Fischer Homes CEO Tim McMahon said he has seen the need for housing beyond the sale of traditional single family homes and condominium communities — both in Northern Kentucky and across the region.
That’s one reason Chairman Greg Fischer and David Spaulding, a local construction leader, joined together to create a national development and investment company focused on creating multifamily and mixed use communities.
Acendion Capital & Development has three communities with more than 1,000 apartments in Greater Cincinnati beginning development in the next year, according to a press release.
A study of housing in Northern Kentucky has revealed troubling trends for housing in the region, with the largest need being for “workforce housing” for households earning between $15 and $25 per hour, with monthly housing costs between $500 and $1,500. The region needs about 3,000 more housing units to provide for people within that income range, according to the study.
The demand for one- to two-bedroom rentals and owned properties consistently exceeds their supply, while supply for three and four-bedroom properties consistently exceeds demand. The study suggests that the region needs to build 6,650 housing units to support economic development in the next five years, which equates to 1,330 units per year.
Read more here.
Understanding Northern Kentucky’s housing shortage
“Greg Fischer spends every day on the front lines of residential development, and I have been involved in major construction projects for nearly 20 years,” Spaulding said in the release. “We both see the tremendous opportunity to create a national multifamily development company that will focus on creating great communities in high-demand areas that will be tremendous places for people to live while offering individual investors a chance to build wealth as Acendion grows and flourishes.”
The approach is meant to appeal to investors interested in joining experienced developers as national housing originations are estimating a need for 4.3 million new apartment units across the U.S. by 2035.
Fischer said Spaulding, who will serve as Acendion’s president, is known for his strategic vision, executive leadership, and expertise in managing diverse construction initiatives, which has equipped him with the unique skills necessary to excel in high-stakes development environments.
“Dave will not only lead our efforts to develop premier for-rent living spaces that cater to modern lifestyles, but he will also lead the creation and vision of this company to ensure another successful company in our region,” Fischer said. “His proven track record at Turner Construction in delivering exceptional results through meticulous planning and team leadership makes him the perfect leader to drive towards achieving our goals.”
Greg Fischer sits on the Managing Board of LINK nky, which oversees the business operations of LINK but has no say in editorial matters.