Hello everyone. Based on some recent comments in another thread, it looks like there is some interest in a dedicated conversation related to starting a new development shop and how to get there. Feel free to post them here. WSO has been a useful resource for me over the years, hopefully I can pay it forward.
Quick backstory: I left an institutional public development company a year ago to start a development shop with one partner. We have capitalized four live deals so far with total project costs totaling approx. $500M. Our target product type is multifamily, but we have a significant office pipeline as well.
The last question I saw was on investment strategy/thesis, specific to single vs. multiple product types. We are trying to focus on multifamily while selectively targeting office assignments in order to diversify our holdings and track record. We also expanded to a second market to diversify geographic risk and avoid getting pigeonholed as a company with single-market capabilities only. With respect to the office transactions, we have brought in an office development partner on two deals to help with execution. This gets our equity and lender partners significantly more comfortable with our ability to perform, and gives us the benefit of reducing workloads while expanding our office track record.
Let me know if you have any questions.
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