MSquared

MSquared is a real estate impact investing and development platform launched in 2020 by Alicia Glen, New York City’s former deputy mayor for housing and economic development. The firm is built around mixed-income housing, investing alongside local developers rather than working only as a principal, with a stated emphasis on affordability, sustainability and expanding participation in development itself. It has backed projects in Newark, Austin and upper Manhattan, and is raising a fund targeting $250 million intended to finance more than $1 billion of mixed-income development. MSquared is co-developing the Westpark Redevelopment in West Philadelphia with LMXD, whose $205 million first phase broke ground in early 2026 for the Philadelphia Housing Authority.

The platform runs lean. Fourteen people work from 40 Fulton Street in lower Manhattan against more than $525 million in assets under management and $2.1 billion in development and investment activity.

Alicia Glen was New York City’s deputy mayor for housing and economic development from 2014 to 2019, where Housing New York financed more than 125,000 affordable homes. The firm she built afterwards invests through several vehicles: the MSquared Development Partners Fund, the MSquared Impact Partners Fund, the NYC Affordable Fund, and Equitable Housing Solutions Funds I and II. Fund II held a first close at $140 million against a $250 million target.

The portfolio now runs to 6,784 housing units across 24 projects, of which 4,193, about 62 percent, are affordable. Seventy-nine percent of projects are led by a women- or diverse-led or nonprofit sponsor, with more than $152 million of firm capital placed with those sponsors. In 2025 alone the firm closed over $500 million in investments and broke ground on more than 1,500 units.

Individual projects show the geographic spread. Miramar in Inwood is the largest at 698 units and $416 million in total development cost, with 281 units affordable between 40 and 80 percent of area median income. The Elex in Fort Wayne is a 296-unit adaptive reuse of a former General Electric campus. Museum Parc in Newark carries 250 units plus new gallery space for the Newark Museum of Art. Others include Loma in Dallas at 370 units, Oakhouse in Dallas at 219, Kōz in Lower Queen Anne, Seattle at 169, and The Clark on 54th in Los Angeles at 48.

Site selection favours transit-served locations. Across the portfolio, 71 percent of projects meet a green building certification standard and 68 percent include EV charging. Every member of the investment committee is a woman.