UrbanStreet, Wingspan merge to build $3B multifamily pipeline

What's the deal? UrbanStreet GroupDealroom has a profile for this one. Try Dealroom → and Wingspan Development GroupDealroom has a profile for this one. Try Dealroom →, the national development arm of Nicholas Family of Cos.Dealroom has a profile for this one. Try Dealroom → (NFOC), have completed a merger. Wingspan will transfer its future pipeline of multifamily and mixed-use projects to UrbanStreet, which will lead multifamily development efforts.

What changes? Nicholas & AssociatesDealroom has a profile for this one. Try Dealroom →, NFOC's general contracting arm, will continue providing construction services for multifamily projects under the alliance in Illinois, Florida and Wisconsin, plus other markets when feasible.

What's the endgame? Wingspan will refocus on commercial sectors such as sports and entertainment venues, retail, industrial and land development. Outside of projects already underway, its multifamily role will centre on investment and third-party construction services.

The signal: Together, UrbanStreet and NFOC have delivered more than 7,500 multifamily units across 25 completed projects, worth more than $3 billion in combined development value. The merger consolidates that track record under one lead developer as each partner narrows its focus.

Read more: REBusinessOnline

Image credit: Payton Chung