Milhaus Secures $245 Million in New Capital Investment

October 18, 2017

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Milhaus, an award-winning developer that specializes in hard-to-assemble, hard-to-entitle, urban infill and select suburban multifamily residential buildings, announces today it has secured $245 million in new capital from FrontRange Capital Partners, StepStone Group Real Estate LP (“SRE”) and a group of internal investors.  These investments will allow Milhaus to reach its goal of having 20,000 units in 10 markets by 2020. 

Headquartered in Denver, Colo., FrontRange is a real estate private equity firm focused on providing growth capital to real estate operating companies. FrontRange is led by David Robertson and Lance Graber, who formed the firm in 2010 in partnership with the Pritzker Group.

SRE is a part of StepStone Group LP (“StepStone”), a global private markets firm that oversees approximately $120 billion of private capital allocations, including $32 billion of assets under management. StepStone is one of the most active primary, secondary and co-investors in the global private markets and a market leader in sponsoring recapitalization investments in private real estate ventures. 

Collectively these investments will allow Milhaus to retain ownership and control of assets for the long term, including landmark assets such as Artistry in Indianapolis, Lift in Oklahoma City and Highland Row in Memphis, as well as provide capital to fund future development growth in its real estate portfolio, team and geographic reach. Following closing, Milhaus’ portfolio value will reach $689 million with 2,793 units across the nation.  Milhaus expects to commence construction on an additional 1548 units by YE 2018 which will bring its portfolio value to over $1 billion.

“We firmly believe this new capital will empower Milhaus in a number of ways. From the financial viewpoint, it will help to solidify our goal since inception: to build and own a portfolio of hard-to-assemble, hard-to-replace assets in the top secondary markets throughout the Midwest and Southeast,” said Tadd Miller, CEO at Milhaus. “These investments will reap additional benefits, such as providing job stability, cultivating stronger company culture and improving overall employee satisfaction. We look forward to growing Milhaus into a stronger, better and even more sustainable organization.”

Milhaus currently has projects in Indianapolis, Milwaukee, Cincinnati, Pittsburgh, Oklahoma City, Louisville, Ky., Memphis, Tenn., Kansas City, Mo., St. Petersburg, Fla. and Tampa, Fla., and manages properties in many more.

“Over the last seven years, Tadd and the Milhaus team have delivered impressive growth and investor returns, and we are excited to partner with them on the next phase of the company’s growth,” said David Robertson, CEO of FrontRange Capital Partners. “We aim to provide the Milhaus team with the financial and human capital support they need to fuel expansion in major markets throughout the Midwest and Southeast.”

Milhaus has developed and built over 3,805 units and manages over 7,445 units of multifamily apartments. Milhaus’ owned portfolio is exclusively Class-A, market rate product in the best submarkets of select secondary cities.

“This investment provides us with geographically diversified exposure to high-quality urban in-fill assets within growing U.S. secondary markets with a best-in-class operating partner and developer,” said John Waters, a Managing Director at SRE. “We believe Milhaus’ integrated platform, management team and track record are top-notch. We are excited to join forces to develop unique, high-quality apartment properties in the Midwest and Southeast.”



FrontRange Capital Partners is a private equity firm focused on investments in real estate and high growth businesses. Founded in 2010 in partnership with the Pritzker Group and led by David Robertson, Lance Graber and Glenn Robson, FrontRange invests capital on behalf of institutions and high net worth individuals. The firm seeks to generate superior risk-adjusted returns and capital preservation by investing in assets and companies that provide upside through current income and growth, as well as downside protection through structuring and underlying asset value.


StepStone is a leading private markets firm that oversees approximately US $120 billion of private capital allocations, including US $32 billion of assets under management. StepStone creates customized and targeted portfolios for the world’s most sophisticated investors using a highly disciplined research-focused approach across real estate, private equity, real assets, hedge funds, infrastructure and private debt. It is a global firm with 14 offices in 10 countries around the world including in New York, San Francisco, San Diego, Toronto, London, Zurich, Dublin, Beijing, Hong Kong, Tokyo, Seoul, Sydney, Perth and São Paulo.