit, and senior housing, in markets we get to know before we ever break ground. When we take on development work for a third-party owner or partner, we don't treat it as separate from our own. Same team, same process, same standard we already hold ourselves to. We can do for you what we've done for ourselves.
We take a project from site selection through design, capital structuring, market analysis, entitlements, and financing, carrying it through groundbreaking. From there, our own Construction team takes it to completion. We work with landowners, family offices, and institutional partners on their next multifamily project.
What We Develop
We build different products for different markets, not the same formula everywhere it fits. Workforce housing, single-story and bungalow-style, like our Virtu Collection, built where the site showed real demand for that kind of home. A two-story Class A community, like our Hudson properties, where renter demand runs toward higher finishes and amenities, and the market can support that rent. A three- and four-story community, like The Hendrix, where density earns its place. Tax credit housing for families or seniors, where the opportunity is real and the compliance discipline has to be just as sharp as anywhere else. Different products, same discipline behind every one of them.
How We Operate for Development
Development doesn't start with a shovel. It starts with a market. We look for places with a real, sustained track record of stability, steady job growth, real population growth, demand that isn't a one-year spike, and specifically markets with real barriers to entry, where what we build won't just get undercut by the next thing that goes up next door. From there, we choose sites based on real infrastructure and amenity access.
Every project runs through Converg+™, the same proprietary underwriting discipline used across the company. From there, it moves through entitlements, capital structuring, design, and quality control which is outlined step by step below.
Our Six-Step Approach
"We think like an owner – because we are one."
1
Site Selection
Grounded in real infrastructure and amenity access, not just an available parcel.
2
Due Diligence (Converg+™)
Our proprietary underwriting discipline, run on every deal.
3
Entitlements
Worked through directly with the people who approve them.
4
Capitalization
Capital structured to match the complexity of the deal.
5
Design Coordination
Handed to Construction ready to build, not half-finished.
6
Quality Control
Checked by our own team and independent inspectors.
What We Look For In A Site
Development starts with land, and we are always looking for the next site. What we look for travels from market to market: roughly 10 to 15 buildable acres, suited to garden-style communities of three to four stories with around 250 to 300 units, in submarkets that pass the same Converg+™ discipline as everything else we do. If you are a landowner or a land broker with a site that fits, or one that comes close, we would rather take a look and give you an honest answer than have it never reach us.
Family Offices & Institutional Partners
For Family Offices & Institutional Partners Partnering with Stellar on a development comes with three commitments. Underwriting and entitlement work handled in-house, not routed through a committee that has never seen the deal. A construction team that is part of the same company, not a subcontractor bid out after the fact, so the numbers we underwrite are the numbers we build to. And a partner who stays on the deal through lease-up, not one who exits at the certificate of occupancy. The conversation starts with your capital and your goals, and you get a straight answer on whether the deal pencils.
Team
The People Behind Every Stellar Development
Drew Gray
CHIEF INVESTMENT OFFICER
David Stell
DEVELOPMENT PARTNER
Chase Thompson
DEVELOPMENT ANALYST
Philip Martin
DIRECTOR OF RESEARCH
Our Work
Every community below was a ground-up delivery: market-rate, workforce, and tax credit senior housing alike.
FEATURED
The Hendrix
Olathe, Kansas
A ground-up Class A multifamily community in the Kansas City metro, with amenities including a resort pool, fitness center, and co-working space. Construction is currently underway.
The Virtu Collection
Single-Story Workforce Housing
Virtu at Upper Valley
El Paso, TX
280 Units - Under Construction
Virtu on Azalea
Temple, TX
223 Units - Stabilized
Virtu on Bagby Ave
Waco, TX
266 Units - Stabilized
Virtu on Cumberland
Tyler, TX
262 Units - Stabilized
Virtu on Denali
Abilene, TX
201 Units - Sold
19West
Lubbock, TX
224 Units - The same single-story workforce housing product, built before the Virtu brand existed
Class A Communities
Hudson at the Crossroad District
Temple, TX
265 Units - Class A
Hudson at Orchard Park
Lubbock, TX
241 Units - Class A
Tax Credit Developments
LIHTC Communities, Real Active Domain Expertise, Not a Sideline.
Vineyards at Monterey
Lubbock, TX
96 Units - Family
Marabella
Amarillo, TX
101 Units - Senior
The Providence
Lubbock, TX
108 Units - Senior
Partner With Us
A real place for someone to live starts with the right site, the right plan, and the right team. That's what we bring, whether the project is ours or yours.