Date: November 19, 2013
MILL VALLEY, CA — As GlobeSt.com previously reported, Thompson | Dorfman Partners recently launched a new division, TDP | Bay Area Partners Inc. to focus on creating new urban infill, mixed-use development opportunities and has named industry veteran Bruce Fairty as a partner. Fairty has nearly 30 years of experience in multifamily development and investment and has developed or acquired more than 24,500multifamily units during his career. The firm now hired Laurence Pelosi as a partner.
Pelosi tells GlobeSt.com that “TDP is a truly a best-in-class operation and Will and Bruce have attracted some of the best people in the industry. We were recently engaged by two of the leading real estate private equity firms in the country I knew to help redevelop great assets they had bought during the downturn and it was all about the team we had assembled and the confidence they had in our ability to execute.”
He explains that his principal responsibilities will be sourcing new development opportunities and working with capital partners to finance our existing pipeline. “Over the years I’ve been involved in various aspects of the business—land acquisition at Lennar and then finance at Morgan Stanley Real Estate—and it’s great to be back in the development business at this point in the cycle,” he tells GlobeSt.com. “There is a window in the Bay Area over the next few years to deliver high quality projects into one of best markets in the country.”
According to Pelosi, “We’ve been able to capitalize all of our projects to date with great partners but on a one-off basis. With a pipeline of $750-million of multifamily projects coming to market over the next few years and another $500-million plus under review, we are really going head to head with some of the largest and best capitalized players in our market, public and private. We are aligning with new capital partners who want to develop a large presence in the San Francisco Bay Area, to capitalize both on one of the strongest markets in the county, both in the short and long term.”