Since launching in 2022, Crew Enterprises has assembled a $500 million portfolio of student housing and multifamily properties across six states, capitalizing on supply constraints near major universities. Founded by Blake Wettengel and Tanya Muro, the Orange County-based firm manages approximately 1,400 units totaling just over 3,000 beds.
The company’s approach centers on acquiring properties in markets where housing supply can’t keep pace with demand—primarily near large universities where enrollment continues to grow but zoning restrictions or geographic constraints limit new construction. This strategy has attracted several hundred million dollars in equity investments, particularly from investors seeking Delaware Statutory Trust (DST) opportunities that qualify for 1031 exchanges and IRA investments.
A Dual Strategy for Different Property Types
Crew Enterprises operates with two distinct investment strategies depending on the asset. For newer, stabilized properties in strong markets, the firm employs a conservative buy-and-hold approach, typically holding assets for five to six years. These properties appeal to investors looking for steady, predictable returns without the operational complexity of major renovations.
The second strategy targets older properties with strong locations in markets experiencing demographic growth. Here, the firm focuses on student housing and multifamily investments where they can capture rent growth through capital improvements—upgrading units, renovating common areas, and adding amenities that today’s renters expect.
Balancing Risk and Return
The firm’s portfolio deliberately mixes student housing with traditional multifamily properties, a balancing act designed to optimize returns while managing risk. Student housing typically offers higher per-bed rental income but comes with seasonality and the concentration risk of relying on university enrollment. Traditional multifamily properties provide more stable, year-round occupancy but may offer lower yields.
What sets Crew apart, according to company materials, is an investor-first philosophy. Rather than pursuing a one-size-fits-all approach, the firm works to understand investor objectives—whether that’s tax-deferred growth through 1031 exchanges, income generation, or long-term appreciation—and structures acquisitions accordingly. The firm also emphasizes real estate investment opportunities that incorporate enhanced social and environmental practices, responding to growing investor interest in responsible property management.
Expansion Plans
Looking ahead, Crew Enterprises plans to continue expanding through both acquisition channels. The firm seeks well-located newer assets that can provide stable returns from day one, as well as value-add opportunities where strategic improvements can drive meaningful rent growth over a three- to five-year period.
With its focus on supply-constrained university markets and a portfolio that serves both students and the broader rental population, the firm has carved out a specific niche in the multifamily property investment space. In just two years, it’s reached a scale that positions it for further growth as investors continue seeking alternatives to traditional stock and bond portfolios.
