Crittenden Report Editors
Industry veterans Peter DiCorpo and Eric Hade recently announced the launch of Brook Farm Group, a new multifamily development firm that will focus on rising demand in “lifestyle” and “path-of-growth” markets throughout the Sunbelt and Mountain States with a concentration on dynamic MSAs in the southeastern United States.
“The multifamily sector has had a phenomenal run over the past 10-plus years, and we expect strong activity to continue,” DiCorpo said. “Despite some near-term challenges with supply chain disruptions and commodity price volatility, we see continued long-term demand growth in the rental residential sector. There is still plenty of runway left in the multifamily sector and our experience navigating through complex market cycles, along with our strong financial backing, provide a solid foundation for our development efforts.”
DiCorpo and Hade have expertise across the development, acquisition, joint venture, investment and asset management spectrum, with career project completions totaling more than 40,000 units and $10 billion on a total development basis. The team has several development projects in the pipeline and expects to start construction in Q1 2023.
Brook Farm Group will develop communities in path-of-growth and lifestyle markets throughout the Sunbelt and Mountain states and will be pursuing a wide variety of rental residential housing types, including traditional garden style, mid-rise, high-rise, townhome and single-family build-to-rent. In many cases, Brook Farm Group will design communities with a combination of several product/density types to encourage a more natural, organic neighborhood that will serve a wider variety of residents.
The company is based in Atlanta.
While developers have added 200,000 to 300,000 multifamily units a year nationally since 2010, Brook Farm Group estimates that the demand for the foreseeable future exceeds these historical deliveries by a significant margin. Long-range population growth patterns point to a continued need for rental housing, particularly throughout the Southeast and Mountain states where in-migration is driving outsized population growth relative to the rest of the country. Current occupancy levels are around 95% in many markets across the country, creating an environment that can continue to support new development.
“We see a unique opportunity to enter the market at this juncture and support the need for well-planned and thoughtfully designed communities,” Hade said. “Many regions are experiencing a strong influx of residents but still lack enough supply or the right combination of supply to meet the demand.”
