Sherman Associates is a privately held real estate development, investment, and management firm founded in 1978 and headquartered in Minneapolis, Minnesota. The company operates as a vertically integrated developer-owner with a focus on multifamily housing, commercial properties, and hospitality assets across the Midwest, Colorado, and Florida. Sherman Associates has established itself as a developer and long-term holder of mixed-use urban infill projects, with particular expertise in historic adaptive reuse and office-to-residential conversions. The portfolio includes over 7,500 multifamily rental units comprising both affordable and market-rate housing, with the company having developed more than 12,000 residential units since inception. Commercial holdings span over 720,000 square feet, alongside five hotels, four Starbucks locations, three restaurants, and two solar gardens. The firm emphasizes public-private partnerships and works with municipalities to secure tax increment financing and historic tax credits for complex redevelopment projects. The portfolio concentrates in the Minneapolis-St. Paul metro area, with additional holdings in Des Moines, Milwaukee, Duluth, and Westminster, Colorado. Sherman Associates completed the $97 million Landmark Tower office-to-residential conversion in downtown St. Paul in May 2025, delivering 187 apartment homes. The firm also converted the Northstar Center in Minneapolis into 216 residential units, positioning itself as a developer in the post-pandemic office conversion market.