Founded in 2001, New Market Investors LLC (NMI) is a firm specializing in conventional and subsidized apartment transactions. NMI provides value-creating services to real estate industry participants and takes a principal role in property acquisition and development opportunities. The firm is highly experienced in the real estate industry with its capabilities focused on project acquisition, management, development and finance. We have over 80 employees located at our headquarters located in Tysons Corner, Virginia and our three satellite management offices located in Washington, DC, Shreveport, Louisiana and Montgomery, Alabama. The firm works on projects throughout the country and currently owns and manages 20 properties totaling nearly 2,400 apartment units. Our apartment portfolio has a current market valuation approaching $150 million.
Our focus is to acquire and manage real estate which presents value-add upside and operating efficiencies. In pursuit of such opportunities, we have acquired fee simple realty, general and limited partnership interests, non-performing first mortgage notes and construction in progress. We have developed and continue to improve our own management company, NMI Property Management LLC, which manages the majority of our owned properties as well as provides fee services to third parties requiring our particular capabilities.
NMI primarily originates and manages its own equity investments in multifamily real estate projects. We have invested in single family residential developments. We act as owner and developer on single family, multi-family and commercial properties. We fee manage three properties for non-profit housing developers. We have made two real estate fund investments sponsored by a successful for-sale residential builder. We are the managing member of a company with a substantial new market tax credit investment in a $100 million historic preservation project in Richmond, Virginia. We own and manage 300,000 square feet of commercial and over 1,500,000 square feet of residential rental real estate.