A developer has finished construction on a new multifamily development in West Michigan that aims to provide affordable workforce housing in the region.
Magnus Capital Partners wrapped up construction in September 2024 of the HōM Flats at Maynard, an apartment development in the Westside Connection neighborhood.
The developer started work on the $51.5 million project in December 2022 and completed it in less than two years despite heightened construction costs and market delays stemming from the COVID-19 pandemic and other economic obstacles. To do so, the company said it worked directly with suppliers to address supply chain pressures, acquired additional financing from the Michigan State Housing Development Authority and adapted its construction to lock in material costs.
HōM Flats at Maynard has been selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards for multifamily development of the year for West Michigan. Magnus Capital said this is the second time that a HōM Flats development has received an Impact Award, which previously recognized HōM Flats at Felch Street in Holland, Michigan.
Magnus Capital Partners said it commits to providing "innovative housing solutions that address critical market needs," according to a statement. The firm designed HōM Flats at Maynard to serve renters who earn between 40% and 80% of the area's median income. Additionally, Magnus Capital constructed the Grō Childcare Academy, a nearly 8,000-square-foot early childhood education center that can host 120 kids.
“Our mission with HōM Flats has always been to bridge the gap between quality housing and essential services that enhance daily life,” said Vishal Arora, CEO of Magnus Capital Partners, in the statement. “This recognition by CoStar validates our efforts to deliver sustainable, community-focused workforce housing. With Grō Childcare Academy, we’re addressing one of the biggest barriers for working families — access to affordable, high-quality childcare.”
About the project: HōM Flats at Maynard, located at 526 Maynard Ave. NW, includes seven buildings spanning 200,000 square feet with 230 one-, two- and three-bedroom apartments. Site amenities include a fitness studio, cafe, rooftop terrace, indoor and outdoor play areas, indoor bike storage, a pickleball court, game room, indoor and outdoor dog parks, a podcast studio, walking paths and green space.
What the judges said: Spenser Robinson, entrepreneurship chairperson and director of real estate at Central Michigan University, said: “I chose HōM Flats because delivering workforce housing fulfills a huge community need. To deliver workforce [housing] and include meaningful wellness/sustainability initiatives represents the type of development all communities need.”
Dan Lewkowicz, senior director at Encore Real Estate Investment Services, said, “This [multifamily] development is servicing a major demand in this part of Grand Rapids for housing.”
They made it happen: Vishal Arora, founder and CEO, Magnus Capital Partners; Shake' Whiteman, property manager, Magnus — HōM Flats at Felch; and Ron Bernard, Rhode Construction. Jason Chronowski is the marketing manager for Magnus Capital.