Commercial Observer (November 18, 2020) – Matt Hard has been named the new managing director of the mid-Atlantic region for Crow Holdings’ multifamily development company, Trammell Crow Residential, effective immediately.
“I’m most looking forward to building upon Trammell Crow Residential’s regional success and partnerships, and creating new ones,” Hard told Commercial Observer. “With our diverse array of capital relationships, we are uniquely positioned to underwrite and execute a wide range of multifamily product, including urban infill, suburban product and, even, single-family rental models. We are a nimble team with national scale and support through our parent company, Crow Holdings, so I’m thrilled for the opportunity to assume this role.”
Hard will lead the firm’s development efforts in Washington, D.C.; Northern Virginia and Maryland. He succeeds Robbie Brooks, who is transferring to Raleigh, N.C., to open Crow Holdings’ 15th national TCR office.
“The immediate goal is to work with Robbie and team to transition the existing deals under construction and pipeline, which have been years in the making under Robbie’s leadership, and ensure we hit our delivery and groundbreaking milestones,” Hard said. “Another top priority is building the pipeline in our target markets.”
Hard comes to the company from LCOR, where he handled urban, mixed-use, development projects in the metro D.C. area.
“We are thrilled to welcome Matt Hard to our development team,” Ken Valach, TCR’s CEO, said in a statement. “His experience and relationships in the D.C. metro market will allow him to continue our progress and commitment to acquiring, designing, and building best-in-class, multifamily product in prime submarket locations with strong rental fundamentals and economic outlook.”
Trammell Crow Residential owns more than 1,000 apartments in the mid-Atlantic, including at The Batley at 1270 Fourth Street NE in Washington, D.C.; Alexan Earl at 1200 North Hudson Street in Arlington, Va.; and Alexan Old Town at 600 North Royal Street in Alexandria, Va. An additional 710 units are currently under development.
According to Hard, COVID is accelerating existing trends, such as migration to close-in suburbs, as millennials form households and health and wellness considerations in building design.
“COVID did not create increased housing costs and the supply shortfall of the last decade, but we think the personal financial stress COVID has placed on so many is forcing people to re-evaluate the fixed monthly costs that come with their housing choices,” he said. “This is one of the reasons we focus nationally on an attainable housing product, and do not over-concentrate in a specific submarket or product type.”
Something that remains to be seen, and the company continues to track closely, is the extent to which jurisdictions look to commercial real estate in order to close their funding gaps in the wake of COVID.
“This would have serious, long-term implications for making an economic case to invest in markets that are experiencing depressed rents without construction cost offsets,” Hard said.