Case Study Preservation Operating
Rose City Flats
Portland, OR
Distressed property stabilized after owner default and management collapse, with cash-out refinancing securing 80% AMI affordability restrictions.
Housing That Works for People — and Capital
Great Expectations is a Social Purpose Corporation developing and operating workforce housing across the Pacific Northwest. Below-market rents for residents. Durable, above-market returns for investors.
21
Properties Owned
1,639
Units Owned
6,150
Total Units Managed
Profit with a purpose — by design
Great Expectations is organized as a Social Purpose Corporation (SPC) because we believe housing demands a higher standard of accountability.
This structure gives our investors confidence that our mission is durable — not optional, and not marketing. It also gives us the freedom to take on complex projects others avoid, and to do so with discipline.
As an SPC, we are legally committed to
- Operating profitable real estate assets
- Advancing social benefit through housing affordability
- Balancing investor returns with long-term community outcomes
An integrated housing platform
We focus on housing where markets are tight, jobs are growing, and working people are being priced out.
Develop
Ground-up and adaptive reuse housing designed for efficiency, durability, and long-term affordability.
Preserve
Rehabilitating existing affordable and workforce housing to extend its life, stabilize rents, and improve operations.
Operate
Vertically integrated property management and construction that de-risks execution and protects capital.
Each pillar reinforces the others.
From concept to cash flow
Rather than broad claims, here are a few examples of real work — executed end-to-end.
Case Study Rehabilitation Operating
Crossroads Garden
Bellevue, WA
Ambitious adaptive reuse of a distressed assisted living facility into 108 units of affordable housing, completed with no local subsidy using Washington State's innovative Recycled Private Activity Bond program.
Case Study Development Operating
Cornus House
Tacoma, WA
Ground-up Opportunity Zone development delivering 199 units of transit-oriented affordable housing, completed ahead of schedule with $2M in savings using innovative C-PACE financing.
Investing where it matters most
We work with mission-aligned investors to deploy capital across workforce housing, affordable preservation, and select development opportunities.
We utilize sophisticated tools — applied prudently — always with conservative leverage, transparent reporting, and hands-on execution.
Capital tools we use
- Opportunity Zone equity
- Subordinated and mission-aligned debt
- Project-based Section 8
- Tax-advantaged and private capital structures
78%
of our apartments serve households earning under 60% AMI — a range almost never targeted by the private sector.
Built to execute
Many firms underwrite housing. Few operate it at scale.
Our platform combines in-house property management, construction and rehabilitation expertise, affordable housing compliance, and disciplined asset management and reporting.
This integration creates a feedback loop that improves performance, reduces risk, and aligns outcomes across residents, communities, and investors. We don't outsource responsibility.
Investment & Development
Capitalization, acquisitions, development, and asset management. We source opportunities, structure capital, and drive investment performance.
Construction Management
Cost control through self-performed small scopes and disciplined general contracting. We deliver projects on time and on budget.
Property Management
Operational efficiency at scale with resident-focused execution. Our management feedback loop informs underwriting and drives value creation.
501c3 Affiliate
Facilitates tax advantaged affordable housing ownership structures and provides meaningful services to residents and the community.
Join us
Whether you are an investor, public partner, or housing organization, we believe the future of housing requires new models — and committed capital. We are building one such model.
Invest
Invest with us
Learn how we structure and steward capital across workforce and affordable housing.
Explore investing
Learn
Why we’re an SPC
Understand the legal and operational commitments behind our mission.
Read more
Partner
Build with us
Bring us a site, portfolio, or partnership idea. We respond quickly and directly.
Contact us