RangeWater Investment Management

RangeWater Investment Management

RangeWater Investment Management was founded in Atlanta in 2006 by Steven Shores and Marc Pollack, two real estate operators who previously held senior roles at Trammell Crow Residential and Lane Company. The firm emerged during the last cycle's development boom with a thesis concentrated on high-growth Sun Belt apartment markets, a bet that proved durable as demographic flows accelerated to cities like Atlanta, Dallas, Denver, and Tampa in the decade that followed. The firm operates across the full multifamily lifecycle — land acquisition, entitlement, vertical construction, stabilized lease-up, and property management. Unlike pure merchant builders that hand off assets at completion, RangeWater retains a substantial proportion of projects through institutional joint ventures, earning asset management fees post-stabilization. Its management portfolio spans more than 30,000 units concentrated in Texas, Florida, Georgia, Colorado, and the Carolinas. Capital partners have included Ares Management, Goldman Sachs Asset Management, and Equity Residential across successive vintage vehicles. The firm builds both market-rate and attainable housing product, typically executing garden-style and mid-rise wood-frame construction valued between $50 million and $120 million per project. RangeWater employs approximately 500 professionals across five regional offices. In May 2024, the firm started construction on a 350-unit development in the Denver suburb of Aurora, marking an expansion of its Colorado pipeline (per business records, 2024). Its management platform operates under the 'RangeWater' brand, while select assets carry the 'The Nook,' 'The Bexley,' and 'The Kelton' proprietary sub-brands. The firm maintains a separate property management division with a portfolio exceeding $4 billion in asset value under third-party contracts for owners outside of its own JV vehicles, generating a recurring revenue base that partially offsets the volatility of its development exposure. RangeWater's architecture as a fully integrated developer, owner, and third-party operator distinguishes it from peers that are either pure developers or pure managers. The management arm provides market intelligence that feeds the development pipeline — actual leasing velocity and rent-growth data that disqualify bad deals before land acquisition. This closed-loop operating model has attracted institutional capital accustomed to fee-light structures elsewhere; RangeWater's ability to self-manage what it builds gives limited partners a development-to-core conversion path without the leakage of an external property manager between the GP and the asset.