ST. LOUIS, MO – MARCH 25, 2025 – Subtext, a national real estate company focused on elevating the resident experience, is expanding its platform with the launch of a Public-Private Partnerships (P3) vertical, reinforcing its commitment to addressing the nation’s growing housing crisis. To lead this effort, Subtext has appointed Patrick Parsons as Senior Vice President of Public-Private Partnerships.
With extensive experience in the real estate and housing sectors, Parsons will spearhead Subtext’s P3 initiatives, collaborating with municipalities, universities, healthcare systems, and other public and private organizations to create high-quality, professionally managed housing solutions in markets with significant unmet demand. This initiative will focus on households earning 80-120% of the area median income—a critical but underserved segment caught between luxury rentals and income-restricted affordable housing. The new vertical will leverage Subtext’s expertise in multifamily and student housing to develop attainable projects in high-cost markets that support essential workers, such as government employees, university faculty and staff, healthcare professionals, among many others.
“Subtext has always focused on forward-thinking housing solutions, and our new P3 vertical is a natural next step,” said Brandt Stiles, Founding Partner & Co-CEO at Subtext. “With deep experience in the collegiate and multifamily sectors, we are uniquely positioned to partner with public and private entities to address the ongoing housing crisis with efficiency, innovation, and certainty of execution. Our goal is to streamline development, mitigate risk for our partners, and bring critically needed housing to communities that need it most. Patrick’s leadership and expertise in developing and structuring successful P3 partnerships will be instrumental in driving this initiative forward.”
Subtext’s P3 approach focuses on long-term partnerships that streamline development processes, mitigate risks, and ensure quality outcomes for both stakeholders and residents. By partnering with universities and public entities, Subtext helps institutions focus on their core missions while ensuring that housing is developed on time and within budget. Additionally, Subtext’s low-cost tax-advantaged financing strategies help keep rental rates more accessible for residents, reinforcing its commitment to providing high-quality, cost-effective living options.
“The demand for attainable housing continues to grow, and Subtext’s expertise in multifamily and student housing enables us to play a key role in filling this critical gap,” said Parsons. “Public-private partnerships are a powerful tool for expanding housing options for middle-income households, ensuring high-quality communities in desirable locations and long-term value for our partners. I’m eager to bring my experience to the table and collaborate with our partners to develop solutions that will have meaningful community impact.”
Prior to joining Subtext, Parsons held key leadership positions with publicly and privately held real estate companies, where he led mixed-use developments, innovative project financing, and strategic funding and ownership models in partnership with public and private institutions. With over a decade of experience in P3 transactions, he has been instrumental in delivering more than $2.0 billion in mixed-use attainable rental housing projects nationwide.
About Subtext
Subtext is a vertically integrated, national real estate company focused on elevating the resident experience. From student living to market-rate multifamily to attainable housing, Subtext creates thoughtfully designed communities that foster connection, productivity, and wellbeing. Its resident-first approach combines top-tier expertise, in-depth market research, and experiential design to deliver lasting value. Subtext cultivates spaces where residents can live their best lives. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.
