Multifamily developer Alliance Residential Co. continues to expand with the opening of new offices in Raleigh-Durham, North Carolina, and Washington, D.C., as well as the launch of an industrial platform to meet the demand for warehouse and distribution space in a growing e-commerce world.
The Scottsdale, Arizona-based firm announced this month that it has promoted David Yowell to development director in its Carolina region’s Raleigh-Durham office and has hired Justin Donaldson as development director for its Mid-Atlantic region, serving the Maryland, Virginia, and Washington, D.C., markets.
Yowell will source new development opportunities in the Triangle and Eastern North Carolina markets while leading development activities from the Raleigh-Durham office. His promotion and presence in Raleigh comes after a development role in the Charlotte office.
“Sourcing new opportunities for Alliance throughout the Triangle and Eastern North Carolina region is an exciting challenge. The market fundamentals make the Triangle an extremely attractive investment for Alliance Residential’s proven national model,” said Yowell. “Raleigh’s job and population growth trends make it the perfect place to grow.”
Donaldson joins Alliance after more than four years at Washington, D.C.-based JBG Smith, where he worked on numerous mixed-use projects totaling more than 1,000 multifamily units and 6 million square feet of office and retail space, including Amazon’s HQ2. He will be responsible for managing the development process and sourcing new investment opportunities in the Mid-Atlantic, including site selection, capitalization, design, and construction processes.
“I’m excited to join a growing and respected company like Alliance Residential and to shape the culture and future of the new Washington, D.C., office,” said Donaldson. “I’m thrilled for the opportunity to bring Alliance Residential’s national business model and its high-quality Broadstone, Prose, and Holden communities to the places I know so well.”
In May, the firm launched Alliance Industrial Co., which is headquartered in Houston. The platform is focused on quality industrial warehouse and distribution space development, which is in high demand as the e-commerce market share expands. The national operations are led by president and CEO Cyrus Bahrami, also a senior partner in Alliance’s residential platform.
Bahrami plans to leverage his firm’s relationships and track record in the capital markets along with its national infrastructure to create and run the industrial platform using a model similar to Alliance Residential.
“This will be a decentralized model with a national backstop for accounting, finance, and capital support. However, the business plan will be executed by local industrial leaders with deep market knowledge and development expertise in the industrial space,” said Bahrami. “We look forward to leveraging Alliance’s national footprint, decades-long track record with top investment partners, and expertise as a premier developer to address the growing industrial market demand.”
As part of the launch, the firm hired Chad Parrish, formerly a principal at Molto Properties and market leader of First Industrial’s Houston market, as managing director of Texas for the Alliance Industrial team. He previously has led the investment and development of more than $440 million in industrial projects, representing over 6.5 million square feet in six markets. He will oversee the development, investment, and construction activities in Austin, Dallas, Houston, and San Antonio.
“Texas is an ideal market to launch and establish Alliance Industrial,” he said. “With the in-migration of population, major transportation and logistics hubs in the region, and pro-business environment, Alliance Industrial looks to move quickly to meet the ever-increasing industrial demand.”
Additional senior members of the Alliance Industrial team include chief financial officer Brandon Fleetwood, vice president of construction J.D. Devine, and development director David Adame, all leaders from Alliance Residential.
