TCC Sets Up for Big Multifamily Growth This Year

Trammell Crow Co. has big growth plans in Phoenix. With its multifamily affiliate High Street Residential, the firm entered the market earlier this year with its first project, and plans to do $60 million worth of multifamily development activity in its first year. To support the growing business, Trammell Crow has hired Mona Nanda as a senior associate and Courtney Dunlap as development manager.

“We are very quickly growing our multifamily business under the brand High Street Residential,” Jim Mahoney, senior managing director with TCC’s Phoenix Business Unit, tells GlobeSt.com. “We have gone from not being in the multifamily business, and in our first year, we will do $60 million of development. We are forecasting, with projects that we have in our pipeline, that by 2022, we will have $300 million in development activity in this product line alone. When you have a growing business like that, you have to have the personnel resources that allow that business to have the best opportunity to flourish.”

This growth is not exclusive to the Phoenix market. Trammell Crow has been growing its multifamily business nationally. “Multifamily now represents 25% to 30% of our overall business nationally,” says Mahoney. “We are at about $1.2 billion of in process or pipeline development activity nationally