Workforce housing.
Institutional execution.
We acquire and develop workforce housing in markets where public policy creates opportunity. $2.5B+ in value created. $4.5B in institutional transactions. One partnership built to close.
About
A partnership built to close deals when others can't.
GS Residential buys and develops workforce housing across the United States. We are a joint venture between Gateway Merchant Banking, founded in 1993 by Charles Frazier, and Shieldstone Holdings, founded by Evan Shields. Gateway has created over $2.5B in value across 11,500+ units over 30 years. Evan has led the investment, development, and management of over $4.5B in real estate across his career, including $2.5B in workforce housing. We partner with institutional capital, experienced operators, and property owners in markets where public policy creates a real edge.
As of March 2026
What We Do
Two strategies. One thesis.
Workforce Housing Acquisitions
We buy existing multifamily in markets where public support creates upside. Off-market. 100 to 500 units. Positive leverage from day one.
Workforce Housing Development
We partner with landowners and builders on ground-up projects. Joint ventures only. Subsidy-supported returns. Lower risk by design.
One belief drives everything we do: strong returns and strong communities are not in conflict.
Leadership
Experienced operators. Aligned incentives.
Charles Frazier
Managing Partner
Founder of Gateway Merchant Banking. 30+ years developing and managing affordable and workforce housing. Over $2.5B in value created across 11,500+ units. Deep expertise in ground-up construction, agency financing, and institutional partnerships.
Evan Shields
Managing Partner
Founder and CEO of Shieldstone Holdings. $4.5B in institutional real estate transactions across Prudential, R4 Capital, and BridgeInvest, including $2.5B in workforce housing and 22,000 families housed. Expertise in LIHTC, structured finance, capital markets, and technology.
Partner With Us
Two ways to work together.
Investors & Capital Partners
Invest alongside experienced operators in workforce housing with policy tailwinds. Deal-by-deal opportunities with institutional co-GPs.
Invest With UsSellers, Brokers & Operating Partners
We buy off-market multifamily. Confidential process. Fast execution. Institutional backing.
Send Us a Deal