MILL VALLEY, CA - Trammell Crow Residential (TCR), the multi-family division of Dallas, TX-based Crow Holdings, and Thompson | Dorfman Partners, LLC, a Mill Valley, Calif.-based developer of multifamily real estate, announced the creation of a joint venture that has an initial capital commitment to fund $500 million for the development of Bay Area multifamily housing.
Under the terms of the agreement, the TDP/TCR venture will seek mixed-use multifamily residential development and acquisition opportunities in urban infill locations throughout the San Francisco Bay Area.
"With Thompson | Dorfman's nearly 30 years' experience in the San Francisco Bay Area market, this partnership allows us to tap into TDP's local market expertise to invest in multifamily developments in this under-served region," said Ken Valach, CEO of TCR. "With more than 35 years of experience in residential development and asset management as a national firm, we look forward to reestablishing a presence in the Bay Area."
"We have a long history with the Crow Family and are absolutely thrilled to create a partnership with them to develop mixed-use rental communities in the Bay Area," said Bruce Dorfman, a principal of Thompson | Dorfman Partners. "With this capital support, we will be able to significantly expand our development platform in the Bay Area."
Trammell Crow Residential is the premier multifamily real estate company in the Country - the only national group with more than 35 years of experience in residential development and asset management. Since 1977, Dallas-based TCR has developed nearly 250,000 units in major metropolitan markets.
Thompson | Dorfman Partners, LLC (TDP) is a real estate development and investment firm whose principals have a long history in California's housing industry. Formed in 1999 by Will Thompson and Bruce Dorfman, TDP focuses on multi-family residential development, with particular emphasis on well-sited, urban in-fill and mixed-use properties located in high-growth, technology-driven markets in the State.
Source: MONAGHAN COMMUNICATIONS / #Apartments #Multifamily