IRVINE, CA—Dallas-based real estate investment, development and services company Stream Realty Partners L.P. has launched today a national multifamily platform. The new business arm is being led by SVP Jeff Patterson, a former principal at Apartment Realty Advisors.
Stream’s leaders anticipate that investment sales will account for nearly 75% of the new platform’s activities from the outset. This is a dramatic shift from the firm’s existing platforms, which focus heavily on leasing and property management, with a growing investment-sales business.
The new platform will vertically service multifamily clients from acquisition to disposition, including property, construction and asset management. The platform will integrate its services with existing clients who also own multifamily properties by servicing each client across the different commercial real estate sectors. The first Stream offices to adopt the new platform will be Southern California and Austin, TX.
According to Mike McVean, co-founder of Stream Realty, “This is a major initiative for us, and we’re thrilled to grow into the dynamic multifamily sector. Jeff’s experience in investment sales will be invaluable to all of our clients. This new business, coupled with Jeff’s expertise, creates a full menu of services for clients. We can now service our clients in all major commercial real estate sectors.”
Patterson says that the firm’s “fresh, entrepreneurial culture” offers a perfect fit to grow a multifamily team across the nation.” He will be based in Orange County, while also building out new multifamily-specific teams in other locations nationwide.
The firm has experienced significant growth in the commercial real estate space. At the close of 2013, it grew 22% year-over-year nationwide with the addition of 20 million square feet of industrial, retail and office properties to its portfolio. As GlobeSt.com reported in April, Colby and Blaine Annett, locally based co-managing partners of Stream, told us that redevelopment activity among class-B office properties is a burgeoning trend in Orange County. The activity is a way to enhance older product to make it more attractive for users and to enable them to attract and retain talent.