Co-Development

C1 Development acts as a partner and capital source for experienced real estate developers planning and executing market-rate student and attainable multifamily projects. As a co-development partner, C1 has the unique ability to assist developers with the capital needs of the project by providing early indication of funding from our availability of discretionary LP capital.

Our ability to capitalize a development includes earnest money, pursuit capital, General Partner equity, and construction loan sponsorship and development oversight. C1 provides a complete capital solution including the majority Limited Partner capital to go vertical from Virtus’ discretionary fund.

Development

C1 Development is focused on identifying sites in high growth target markets where quality affordable housing is in high demand. C1 works with our investment partners, local consultants, general contractors, and property management companies to deliver high-quality multifamily communities for future residents.

The C1 team focuses on the top tier public institutions for our student housing investment platform. Additionally, C1 focuses on core MSA in major metros for our multifamily attainable and opportunistic development opportunities.

Multi-Family Housing

C1 Development specializes in the development and co-development of top-tier multifamily housing for America’s “missing middle”—the essential workers who are the foundation of our communities as well as opportunistic development opportunities for conventional product in more urban markets.

Many community-serving professionals, such as teachers, first responders, and healthcare workers, are limited to outdated housing options due to affordability and accessibility challenges.

At C1 Development, we aim to increase attainable housing within communities by offering high-quality solutions at affordable prices. Backed by our parent company, Virtus Real Estate Capital, C1 Development has the capital, experience, and expertise to be a strategic partner and key player in attainable housing development.

Student Housing

The off-campus student housing at many universities is functionally obsolete and underserved. C1 Development aims to infuse markets with accessible and highly amentitized options tailored to the student communities they serve.

Our focus is centered on markets with T1 public universities or T2 markets with growing populations for student housing.

Our Team

David Helfrich

President

David joined C1 Development as President in 2024, where his primary focus is leading ground-up development and co-development opportunities in C1’s national target markets.  His responsibilities include oversight and management of all aspects of the development platform, from sourcing and analyzing to capitalization and execution for each development office.  Prior to joining C1 Development, David served as President of Development for Aspen Heights Partners and was responsible for their student housing, BTR, and conventional multifamily development verticals.  David also founded CampusWorks/CW Development which was acquired by Aspen Heights in 2018.  He served as CEO of CampusWorks/CW Development for 22 years and was responsible for the strategy and execution of both the development and construction of multifamily and student housing communities.  David has held General Contracting Licenses in over 8 states and holds a bachelor’s degree in business from Michigan State University.

Dan Koebel

Managing Director, Development

Dan joined C1 Development as a Managing Director in 2024, where his primary focus is leading C1’s development pursuits for its student housing platform nationally and attainable housing platform in the Carolinas.  Dan is responsible for overseeing the entire development process from sourcing, underwriting, entitlements, design, capitalization and construction execution.  Prior to joining C1 Development, Dan served as Senior Vice President of Development for Middleburg Communities, Aspen Heights Partners, and CampusWorks/CW Development.  Dan holds a bachelor’s degree in building construction from Virginia Tech and an MBA in real estate finance from UNC Charlotte.

Greg Johnson

Development Manager

Greg joined C1 Development in 2024 as a Development Manager, where his primary focus is supporting C1’s development pursuits for its student housing platform nationally and attainable housing platform in the Carolinas.  Greg is responsible for managing the entire development process from sourcing, underwriting, entitlements, design, capitalization, and construction execution.  Prior to joining C1 Development, Greg founded Besson Development and Better Properties Group where he led the team’s multifamily and single-family home development efforts.  Prior to Besson Development, Greg worked as a Finance Associate on LStar Venture’s master plan developments and as an M&A Investment Associate for a family office in Durham, NC.  Greg holds a bachelor’s degree in economics from the University of Connecticut and an MBA in finance, data analytics, and entrepreneurship from North Carolina State University.

Contact

Have questions? Reach out to the C1 team!

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