Since 2004 Brownstone Affordable Housing, Ltd. ("Brownstone") has been actively developing and constructing affordable multifamily properties financed in part through the Housing Tax Credit program. Brownstone is a family-owned, multi-faceted group of companies involving Brownstone Architects & Planners, Inc., Brownstone Affordable Housing, Ltd. and Brownstone Construction, Ltd., which design, develop and construct single-family and multi-family residential properties as well as selected commercial assets. During the past 14+ years the portfolio has steadily grown, expanded to multiple states, and now includes a number of market-rate properties as well as affordable properties developed and constructed for Housing Authority clients. Over time, this has led Brownstone to the determination that it is appropriate to incorporate self-management of its multifamily portfolio as a natural progression of its all-inclusive operations.
As a result, Brownstone Residential, LLC (the "Company") was formed in June 2018 to undertake those operations. Ownership of the Company is comprised of the Brown family – William "Bill" Brown and his sons, Doak, Jed and Wil, and Robert Dryman, the President and managing partner, along with Leslie Holleman and Evon Harris, Principals of Evolie Housing Partners, LLC. The Company manages a portfolio of 25 properties totaling 1,815 units with an additional four properties and 430 units to be added in 2019 - 2020. As a production development team, the Brownstone/Evolie partnership will continue to add new properties to the portfolio, both "affordable" and market rate, for many years to come.
The Company is owned and managed by an experienced team of management and development professionals with a wide array of expertise in property operations, financial operations, compliance, asset management and state agency/lender/investor relations. In addition, the company structure qualifies it for certification as a Historically Underutilized Business in the state of Texas. Preparation of a certification application to the Texas Comptroller of Public Accounts is currently in process.