Wallick Communities - Comprehensive Analysis Report

Summary

Wallick Communities is a leading developer, owner, and manager of high-quality residential communities, primarily focused on affordable, workforce, and senior housing across the Midwest and North Carolina. Founded in 1966, the company's mission is to open doors to homes, opportunities, and hope, guided by core values of genuine care, character, and collaboration. Managing over 200 communities and more than 15,000 apartment units, Wallick Communities plays a significant role in addressing critical housing needs for diverse populations.

1. Strategic Focus & Objectives

Core Objectives

Wallick Communities is committed to addressing critical housing needs for low-to-moderate income families, single parents, young adults, and seniors. The company aims to provide high-quality, sustainable residential communities while ensuring long-term financial viability and social impact. Short-term goals include the successful development and rehabilitation of new projects, securing complex financing, and maintaining operational excellence. Long-term goals involve continued expansion of its portfolio, advocacy for affordable housing policies, and strengthening its employee-owned structure to foster sustained growth and associate benefits.

Specialization Areas

The company specializes in the comprehensive lifecycle of housing development, including development, construction, property management, and asset management of affordable housing, workforce housing, and senior living communities. A key area of expertise is the utilization of complex financing structures, leveraging federal and state funding sources such as Low-Income Housing Tax Credits (LIHTCs), USDA Rural Development Apartments, and Section 8 subsidized communities. Wallick Communities also emphasizes "green" projects and large-scale rehabilitations, demonstrating a commitment to sustainability and modernization. The company actively engages in public policy education and advocacy to secure funding and support for affordable housing initiatives.

Target Markets

Wallick Communities primarily targets low-to-moderate income families, single parents, young adults, and seniors. Its market positioning strategy focuses on underserved segments, including individuals and families with an area median income (AMI) between 80-120% for workforce housing, and seniors who require quality, affordable living and assisted living options.

2. Financial Overview

Funding History

Wallick Communities transitioned its ownership to its more than 1,100 associates through an Employee Stock Ownership Plan (ESOP) on April 11, 2023. This strategic move was implemented to preserve the company's culture, ensure its future growth trajectory, and allow its associates to directly benefit from the company's success.

The company's estimated annual revenue is $80.4 million. For individual projects, Wallick leverages diverse funding mechanisms:
In 2019, approximately $50 million in bridge loans were secured from Merchants Capital for three assisted living facilities in Ohio, facilitating eligibility for Federal Housing Administration (FHA) insurance. These projects included The Ashford at Mt. Washington ($13 million), The Ashford on Broad ($16 million), and The Ashford at Sturbridge ($20 million).
Wallick frequently utilizes Low-Income Housing Tax Credits (LIHTCs), securing numerous awards. Examples include $1.5 million from the Michigan State Housing Development Authority (MSHDA) for the Lighthouse Ridge Apartments in South Haven, Michigan.
Two 9% LIHTC allocations were received from the North Carolina Housing Finance Agency for Onyx Place in Wilmington, NC, and Archer Commons in Morganton, NC, designed to create 96 affordable senior apartments.
A $5.8 million Transformational Mixed-Use Development (TMUD) tax credit was awarded for Phase II of its Central Park development in Heath, Ohio, for an Affordable Assisted Living community. The Central Park project also received $4.1 million in state tax credits for workforce housing.
The company was awarded $999,960 in 9% LIHTCs and a $1.75 million Housing Development Loan from the Ohio Housing Finance Agency for the Wade Park Station senior housing development in Cleveland.
Corners Crossing in Traverse City, MI, secured a $1.5 million award from Grand Traverse County and $5 million from the Michigan State Housing Development Authority (MSHDA) for construction, with additional financing partners including the U.S. Department of Housing and Urban Development (HUD), Greystone, and Huntington.

3. Product Pipeline

Key Products/Services

Wallick Communities actively pursues new development and substantial rehabilitation projects:

Homestead Crossing (Youngstown, OH): A 120-unit affordable housing community for families, awarded Ohio Low-Income Housing Tax Credit resources.
Rogell Park (Detroit, MI): An $88 million community-centered affordable housing development in partnership with Detroit Blight Busters, bringing 304 affordable housing units, including 198 townhomes and 106 senior apartments.
Onyx Place (Wilmington, NC) and Archer Commons (Morganton, NC): Two senior housing communities adding 96 affordable apartments, supported by 9% LIHTC awards.
Wade Park Station (Cleveland, OH): A new senior housing development supported by 9% LIHTCs and a Housing Development Loan.
Central Park (Heath, OH): A mixed-use development spanning 47 acres of a 300-acre site for workforce housing. Phase II includes the construction of over 580,000 square feet across 24 buildings, including 21 multifamily workforce housing buildings, two restaurants, and an assisted living community.
Corners Crossing (Traverse City, MI): Wallick's inaugural 192-unit Workforce Housing development, with financing officially closed in June 2024.
Harding Heights Apartments (Marion, OH) and a community in Raleigh, NC: Two communities that closed in mid-December 2025, adding 170 new affordable homes for seniors.
Burnett Manor: Recently awarded 9% Tax Credit for a substantial rehabilitation to revitalize the community.
Dr. Violet T. Lewis Village: Celebrated its grand opening in December 2025.
The Ashford at the Enclave (Northwood, OH): Wallick’s first Affordable Assisted Living community, serving Medicaid-eligible residents.

4. Technology & Innovation

Technology Stack

Wallick Communities leverages a diverse technology stack to support its operations and innovative practices. Core platforms and technologies include:
Business Intelligence: Power BI for data analysis and insights.
Communication & Collaboration: D2L Brightspace.
Content Management: Open Graph and Cloudflare.
Enterprise Resource Planning (ERP): Ceridian for human resources and payroll.
Search Engine Optimization (SEO): Yoast SEO for digital presence.
Frontend Development: Twemoji for font scripts and Underscore.js for JavaScript libraries.

Proprietary Developments

The company demonstrates innovation through its commitment to sustainable and high-quality construction practices. Wallick is recognized for undertaking the largest green rehabilitation of an affordable community in U.S. history. Their construction expertise includes LEED-Certified Construction, highlighting a focus on environmentally friendly designs and materials. The company also continually implements new systems and techniques in its property management to optimize operations, improve efficiencies, and provide innovative, cost-effective solutions for its communities.

5. Leadership & Management

Executive Team

The strategic vision and daily operations of Wallick Communities are guided by a seasoned leadership team and Board of Directors.

Amy Albery - Chief Executive Officer. Joined Wallick in 2011, previously Senior Vice President of Affordable Housing, promoted to COO in September 2020, and became CEO in Fall 2021.
Tom Feusse - Board Chairman. Former CEO, transitioned to Chairman in Fall 2021, remaining active with the firm and retaining an ownership position.
Sarah Malone - Chief Financial Officer.
Derrick Young - Senior Vice President, Affordable Housing Operations.
Abraham Mathew - Senior Vice President, Senior Living Operations.
Mike Ekis - Senior Vice President, Construction.
Alexis Dunfee - Senior Vice President, Development.
Bryan Lenzo - Senior Vice President, Organizational Effectiveness and Technology.
Tammana Bharakhda - Senior Vice President, Marketing & Branding.
Mike Dodge - Senior Vice President, Asset Management.
Michael DiCarlantonio - Vice President, Development.
Jimmy McCune - Vice President, Development.
Karen Averell - Vice President, Development.
Sara Ford - Vice President, Development.
John Marra - Vice President, Development (also Senior Development Manager).
Jake Gill - Vice President, Development.
Jeannie Clayton - Vice President, Closing and Real Estate Management.
Shawn Johnson - Vice President, Real Estate Investments.
Graham Welling - Senior Development Manager.
Brandon Barcena - Development Manager.
* Brennon Davis - Development Manager.

Board Members also include Howard Wallick, Julie Wallick, Erin Shvetzoff Hennessey, and Elizabeth Bluhm.

Recent Leadership Changes

In a significant leadership transition, Amy Albery, who previously held the role of Senior Vice President of Affordable Housing, was appointed Chief Operating Officer in September 2020 before ascending to the position of Chief Executive Officer in Fall 2021. Concurrently, former CEO Tom Feusse transitioned to the role of Board Chairman in Fall 2021.

6. Talent and Growth Indicators

Hiring Trends and Workforce

Wallick Communities is a growing organization comprising over 1,000 associates. The company has been recognized as a "Best Places to Work," indicating a strong, positive employee culture that prioritizes respect, individual growth, innovation, and work-life balance. Current hiring trends show active recruitment across various functions, including property management, healthcare, facilities, construction, and corporate roles such as Information Technology, Finance, Marketing, Human Resources, and Development. Open positions are consistently advertised on their official careers page and LinkedIn profile.

Company Growth Trajectory Indicators

The company's growth trajectory is characterized by its extensive development and management portfolio. Wallick Communities has developed and built over 400 communities and currently owns or manages more than 200 communities, encompassing over 15,000 apartment units. The transition to an Employee Stock Ownership Plan (ESOP) further signifies a commitment to long-term growth and stability, aligning the interests of all associates with the company's success.

7. Social Media Presence and Engagement

Digital Footprint

Wallick Communities maintains an active and professional social media presence, primarily on LinkedIn. This platform is utilized to share company news, significant project updates, career opportunities, and insights into its mission and values. The company's news releases frequently provide options for sharing content across various social media platforms, including Facebook, X