Recent growth in advanced manufacturing, medical technology and innovation sectors in Holland, Michigan, is driving the need for housing for middle-income households, so much so that leasing took off early at HŌM Flats at 24 East. Completed late last year, the apartment complex is on 24th Street near Waverly Road, regarded as the center of the unprecedented regional economic growth driven by major employer expansions.
The 202-unit development's mixed-income environment, which includes 40 market-rate apartments and 162 income-restricted homes intended for households earning between 40% and 80% of the area's median income, is somewhat unprecedented for the region.
The $60 million project also aims to address the workforce's needs in other ways, such as including 12,500 square feet of commercial space, an 8,000-square-foot onsite childcare center and a slate of amenities to promote well-being, social connection and long-term housing stability.
Retail spaces were intentionally designed to attract locally owned businesses, reinforcing the surrounding commercial district and helping create a walkable and economically resilient corridor. The childcare center addresses one of the region's most persistent workforce challenges — access to affordable, high-quality childcare — serving as a stabilizing resource for working families and strengthening employee retention for employers.
In recognition of its transformative role, the Magnus Capital Partners' development was chosen by an independent panel of industry professionals within the market for a 2026 CoStar Impact Award.
This is the second Magnus Capital Partners project to be recognized with an Impact Award and follows the success of its HŌM Flats at Felch Street in Grand Rapids, Michigan. That project took home a 2023 CoStar Impact Award in recognition of its affordability, design and impact.
The city of Holland supported the HŌM Flats at 24 East project through a Payment in Lieu of Taxes, or PILOT, agreement and associated infrastructure enhancements, while the Michigan State Housing Development Authority, Merchants Capital and Freddie Mac collaborated with local partners on arranging a financing structure.
About the project: Extras at HŌM Flats at 24 East include a fitness studio, pickleball court, coworking lounge and café, indoor and outdoor children's play areas, game room and community gathering spaces, indoor bike storage and repair station, secure package delivery system, dog parks, walking paths and rooftop terraces. The project was designed by architect Hooker DeJong and built by general contractor Rohde Construction.
What the judges said: Stu Kingma of the commercial real estate firm NAI Wisinski of West Michigan described HŌM Flats at 24 East as a "well-designed and well-planned workforce housing solution." Alex Cartwright of Ferris State University and HotelSHIFT Capital pointed to the development's "many innovative amenities," including "excellent" onsite childcare. He also called out the project's "strong density," noting, "I'm glad the city allowed it." Matthew Callander of Callander Commercial said, "The sheer comparative scale tips the scales. A development of this size requires a high level of expertise and is typically rife with complications." And Spenser Robinson, from Central Michigan University, described the development as a "strong mixed-use asset with multiple integrated services."
They made it happen: Key to the project were Jason Chronowski, Tony Wilmot, Nick Burger and Shake Whiteman, all of Magnus Capital Partners, the property's owner.
CoStar Market Manager Patrick Riendeau contributed to this article.