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Wingspan Development Group Closes $11.7 Million Capital Raise to Continue Multifamily Development Growth in Florida and Wisconsin

October 1, 2021

Wingspan Development Group, a privately held multi-state development firm active in multifamily and mixed-use properties, announced it has successfully closed its WDG GP Fund to further expand its successful multifamily development business. The WDG GP Fund, which resonated with family offices and individuals, anticipates a 15% to 20%-plus annual return over five years.

The $11.7 million fund will participate in the equity of three projects, including Niche at North Hyde Park near the University of Tampa, HUB13 in Oak Creek, Wisc., and The Ruby at Brookfield Square in Brookfield, Wisc. The fund expects to deploy all its capital into these projects over the next 30 to 60 days. Wingspan currently has over $200 million in multifamily projects under development across several Chicago suburbs, Southeast Wisconsin and Central Florida.

“We see a lot of runway for the multifamily sector and believe we have the right product and approach for our target markets,” said Todd Younger, fund and investor relations manager for Wingspan. “The positive response to this fund confirms that individual investors want this asset class in their portfolios. And with the WDG GP Fund, we offer them not only general partner-like returns – where investors sit in the same part of the equity stack as the general partner or sponsor – but also a single vehicle to invest in multiple projects.”

For transparent communications with WDG GP investors, Wingspan provides its fund members a secure online portal where intuitive investment dashboards, project updates and tax documents can be accessed.

Wingspan Development Group principals also participated in the WDG GP Fund, committing 10% of the total raise. Approximately 80 investor members make up the balance of the fund.

Specializing in Class A multifamily developments, Wingspan has recently completed two Chicago-area projects – Buckingham Place, a 267-unit transit-oriented development (TOD) in Des Plaines, Ill., within 15 minutes of O’Hare International Airport, and 20West, a mixed-use TOD mid-rise of 71 units in downtown Mount Prospect, Ill., near the Metra station. Both projects are stabilized.

In addition to Niche at North Hyde Park, HUB13 and The Ruby at Brookfield Square, Wingspan has three other active projects totaling over 650 units at various stages of development.

“We see continued appetite for new Class A rental and mixed-use development, especially in suburban downtowns and areas close to transportation hubs,” said Christopher Coleman, vice president of development for Wingspan.

“A lot of competing properties in our markets are 30 to 40 years old, but most renters today want new-construction and highly amenitized buildings with easy access to transit. When 20West opened earlier this year, it was the first new apartment building in Mount Prospect in 40 years and has outpaced expectations – even during a pandemic – because it fills a huge void in the community for high-end, quality rental housing.”

Wingspan developments are outfitted with the latest common area features, including resident coworking space, state-of-the-art fitness centers, indoor-outdoor gathering spaces, pet amenities, state-of-the-art building access technologies, package concierge systems and more. Select properties also include micro-units with robotic transformable furniture.

Founded by a core team with over 80 years of combined real estate experience, Wingspan offers integrated site acquisition, development and construction capabilities, as well as relationships in key markets to help get projects done efficiently, from securing entitlements to stabilization. Wingspan uses award-winning property management teams to assist in leasing and stabilizing developments. 

About Wingspan Development Group:

Wingspan Development Group is a nimble and opportunistic developer focusing on multifamily, attached single family, single-family rentals and mixed-use developments in select markets. With in-house land acquisition, development and construction capabilities, Wingspan prides itself on its relationships and partners that allow the firm to move quickly in closing deals and completing best-in-class projects on time and within budget. Specializing in Class A multifamily developments, Wingspan has a number of rental and mixed-use projects in various stages of development in the Chicago, Southeast Wisconsin and Central Florida regions.


Niche at North Hyde Park, a 251-unit apartment community near the University of Tampa, is one of the multifamily projects being funded through Wingspan Development Group’s new $11.7 million WDG GP Fund.