Plans to Grow Development Pipeline to $750 Million in Mixed-Use Multifamily Projects
MILL VALLEY, CA – October 1, 2013 – (RealEstateRama) — Thompson | Dorfman Partners, LLC, a developer, owner and manager of multifamily real estate, announced today that the firm has established 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 24,500 multifamily units during his career. He will be based in the firm’s office in Mill Valley, Calif.
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.
In his new role, 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.
Thompson adds, “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.”
“Will Thompson and Bruce Dorfman (TDP’s founders) are known for their depth of experience in the market, their ability to react and perform at a high level, and achieve financially-successful, award-winning developments,” Fairty stated. “I am looking forward to building on this platform of success.”
“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,” said Fairty. “This is accomplished through their effective entitlement efforts, strong capital relationships and significant contributions to the community.”
“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,” added Fairty.
Prior to joining TDP | Bay Area Partners, Fairty was a principal at Castle Group Company, 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 Company 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 over 6,000 REO and distressed debt multifamily units as co-founder of Bailey Capital Company. 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. Fairty received his Bachelor’s degree from Drew University and MBA from Rutgers University.
About Thompson | Dorfman Partners
Thompson | Dorfman Partners, LLC 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, Thompson | Dorfman 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 western U.S.
The principals of Thompson | Dorfman are 25+ year veterans in their industry with a reputation for quality and a track record of performance. Collectively, they have developed 10,000 multi-family homes in 35 California apartment and condominium communities. They have also expanded their services to provide development advisory, management, and investment expertise to corporate land owners and financial institutions.
In addition, Thompson | Dorfman has created a non-profit entity, Education Housing Partners, Inc., to provide a full complement of development services to school districts and other public agencies to build workforce housing to help recruit and retain quality employees.
While discovering overlooked opportunities and resolving challenging development issues, Thompson | Dorfman continues to deliver luxury in-fill housing that benefits the surrounding community, rewards its investors, and surpasses the expectations of property residents. See www.thompsondorfman.com