Brad Broyhill is one executive who believes in taking time to do things right the first time, be it due diligence on a potential acquisition or starting out in a new market. His approach is now being put to good use at Simpson Housing, which he joined as president and COO in November 2006. Broyhill, who previously served as executive director of multifamily investments at Amstar Group, earned a BBA in finance and real estate from the University of Texas at Austin.
Q: What appealed to you about this job?
A: Three things: a shared management style and vision of the business with its CEO; Simpson's national platform, a fully integrated multifamily development, management, and portfolio investment company with a strong track record and reputation in the industry; and the opportunity to work with Simpson's excellent staff and to grow an entity with its sound financial backing.
Q: What do you hope to accomplish in your new role?
A: To expand upon the company's platform and to grow the company from its current $2.2 billion asset base to a $4 billion-plus entity under our strategic five-year plan.
Q: What do you see as a significant challenge for the multifamily industry in the coming year?
A: Working through a market where values are at an all-time high and the ability to secure sites and develop properties has become more and more challenging. Trying to weigh the risks of these as we continue to invest and expand as a company.
Q: What are the big opportunities for multifamily firms?
A: I am not sure what the big opportunities are, given today's capital-abundant market. [One might be] the ability to create a portfolio through development or acquisition in an industry with sound fundamentals, with the support of a declining housing market.
Q: What was your first job in the multifamily industry?