Addison Park, an INNOVATIVE property in Florida.

HOUSTON—INNOVATIVE Real Estate Cos. has restructured to better encompass an increased interest in multifamily properties.

The Houston-based firm, which has offices in Austin, South Florida and Utah, had a previous focus in the student-housing sector. Now, it has pending acquisitions and developments within the new niche. It is “aggressively pursuing both value-add and core acquisitions in key markets,” in addition to third-party management opportunities, say reps with the company.

“With our continued growth and success in student housing, expanding into multifamily is the next logical step in our evolution. We’ve built a strong operating platform ahead of our multifamily growth,” said Michael Augustine, President of INNOVATIVE.

As part of the company’s growth, INNOVATIVE recently hired Dana Caudell as regional vice president, based in Florida. Caudell has considerable multifamily experience; previously, she was responsible for operations of The Daniel Corp.’s multifamily division and regional property director at Madison Apartment Group.

“With the addition of Dana,” said Jared Miller, president of multifamily operations and chief marketing officer, “we are poised to make some big waves in multifamily.”