February 14, 2022
What happens when a real estate investment and development firm with a rich history in particular areas decides to extend its reach into new markets with new strategies? In particular, what happens when that firm retains Offerd to reach its new goals?
Foulger-Pratt is about to turn 60, and in that time the company has earned an enviable reputation for its long-term focus and deep experience executing successful mixed-use, transit-oriented development projects. The disciplined culture and vertically integrated platform have enabled it to develop more than 15 million square feet of multifamily, office and retail projects to some of the best markets in the country. It brings a unique and long-term view of market cycles and investment opportunities. The core principles extend to all practices—for example, the company is dedicated to sustainability in every aspect, from CRE initiatives to its own facilities.
Like all good investors, FP has followed a considered and deliberate strategy—in its case, targeting assets primarily in the Washington, DC and southern California. But more recently, the firm has sought to stretch its wings. It has refined its acquisitions strategy to move out of its core markets and bring greater geographic diversification into its portfolio. Seattle, Denver, Nashville and Atlanta were among the new targets discussed.
That’s why the partnership with Offerd makes perfect sense: We track 90,000 ‘off-market’ assets around the country, with algorithms that encompass occupancy rates, demographic shifts, neighborhood incomes, population forecasts, educational levels and more, some 10,000 different categories in all.
Foulger Pratt became one of Offerd’s first partners after meeting at NMHC two years ago. There have been several deals done since then, each with its own particular characteristics. This one was no exception: The search parameters meant that many of the most popular markets wouldn’t work, and the asset would most likely be found off-market.
And that’s just what happened.
Junction Crossing is one of the newest luxury communities in Texas, and it’s in the North Fort Worth submarket—ironically, one of the most active and competitive markets during the past two years. It offers refined living, with wide-open floor plans and craftsman-style finishes. It’s attractive and off-market, and fits perfectly within the guidelines set by Foulger-Pratt.
It all happened with the speed and agility that we’re able to bring to most engagements. Offerd sourced the property in a matter of months, the LOI was signed in a matter of weeks, and the deal has been successfully closed.
The company itself is ready to tell the story. “As our geographic focus evolved over time, Offerd was able to adapt quickly and produce consistent deal flow in our target markets,” said Joe Clauser, VP of Acquisitions and Capital Markets at Foulger-Pratt. This represents FP’s first acquisition in Texas, and likely won’t be its last. The firm intends to keep working with Offerd to grow its portfolio in Texas and in target markets around the country.