Q: How has multifamily design changed since you entered the industry?
A: When I started, the majority of product we were doing was two- to three-story garden-style stuff. Site plans were typical: a pond in the middle, with no real creativity to anything. The first of the neo-traditional and New Urbanist projects were just coming out of the ground then, and as a team, we realized that it was the future and that things like period architecture, boulevards, and gathering places should dictate projects. It is the route we are going with, and our lease-ups are already 40 percent faster.
Q: What are the renter demographics you are trying to hit?
A: We are finding a lot of empty nesters in our Sun Belt job growth markets looking to rent versus buying a condo or [single-family] home. They are happy with the product, the choice of where they live, and the idea of carefree living. We are also seeing a lot of young families coming back to the rental market as well. The Genertion Y crowd? We’re not seeing as many of them applying for apartments, and we question whether the job creation is happening in that demographic.
Q: How important is setting goals as a way to grow and be successful?
A: I think anyone around me would tell you that I am a pretty tenacious person. We could have easily hit 400 units a year and stopped, sat back, pulled paychecks, and been nice and happy. But our goal is to be the largest privately held multifamily developer in the country. We are taking baby steps to get there: We’ll hit 1,500 units this year; 3,000 units next year. But the sky is the limit. We are never going to sit around and be complacent with where we are.
Q: What was the best career advice you ever received?
A: John Sebree, a colleague of mine at Marcus & Millichap and one of the top multifamily brokers in the country, always said that, from the beginning, you stick to the fundamentals. Keep cold calling, do all the things you have to do, work hard, keep your head down. If you do it right, it will all work out. It’s not profound, but it continues to guide my work ethic.
Q: Who is your favorite author or music artist?
A: The last book I read was the Bible. It has always been a goal of mine. I was raised Baptist, and I’m pretty religious, but I don’t regurgitate everything in it. Still, there are some cool stories and lessons in there that can guide anyone’s life. Right now I’m also listening to Nickleback [on my iPod]. flat’s me: I read the Bible and listen to Nickelback.
[FAVE FOUR]
Garrett’s favorite development markets:
Oklahoma City, Okla.: “There’s only 3 percent unemployment but 6 percent growth in construction. We are happy to be here.”
Texas’ Big Four: “San Antonio, Austin, Houston, and Dallas. Dallas is tricky—there, you have to make sure you are not outpacing demand.”
The Tech Triangle: “I love Raleigh (N.C.). Median house prices are still on the rise, and all of the major industries are showing growth.”
- Mobile, Ala.: “Mobile is a great market with tremendous job growth. Every time I open the paper, there is a new business moving into Mobile.”
