Date: October 4, 2013
MILL VALLEY, CA-Thompson | Dorfman Partners LLC, a developer, owner and manager of multifamily real estate, has established a new division, TDP | Bay Area Partners Inc. to focus on creating new urban infill, mixed-use development opportunities. The firm has named industry veteran Bruce Fairty as a partner.
According to Will Thompson, Thompson | Dorfman Partners principal, “I have known Bruce Fairty for over 30 years, since our days at Trammell Crow, where Bruce served as the CFO of the firm’s Central Florida division. We are very pleased to be working in partnership with Bruce. His extensive experience and ability to underwrite value will be a tremendous asset to our organization as we look to expand our pipeline.”
Thompson | Dorfman Partners currently has more than 1,200 residential units in its growing pipeline or under construction in the Bay Area. “This is a hands-on business and having Bruce, with his exceptional level of experience, gives us the ability to aggressively pursue more development opportunities and respond quickly. Our goal is to have up to $750 million worth of projects in the pipeline within the next three to five years,” says Thompson. He exclusively tells GlobeSt.com that “Thompson | Dorfman Partners will still do construction management, and acquire assets and provide development advisory services to public companies and private institutions with a focus on enhancing the value of under-utilized real estate assets. We will also continue to be active in teacher’s housing through our nonprofit division, Education Housing Partners LLC. EHP provides development services to school districts and other public agencies to promote the creation of high-quality, publicly-owned housing communities for teachers and other public sector employees.”
He also tells us that “There is a large gap in the professional ranks between the well seasoned apartment developer and those executives that have just a few apartment projects under their belt. By virtue of the last 10 years prior to the recession, the majority of the developments were primarily condominiums or the for-sale market. And, certainly during the recession, very few, if any, apartments were built. What this has done has created a shortage in the development industry of units that Bruce has. Bruce has seen it all, which allows him to unlock hidden value and resolve challenging development and entitlement issues.” Check back in the next day or so for an update to this story, with more on Fairty’s background and new role with the company, including an exclusive interview about the Bay Area multifamily market.
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