CARLSBAD, CA-GlobeSt.com has exclusively learns that Dallas-based Trammell Crow Residential and GLJ Partners have merged. The Carlsbad, CA-based GLJ development and construction teams’ new focus will be to lead the expansion of TCR’s operations in the West.
GLJ principals Garth Erdossy, Luke Daniels, and Tony Ditteaux will join TCR along with almost 20 associates in the firm. The newly created entity will operate as Trammell Crow Residential.
TCR CEO Ken Valach says that the merger gives TCR an immediate presence in Southern California and the ability to quickly expand on the West Coast. Trammell Crow Residential currently owns 16,000 apartment units nationwide with an additional 2,000 new units planned for construction this year.
Valach tells GlobeSt.com that the firm has “always believed in the West Coast,” when talking about why TCR wants to expand there, and says that at one point, oversaw its operations there. “I am very familiar with the markets,” he says. “These are still high growth, high barrier-to-entry markets that are desirable to investors.”
Like many development firms, he tells GlobeSt.com, TCR had to cut back during the recession, but “we’ve weathered it well and kept all our relationships in place,” he says. “Now we look forward to growing the company again.”
What made this opportunity attractive to GLJ was “my long relationship with Ken and Harlan Crow,” explains GLJ managing partner Erdossy. “TCR’s resources give us the ability to take advantage of more opportunities in Southern California plus other markets in the West.”
According to Harlan Crow, CEO of Crow Holdings, the merger is an important step in “rebuilding TCR’s national platform.”
GLJ Partners is a development and construction company that was founded in 2007 and specializes in mixes-use, urban infill, and contemporary residential properties. GLJ currently has three projects and almost 1,000 units under construction in Southern California, including a $120- million mixed-use project in Marina del Rey. As GlobeSt.com previously reported, that project is located at 13480 Maxella Ave. on the corner of Maxella and Lincoln Blvd. The two planned modern mid-rises consist of 244 luxury apartment homes above 9,000 square feet of retail space and two levels of parking.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
