Ross Alum Acquires $20 Million Fund to Purchase Homes for Individuals with Intellectual and Developmental Disabilities
Nestidd’s co-founders Andrew Parker, BBA ‘11, and Tad Ritter, BA ‘12, and director of development Amanda Parker, BBA ‘17, are leading with purpose during the COVID-19 pandemic.
Nestidd has brought a whole new meaning to flipping houses – established in 2017, the company provides affordable, customized housing for those with intellectual and developmental disabilities. Based out of Chicago, Nestidd currently owns and manages over 250 houses across 12 states.
Longtime friends Andrew Parker, BBA ’11, and Tad Ritter, BA ‘12, realized there was a lack of low-cost housing for people with disabilities. Their recent closure on a $20 million fund allowed them to purchase these homes over the course of this year. They will be leased to licensed Medicaid care providers who focus on adults with I/DD.
Parker’s recent acquisitions have brought the company back to his roots. “The current fund is called Hill Oxford L.P., named after the corner of Hill and Oxford in Ann Arbor, where my co-founder Tad and I lived together while at U-M,” said Parker. Nestidd launched its first project in Michigan in February.
Finding homes for adults with I/DD often falls on the care providers, which can take time away from making sure a client receives the best possible care. Nestidd handles the entire leasing process: from reviewing the home, updating and renovating specifications for clients, to handling repairs and maintenance after tenants move-in.
“By equipping these homes with the necessary attributes for those with disabilities, we take some of the pressure off care companies,” said Parker.
According to Parker, this process saves a care provider $7-10,000 annually per home, allowing them to serve up to 25 percent more people by using Nestidd’s services.
“By leasing long-term from us instead of buying themselves or leasing short-term, our tenants can focus more time and money on care,” said Parker. “They do what they do best and we do what we do best, which leads to more adults with I/DD having housing choices and their own space to live.”
Nestidd comes at a critical time. With a national waitlist of more than 500,000 adults, it is increasingly difficult for individuals with I/DD to find housing. Parker shared that those with disabilities are often discriminated against in the housing market: leasers often refuse to make necessary modifications, and individuals with I/DD are priced out of stable, affordable, and accessible housing. With care agencies struggling to keep up with such high demand, companies like Nestidd are essential in ensuring that these individuals can find suitable housing.
The COVID-19 pandemic brought about a new set of challenges for individuals with I/DD. This group is especially susceptible to developing complications from the virus. A significant fraction of people with I/DD have underlying health conditions, in addition to having to drastically shift their daily routines. Nestidd’s role in client real estate management allows care agencies to shift their focus to implementing new health and safety plans for their clients and care providers.
Despite the pandemic, Parker said that Nestidd continues to see 100 percent occupancy and income across all of their homes. Their ability to remain successful and grow in the market has caught the attention of private investors who committed an additional $10 million to Hill Oxford, L.P. in April.
Read more about Nestidd’s accomplishments in their Inquirer Feature.
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