New Multifamily Division to Focus on Developing Projects in Growing Tech Markets
- Oct 03, 2013
As the main tech markets continue their emergence, driven by the growth of big names such as Google, Facebook and Apple and their development of new design-heavy facilities, as well as the growing interest in the San Francisco Peninsula, the market was bound to drive the residential pipeline to a crescendo.
Now companies are solely focused on these priority markets, the most recent example being Thompson | Dorfman Partners LLC, a developer, owner and manager of multifamily real estate that has just announced its new TDP | Bay Area Partners Inc. division. The new entity would focus on getting a substantial amount of new projects off the ground in the largest tech markets in the state of California.
The company tapped industry veteran Bruce Fairty as a partner in the new endeavor due to his three decades of experience in the sector. Fairty has had a hand in the development or acquisition of a total of more than 24,500 multifamily units during that time span, and, should TDP | Bay Area Partners’ goals materialize, it will try to compile a development portfolio worth about $750 million over in the next three-to-five years.
The new division will focus on urban infill projects with investment values ranging between $50 and $250 million, according to a press release.
The company’s current development pipeline in the Bay Area, one of the highest performing regions in the entire U.S. in terms of tech appeal, stands at approximately 1,200 units. Fairty was previously a principal at Castle Group Company, where he handled a 4,400-unit portfolio, and spearheaded the company’s push to use modular construction technology in multifamily projects.