CRG launched a new national residential development strategy that includes $1 billion in multifamily developments over the next two to three years in response to COVID-19.

The strategy will initially target a dozen US markets, particularly in the Sunbelt, with stable rent growth and underserved middle-income multifamily demand. CRG Managing Partner J.J. Smith rolled out this new residential development strategy in response to investor demand and changing economic conditions. 

CRG's strategy, shaped by COVID, will prioritize Class B, workforce housing aimed at people earning between 80% to 120% of US Average Median Income (AMI). For this middle bracket seeking more housing options outside of the city, the firm will pursue development sites in the first- and second-ring suburbs of urban centers. Smith says land prices have fallen during the pandemic, which removed an obstacle to producing workforce housing.