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.
Fairty, who will be based in the firm's office in Mill Valley, CA, exclusively tells GlobeSt.com that “the San Francisco Bay Area multifamily market remains one of the strongest markets nationally, with significant supply constraints and high demand. It is arguably the most difficult entitlement environment in the country, which has historically kept a lid on supply, causing housing to be chronically undersupplied. The fact that the Bay Area has historically been under supplied is what has made this an attractive investment market for capital.”
While there has been a couple-year burst of recent development activity, he adds, “this is the result of five- to six-years' worth of entitled land being put into production all at once. Once this inventory is absorbed, the San Francisco Bay Area will return to its very supply-constrained conditions due to the difficult entitlement environment."
In his new role at Thompson | Dorfman Partners, Fairty will be responsible for forming strategic equity and development partnerships and sourcing mixed-use development opportunities ranging in size from $50 million to $250 million, with particular emphasis on well-sited, urban in-fill and mixed-use properties located in high-growth, technology-driven markets in California.
“It is a competitive market and the ability to uncover opportunities that are below the radar and see value where others don't, gives us a tremendous advantage,” he says.
“Thompson | Dorfman Partners' Will Thompson and Bruce Dorfman have an established track record of discovering overlooked opportunities, resolving challenging development issues, and providing attractive returns to investors in significantly supply-constrained markets,” Fairty says. “This is accomplished through their effective entitlement efforts, strong capital relationships and significant contributions to the community.”
Prior to joining TDP | Bay Area Partners, Fairty was a principal at Castle Group Co., where he developed and entitled 4,400 multifamily units in the San Francisco Bay Area and led the company's efforts in the use of modular construction processes for multifamily projects.
Prior to Castle, Fairty founded Heritage Development Co. in 1996, and oversaw all aspects of the development process for over 5,500 apartment units in Florida, and more than 5,600 units that were developed in partnership with the Pritzker Family in Chicago.
Between 1990 and 1995, he acquired more than 6,000 REO and distressed debt multifamily units as co-founder of Bailey Capital Co. Previously, he was CFO of Trammell Crow Residential's Central Florida division and later an area partner, responsible for overseeing the development of 8,500 multifamily units across four regional divisions.
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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.
