Bellevue, Washington

Experienced leadership. New platform.

10D Properties develops, builds, owns and operates market-rate and affordable multifamily housing in Washington. Its two principals each bring more than 30 years of experience doing exactly that.

DevelopmentInvestmentOwnershipOperations

View principal experience Contact the principals

Astra, a six-story mixed-use apartment building in Renton, on a clear day — Astra · Renton · 2025 · Principal experience at Devco

45Communities

9,597Apartment homes

$2.5BCurrent market value*

30+Years of experience

*Approximate. Figures reflect communities developed by the Devco family of companies, where the principals worked before forming 10D.

Approach

A new platform built on established experience.

10D brings together complementary principal experience across ownership, investment, operations, entitlement, design and construction.

Disciplined underwriting

Each potential development is evaluated on development yield, stabilized cash flow, debt-service coverage and long-term value, with sensitivity testing around rents, costs, rates and lease-up.

Integrated perspective

The principals evaluate each opportunity from the combined perspectives of ownership, operations, entitlement, design, construction and long-term asset performance.

Long-term orientation

10D builds to own. The communities it develops are intended to be held and operated for the long term, with conservative underwriting, prudent leverage and the flexibility to refinance when appropriate.

Development approach

One team from site to stabilized operations

Every project is underwritten on project-level economics with conservative assumptions. The same principals who entitle and build each community stay on to own and operate it, which gives lenders and tax-credit investors one accountable team for the life of the project.

01
Underwrite
Development yield, stabilized cash flow and debt-service coverage, with a financing structure matched to the project.
02
Stress test
Rents, vacancy, expenses, construction costs, interest rates, cap rates and lease-up.
03
Capitalize
Principal equity and construction and permanent loans, plus LIHTC equity and other affordable housing financing for affordable communities.
04
Execute
Entitlement, design, preconstruction, construction and lease-up, followed by ongoing operations and compliance.

Product types

Market-rate
Affordable / LIHTC
Mixed-income
Senior housing
Mixed-use
Podium-style multifamily

Development

Site evaluation
Entitlement strategy
Land-use approvals
Design coordination
Preconstruction
Project delivery

Ownership & finance

Financial analysis
Lender & investor reporting
Prudent leverage
Cash-flow oversight
Risk management
Long-term ownership

Operations

Property management
Leasing & resident services
Maintenance
Asset performance
Affordable housing compliance
Organizational leadership

Leadership

Two principals. Shared ownership.

Tom and Phil worked alongside each other for decades within the Devco family of companies. Today they are partners and long-term owners of 10D, investing their own capital and sharing responsibility for every project, with complementary backgrounds in development, construction, investment and operations.

Tom Neubauer

Co-Founder & Principal

Tom brings 30 years of experience in entitlement, design, construction and project delivery for multifamily communities throughout Washington. He joined Heartland Construction in 1996 and ultimately served as its President, directing entitlement, land-use approvals and permitting across the Devco family's multifamily portfolio and overseeing architectural, civil and structural teams from concept through completion.

Before 10D: Heartland Construction / Devco family of companies, 1996–2026. President of Heartland Construction.
Education: University of Washington, B.S. Construction Management and B.A. Business Administration
Contact: tom.neubauer@10dproperties.com · (425) 940-2922
Expertise: Entitlement & land useDesign managementPreconstruction & budgetingConstruction managementSchedule & cost controlQuality & safety

Phil Nored

Co-Founder & Principal

Phil brings more than 30 years of experience in multifamily investment, asset management, property operations and long-term ownership. He co-founded HNN Communities, the property-management platform within the Devco family, growing it from its first employee to more than 250 and managing a portfolio of more than 7,500 apartment homes, while investing alongside the company in property-level ownership and development entities.

Before 10D: HNN Communities / Devco family of companies, 2005–2022. Earlier: Guardian Real Estate Services and Grand Management Services, 1988–2005.
Education: University of Oregon, B.S. Finance and Business Administration. Washington State Designated Real Estate Broker.
Contact: phil.nored@10dproperties.com · (425) 940-2921 · LinkedIn
Expertise: Asset managementFinancial analysisProperty operationsMarket analysis & underwritingBudgeting & reportingRisk & compliance

Principal experience

Operating depth and development breadth.

Market-rate, affordable, senior, mixed-use and LIHTC communities the principals helped deliver over three decades.

About this track record. Every community shown was developed and owned by the Devco family of companies before 10D was formed, during the principals' tenure there. 10D has not yet completed a project of its own.

Astra residential entrance with brick base, landscaped planters and leasing office sign — **Astra**Renton · 275 homes · Affordable · 2025

Four Corners apartments behind its stone entry sign — **Four Corners**Everett · 430 homes · Affordable LIHTC · 2024

Discovery West, a six-story apartment building in Issaquah — **Discovery West**Issaquah · 209 homes · Market-rate · 2015

Kendrick Landing apartments along a street in Lakewood — **Kendrick Landing**Lakewood · 245 homes · Affordable LIHTC · 2025

Ovation at Paine Field, a five-story senior apartment building with porte-cochère — **Ovation at Paine Field**Everett · 222 homes · Affordable senior · 2025

Aerial view of Ovation at Meeker, a six-story senior apartment building — **Ovation at Meeker**Kent · 218 homes · Affordable senior · 2023

Riverview apartments with landscaped frontage along the sidewalk — **Riverview**Everett · 203 homes · Affordable · 2021

Gateway Apartments leasing office sign and clubhouse — **Gateway**Everett · 177 homes · Affordable · 2016

Madison Way Apartments entry sign, clubhouse and four-story buildings — **Madison Way**Lynnwood · 180 homes · Affordable · 2016

All 45 communities

1996–2026 · 9,597 apartment homes

Apartment homes completed by yearHover a bar for details

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Aerial view of a garden-style apartment community with a central green, mountains behind

Contact

Talk with the principals.

For tax-credit investors, lenders, public agencies, land and site opportunities, or general inquiries.

10D Properties, LLC Key Bank Building
10655 NE 4th Street, Suite 701
Bellevue, WA 98004 Main office: (425) 940-2920 · Weekdays until 5 PM Tom Neubauer: tom.neubauer@10dproperties.com · (425) 940-2922 Phil Nored: phil.nored@10dproperties.com · (425) 940-2921