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The Pacific Companies was named Number 1 in the Top 50 Affordable Housing Developers of 2022 list compiled by Affordable Housing Finance (AHF). The results were announced in late May of 2023.

Affordable Housing Finance bases the ranking on a company’s total unit starts and completions for a given year. Based on AHF’s data, TPC had 3091 unit starts 1411 unit completions in 2022.  In 2021, TPC was ranked Number 5 on the Top 50 list. TPC’s most recent previous Number 1 ranking was in 2018.

“We appreciate the recognition of our high-producing team, but really we’re just happy to have produced this many affordable living spaces last year,” said Caleb Roope, CEO and Founder of The Pacific Companies. “Everyone in the Top 50 deserves a hand for helping put more housing within reach. There’s so much more to be done to meet the need.”

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The City of Boise and TPC broke ground on Wilson Station Apartments in August, funded in part by Boise’s Housing Land Trust, which focuses on the development and preservation of affordable housing on land that is owned by the city.

In December 2020, the City of Boise purchased a 0.94-acre property Wilson Station Apartments as part of the Housing Land Trust program. The building will add 102 affordable housing units, serving residents earning 80% of area median income which translates to an individual earning $49,950 a year, or a family of three earning $64,200 a year.

In addition to housing, Wilson Station Apartments will incorporate a community garden, safe routes to school for children attending Taft Elementary, and new sidewalks. The project has an anticipated completion date of early 2025.

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Communities across the West now benefit from the innovative collaboration between The Pacific Companies and Autovol. The Pacific Companies (TPC), named the number 1 multifamily developer in 2018 and 2022, has deployed the power of automated modular construction to produce 10 projects and counting. Likewise TPC’s series of projects helped Autovol become America’s leading modular producer of multifamily affordable housing after less than three years of operation.

Caleb Roope co-founded Autovol along with the other two co-founders, Rick Murdock and Curtis Fletcher. The three had worked on numerous modular projects while Rick and Curtis were at previous companies. Caleb took the lead in raising over $100 million in private investment to bring Autovol to fruition.

TPC benefits from the productivity of modular construction in a variety of ways. The approach provides a consistent source of labor for projects that lend themselves to modular. It also helps reduce site congestion, noise, and increases precision, especially due to Autovol’s use of automation and robotics. This helps TPC augment its own construction force, Pacific West Builders.

Autovol builds 70 to 80 percent of a project offsite, while Pacific West Builders prepares the site. Once the project is shipped from the Autovol factory to the prepared site, Pacific West Builders completes the assembly of the building, adds roofing, exterior facade, and a variety of finishing work on the building interior.

The approach has boosted productivity for TPC, with several projects contributing to TPC’s total that led the nation in multifamily affordable housing development in 2022. TPC has given Autovol an immediate supply of projects that have helped keep the factory continuously operating, quickly profitable, and leading the nation in affordable multifamily modular production volume. Since founding, Autovol has also built several projects for other developers working to provide much-needed affordable housing on the west coast.

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The city of El Centro, California, TPC, and its finance partner Red Stone Equity welcomed the first phase of the El Dorado affordable housing community to El Centro. The El Dorado Family Apartments, situated on the corner of 8th Street and El Dorado Avenue in the city of El Centro, contains 24-units of affordable housing that consists of eight-2BR, seven-3BR, and eight-4BR apartments with a community room and swimming pool. This multi-phase development has been under construction for nearly a year, and phase two, containing 48 more units, is set to be completed in November 2022. Speaking at the ribbon cutting was TPC’s Denise Carter, along with Red Stone equity’s Matt Groszand, and El Centro mayor, Tomas Olivia. This is another great accomplishment between these two partners and the city of El Centro. Mayor of El Centro, Tomas Oliva did the honors of cutting the ribbon and welcoming the first phase of El Dorado Family Apartments to the City of El Centro. Thank you to our partners, The City of El Centro, Red Stone Equity, JPMorgan Chase, California Housing and Community Redevelopment, Central Valley Coalition for Affordable Housing, and California Community Reinvestment Corporation.

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RANK + COMPANY	HEADQUARTERS	EXECUTIVE CONTACT	2019 STARTS/ COMPLETIONS	ORG. TYPE	RANK 2018
1. LDG Development	Louisville, KY	Chris Dischinger and Mark Lechner, principals	2,355 / 1,924	For-profit	2
2. RISE Residential Construction	Dallas, TX	Melissa Fisher, president	1,632 / 985	For-profit	3
3. The Michaels Organization	Camden, NJ	John J. O’Donnell, CEO	1,426 / 1,014	For-profit	8
4. The NRP Group	Cleveland, OH	J. David Heller, CEO	1,406 / 1,539	For-profit	5
5. Dominium	Plymouth, MN	Paul Sween, managing partner, and Mark Moorhouse, senior vice president and partner	1,247 / 1,555	For-profit	3
6. Herman & Kittle Properties	Indianapolis, IN	Jeffrey L. Kittle, president and CEO	1,166 / 946	For-profit	9
7. Gorman & Co.	Oregon, WI	Brian Swanton, president and CEO	1,034 / 523	For-profit	18
8. Columbia Residential	Atlanta, GA	Noel Khalil, chairman and CEO, and Jim Grauley, president and COO	1,033 / 244	For-profit	27
9. The Pacific Cos.	Eagle, ID	Caleb Roope, president and CEO	1,013 / 877	For-profit	1
10. Woda Cooper Cos.	Columbus, OH	Jeffrey Woda and David Cooper Jr., managing directors	931 / 717	For-profit	13
11. Commonwealth Development Corporation Of America	Middleton, WI	Kristi Morgan, president	888 / 1,176	For-profit	7
12. Phipps Houses	New York, NY	Adam Weinstein, CEO	858 / 362	Nonprofit	24
13. TWG Development	Indianapolis, IN	John Sullivan, vice president of tax credit development	856 / 363	For-profit	21
14. Hill Tide Partners	Charleston, SC	Dan Winters and Bob Long, managing partners	826 / 0	For-profit	new
15. AMCAL Multi-Housing	Agoura Hills, CA	Percival Vaz, CEO	807 / 674	For-profit	15
16. KCG Cos.	Indianapolis, IN	R.J. Pasquesi, president	750 / 72	For-profit	35
17. McCormack Baron Salazar	St. Louis, MO	Vincent R. Bennett, president	731 / 535	For-profit	6
18. Pennrose	Philadelphia, PA	Mark H. Dambly, president	729 / 388	For-profit	14
19. L+M Development Partners	New York, NY	Lisa Gomez, COO	724 / 1,031	For-profit	20
20. Jamboree	Irvine, CA	Laura Archuleta, president and CEO	688 / 46	Nonprofit	25
21. The NuRock Cos.	Alpharetta, GA	Robert Hoskins, managing principal	682 / 320	For-profit	new
22. The Community Builders	Boston, MA	Bart Mitchell, president and CEO	590 / 236	Nonprofit	new
23. Bear Real Estate Group	Kenosha, WI	Stephen R. Mills, CEO	576 / 210	For-profit	new
24. Atlantic | Pacific Communities	Miami, FL	Kenneth Naylor, COO	571 / 380	For-profit	16
25. National Community Renaissance	Rancho Cucamonga, CA	Steve PonTell, president and CEO	552 / 132	Nonprofit	new
26. Jonathan Rose Cos.	New York, NY	Nathan D. Taft, managing director of acquisitions	521 / 0	For-profit	new
27. MVAH Partners	West Chester, OH	Brian McGeady and Michael Riechman, managing partners	515 / 228	For-profit	40
28. Southport Financial Services	Tampa, FL	Paul C. Fortino, senior vice president	473 / 269	For-profit	46
29. Housing Trust Group	Miami, FL	Matthew Rieger, president and CEO	426 / 587	For-profit	19
30. Mercy Housing	Denver, CO	Jane Graf, president and CEO	406 / 396	Nonprofit	30
31. Madhouse Development Services	Austin, TX	Henry Flores, president, and Henry Flores IV, vice president	378 / 81	For-profit	new
32. Related California	Irvine, CA	Frank Cardone, president	370 / 370	For-profit	39
33. The Doe Fund	New York, NY	John McDonald, COO, and Larry Gordon, vice president of real estate development	345 / 82	Nonprofit	new
34. Affirmed Housing*	San Diego, CA	James Silverwood, president and CEO	335 / 329	For-profit	34
34. Gilbane Development Co.*	Arlington, VA	Blaise Rastello, development director, affordable housing	335 / 0	For-profit	new
35. Community Development Partners	Newport Beach, CA	Eric Paine, CEO	332 / 98	For-profit	new
36. Blue Sky Communities*	Tampa, FL	Shawn Wilson, president and CEO	326 / 0	For-profit	new
36. Fitch Irick Partners*	Charlotte, NC	Hollis M. Fitch, CEO	326 / 338	For-profit	38
37. Highridge Costa Cos.	Gardena, CA	Michael Costa, president and CEO	321 / 262	For-profit	49
38. BRIDGE Housing Corp.	San Francisco, CA	Cynthia A. Parker, president and CEO	319 / 579	Nonprofit	33
39. Prestwick Development Co.	Atlanta, GA	Jody Tucker, founding partner and CEO	314 / 305	For-profit	23
40. Norstar Development USA	Buffalo, NY	Linda L. Goodman, senior vice president	312 / 180	For-profit	new
41. Crescent Development/Spy Rock Joint Venture	Richmond, VA	Zachery R. Frederick, ­founder and CEO	303 / 53	For-profit	new
42. Community Housing Partners	Christiansburg, VA	Jeff Reed, president	300 / 0	Nonprofit	new
43. Wallick Communities	New Albany, OH	Tom Feusse, CEO	288 / 0	For-profit	new
44. Brinshore Development	Northbrook, IL	David Brint and Richard Sciortino, principals	284 / 178	For-profit	26
45. Self-Help Enterprises	Visalia, CA	Tom Collishaw, president and CEO	274 / 136	Nonprofit	new
46. Arlington Partnership for Affordable Housing	Arlington, VA	Nina Janopaul, president and CEO	249 / 409	Nonprofit	new
47. Mosaic Development Group	Charlotte, NC	Kathy Stilwell, executive director	240 / 140	Nonprofit	new
48. PIRHL	Cleveland, OH	David Uram and David Burg, managing directors	238 / 221	For-profit	41
49. Beacon Communities	Boston, MA	Dara Kovel, CEO	237 / 253	For-profit	38
50. Nevada HAND	Las Vegas, NV	Audra Hamernik, president and CEO	235 / 242	Nonprofit	43

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A coalition of community and regional partners cut the ribbon on an important new affordable and workforce housing development in the heart of downtown Boise today.

The 134-unit apartment community, called Adare, was spearheaded by the Northwest Integrity Housing Co., The Pacific Companies and Thomas Development Co. The $28 million project, which will be home to income-eligible individuals and families, includes 72 one-bedroom units, 55 two-bedroom units and 7 three-bedroom units targeting residents making 50 percent and 60 percent of area median income, as well as 13 market rate units. It was developed in partnership with the City of Boise, Idaho Housing and Finance Association, the Capital City Development Corporation, and investor partners, the Zions Bank corporation, the Richman Group and American Express.

“This is exactly the kind of housing that we are working to create all across the city through our Grow our Housing initiative,” said Boise Mayor Dave Bieter. The City of Boise provided a reduced lease on 3.138 acres of property for the project and $482,000 from the city’s general fund. “By finding creative ways to be part of projects like this, we can help ease the affordability challenges facing our residents right now. Thank you to all of the partners who made this important project possible.”

Idaho Housing and Finance Association issued $18.1 million in tax-exempt bonds and allocated approximately $11.2 million in Low-Income Housing Tax Credits to the development. Zions Bancorporation, through its affiliate California Bank & Trust, purchased the tax-exempt bonds to provide the construction and permanent financing for the development.

“Partnerships like this are pivotal to providing safe, stable, and affordable housing in the Treasure Valley and throughout Idaho,” said Gerald Hunter, president of Idaho Housing and Finance Association. “IHFA has been privileged to work alongside a number of organizations and the city of Boise to help finance Adare and other projects, including New Path Community Housing and Valor Pointe.”

Also, IHFA and the city have committed up to a combined $2.3 million in federal HOME Investment Partnerships Fund, which they administer on behalf of the U.S. Department of Housing and Urban Development (HUD), to the project. The Capital City Development Corporation also contributed $730,000 for public improvements, including streetscapes and utility improvements.

The Richman Group, a nationally known tax credit equity syndicator, together with the upper-tier investor American Express, purchased the Low-Income Housing Tax Credits to provide the necessary equity to develop the affordable housing component of the project.

“The vision has been to transform the physical environment as well as to provide needed housing opportunities for Boise residents,” said Michael Martinez, Community Reinvestment Act Officer and Vice President of American Express. “American Express is proud to have worked with our financial partners and community leaders to make this vision a reality.”

Northwest Integrity Housing Co., the non-profit partner of Thomas Development Company, works to provide affordable housing for residents in the Intermountain West. Since its formation, Northwest Integrity Housing has been involved in the development and ownership of eight senior and six multi-family apartment communities, totaling 944 units.

“I’m thankful for the opportunity to work with all of our partners to bring this development to our community,” said Tom Mannschreck, CEO of Thomas Development Co. “It was completed on budget and ahead of schedule, and already about 50 percent of the apartments are occupied.”

The Pacific Companies, co-owner and developer of Adare, is a proud partner on this project.

“We are pleased to be able to bring 134 units of new, high quality affordable and market rate housing to the Boise community and we are grateful for all of the City’s staff, elected leaders and all of our partners who helped make this possible,” Caleb Roope, CEO of The Pacific Companies.

Contact: Mayor’s Office Media Relations (208) 972-8527 | mjournee@cityofboise.org