GLJ Partners Merges with Trammell Crow ResidentialFriday, August 3, 2012
GLJ Partners, a Carlsbad-based multifamily project developer, and Dallas-based Trammell Crow Residential have merged and will operate locally under the name Trammell Crow Residential.
Financial terms were not disclosed. A statement from GLJ said the former GLJ team, led by Senior Managing Director Garth Erdossy with partners Luke Daniels and Tony Ditteaux, will remain based in Carlsbad and spearhead expansion of Trammell Crow Residential’s Western U.S. operations.
“This merger gives TCR an immediate presence in Southern California and the ability to quickly expand on the West Coast,” said Trammel Crow Residential CEO Ken Valach.
Erdossy said the combined firms expect to start construction on three or four multifamily or urban mixed-used projects annually, with target areas including California, the Pacific Northwest and Southwest.
Trammell Crow Residential, founded in 1977, develops and acquires apartment and condominium communities and has developed more than 225,000 multifamily units across the U.S. since its inception. It currently owns 16,000 apartment units nationwide, with an additional 2,000 new units planned for construction this year.
Founded in 2007, GLJ Partners has three multifamily projects under construction that total nearly 1,000 units. GLJ and development partner Jonathan Segal recently received city approvals for a 364-room dual hotel project planned for the former Fat City restaurant and nightclub site in downtown San Diego.