Who We Are
Our Mission
C1 Development develops and invests in high-quality, multifamily housing for America’s missing middle.
C1 was founded to address one key problem: There is simply not enough affordable workforce housing stock in the United States. Many of the working class professionals serving as teachers, first responders, healthcare workers, and other vital positions are forced to live in outdated buildings that don’t meet the modern needs of today’s families.
At C1 Development, we work to increase the amount of attainable housing in our target markets by providing high-quality housing solutions at prices affordable for the workers that form the backbone of our communities. Through our parent company Virtus Real Estate Capital, which has provided equity to third-party developers for more than 10 years, C1 Development has the capital, experience, and expertise to be both a strategic GP capital partner to developers of workforce housing projects and a key player in the development space.
What We Do
Co-Development
C1 Development acts as a partner and capital source for experienced real estate developers planning and executing market-rate and workforce multifamily projects. As a co-development partner, C1 will participate with developers by taking pre-development risk from as early as the inception of a project. Our ability to capitalize a development includes earnest money, pursuit capital, General Partner equity, and construction loan guarantees. 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 local consultants, general contractors, and property management companies to deliver high-quality multifamily communities for future residents. The C1 team has the ability to develop in partnership with public entities (P3) and as pure private ventures.
Trophy Oak
San Antonio, Texas
Trophy Oak
Class-A Workforce Housing
Location: San Antonio, TX
Trophy Oak is a 324-unit Class-A middle-income workforce housing development in Cibolo, a high-growth northeastern suburb of San Antonio, Texas. The property is in a submarket that supports the employment of both military and civilian personnel. With limited local supply and the prohibitive cost of new homes, Trophy Oak helps fill the municipality’s need for affordable, middle-income workforce housing. As a result of a unique Public Facility Corporation (“PFC”) ownership structure established with the municipality, Trophy Oak received a 100% property tax abatement for 75 years. This created significant cost savings, allowing ownership to offer rental rates below those of inferior competitors, boasting strong relative value and a high-quality tenant experience.
The Upton at Longhorn Quarry
San Antonio, Texas
The Upton at Longhorn Quarry
Class-A Workforce Housing
Location: San Antonio, TX
The Upton at Longhorn Quarry (“Longhorn Quarry”) is a 306-unit Class-A workforce housing development located in the northeast quadrant of San Antonio, Texas. Immediately adjacent to Interstate 35 and Wurzbach Parkway, the property benefits from ease of access to the region’s major employment centers. Using a unique Public Facility Corporation (“PFC”) ownership structure with the municipality, Longhorn Quarry received a 100% property tax abatement for 75 years. These cost savings helped deliver a superior Class-A multifamily experience at rates in-line with inferior Class-B properties in the area. This fits squarely within our workforce strategy of providing quality yet affordable housing to blue and grey collar residents.
Who We Serve
Our Team
As the parent company of C1 Development, Virtus Real Estate Capital has been on the leading edge of cycle-resilient real estate investment for nearly 20 years. Founded on the principle that successful real estate investing does not need to depend on marketing timing, Virtus has focused exclusively on property segments supported by sustainable demographic trends and that help solve inuring societal needs, such as healthcare, education, workforce housing, and storage. As a hands-on, data-driven, curious investor, Virtus has purposefully worked to foster thriving communities that empower people to live better lives.
Let’s connect.
Greg Simon
Managing Director, Development
Greg joined C1 Development as a Managing Director in 2021, where his primary focus is sourcing and executing co-development opportunities in C1’s target markets. His responsibilities include all aspects of the development process including sourcing, entitlements, design, underwriting, capitalization and construction execution. Prior to joining C1 Development, Greg served as Senior Vice President of Development for the Presidium Group—one of the most active owners and developers of multifamily properties in the state of Texas. Prior to Presidium Group, Greg served as Managing Director for real estate private equity group Flywheel Capital, Managing Director for LatAm real asset investments for the family office Cloud Break Advisors, Multifamily Development Associate for Shea Properties, and Assistant Vice President for JV equity with pension fund advisor Buchanan Street Partners. Greg holds a bachelor’s degree from the University of California at Berkeley (CAL) and a Master of Real Estate Development from the University of Southern California (USC).
Tyler Brady
Managing Director
Stephen McCaffery
Associate
Stephen joined C1 Development in late-2022. He is responsible for underwriting, financial analysis, due diligence, and market research for prospective development projects nationwide, as well as execution for projects that are currently underway. Prior to joining C1 Development, Stephen was a Real Estate Manager at OTO Development – a privately-owned hospitality development and investment company – where he was responsible for leading acquisition and development efforts in Texas and select target markets in California and the Mountain West. Stephen holds a B.S. in Integrated Engineering from Washington and Lee University.