About Us

Projects & Investments

Since 2017 Millstream has led the acquisition or development of +$1.2 billion in commercial real estate across the multi-family housing, student housing, manufactured housing and industrial asset classes. Millstream sources opportunities off-market that demonstrate a unique strategic edge or offer a compelling entry basis. We believe in a disciplined underwriting process and structuring deals for downside protection to create enhanced risk-adjusted returns. At Millstream we manage risk by focusing on opportunities with optionality within markets that have significant macro-economic growth drivers.

Millstream Partners offers its Stakeholders:

A deep understanding of secondary markets and data driven evaluation process.

Relentless attention to due diligence and underwriting detail that uncovers significant value opportunities that others miss.

Significant experience with the partnerships, both formal and informal, required to deliver compelling returns.

Our primary geographic focus is the Intermountain West, but since 2017 Millstream has structured CRE acquisition and/or development deals in 21 states throughout the U.S.

“ The best investment on Earth is earth. ”

– Louis Glickman, real estate investor

Tax Conscious Approach

We understand that successful investing in commercial real estate requires navigating complex tax issues. Assuming deal fundamentals are strong, we value opportunities that afford additional tax enhancements such as tax increment financing, opportunity zone benefits or accelerated bonus depreciation allowances. The tax tail should not wag the dog, but if the deal is fundamentally sound additional tax enhancements can benefit equity participants in a meaningful way.


Millstream has sourced, structured and closed approx. $400 million in Opportunity Zone projects and numerous deals with local governments for tax-increment financing and additional government support.