Clayco’s CRG Launches Middle-Income Residential Strategy

CRG, the real estate development and investment arm of Chicago-based Clayco, has launched a new national residential development strategy that includes $1 billion in multifamily developments over the next two to three years in response to COVID-19. The strategy will initially target a dozen U.S. markets, particularly in the Sun Belt, with stable rent growth and underserved middle-income demand.

“The pandemic has changed what middle-income earners want in a home and we think the effects will be long term,” said CRG managing partner J.J. Smith. “Our plan addresses a development need which has largely gone underserved, and the pandemic has only further highlighted the need for these types of residential offerings.”

For this middle bracket seeking more housing options outside the city, CRG will pursue development sites located in first- and second-ring suburbs of urban centers. Dubbed “Essential” housing communities, these developments will be specifically designed for the work-from-home resident. 
 
Pictured: Broadway Chapter in Fort Worth, the first project under CRG’s new strategy.
 

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