Gina Merritt, an African American woman affordable housing developer from Washington, DC, is shaking up the real estate industry while already having raised $310 million since 2021. Her firm, NREUV, leads innovative projects across the U.S., creating 1,200 housing units with amenities and a focus on community needs.
Merritt, a former single mother who grew up in affordable housing in the Bronx, struggled early in her career to secure funding for her projects. For 20 years, she built projects for white-run companies until a breakthrough came after George Floyd's murder in 2020. Since then, NREUV has raised $310M, including $124M in 2024 alone, with plans to secure $114M more for 2025.Currently, Merritt’s firm has 17 buildings in the works across Ohio, Maryland, and Washington, D.C., with 1,200 affordable housing units in progress. These projects focus on community needs, with added amenities like workforce development and healthcare. In 2023, NREUV was ranked among America’s fastest-growing private companies, with a 659% revenue growth.
Despite the challenges of operating in a male-dominated industry, Merritt has navigated the competitive landscape with strong financial expertise, attracting capital to support her projects.
"For people of color, we must be good at what we do and be 10 times better -- so we need to show up with those data points and be able to defend our position in the market," she told Black Enterprise.
Launched in 2002, NREUV now has a $470 million portfolio and annual revenue of over $6.6 million. Notable projects include Mary's House for Older Adults in D.C., the first affordable communal housing for LGBTQ+ seniors, and 9410 Hough in Cleveland, a $47 million redevelopment for low-income households.
Looking to the future, Merritt aims for $1 billion in assets by 2034 and is expanding with a new venture, NREUV Contracting and Mechanical, which has already secured $8 million in contracts.
Learn more about the company via its official website at NREUV.com