Bobby has been involved in startup companies for nearly his entire career. He left graduate school to start his previous company, Cross Properties, with 3 other partners in the basement of a seminary in 2011. He's worn every hat in real estate from...
Bobby has been involved in startup companies for nearly his entire career. He left graduate school to start his previous company, Cross Properties, with 3 other partners in the basement of a seminary in 2011. He's worn every hat in real estate from finance, capital markets, fundraising, leasing, late-night maintenance, and semi-professional architect. At Cross, he was the Partner in charge of the Development and Design team and was responsible for every project from an empty lot to stabilized building. In 2019, he left day to day operations at Cross to co-found Tailorbird, a construction technology company, and Form Developers.
On this episode, Chris and Bobby break down the science behind floor plans and how Bobby looks at apartment development as products that need perfecting. They discuss value add, efficiencies in the industry, the concept of pre-furnished apartments, how Bobby has built his persona as a floor plan consultant on Twitter and much more. Enjoy!
Watch this episode on YouTube: https://youtu.be/Hdt2wr5a_YM
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
(2:11) - Bobby’s Career in Real Estate
(4:22) - How did you make floor plans your niche?
(8:03) - What’s the main reason floor plans are afterthoughts in the development process?
(10:02) - What would make a great 650 Sqft unit and what makes a terrible one?
(14:25) - Are there parts of a floor plan that adds value every time and parts that don’t in the data you’ve seen?
(17:48) - What would a second use for a bedroom be?
(18:56) - Thoughts on Balconies
(19:48) - What makes 2br's more or less valuable?
(21:52) - How do preferences change between demos of empty-nesters and millennials?
(22:57) - Bobby’s disdain for Value add
(26:07) - Creating metrics that people aren’t measuring right now
(28:55) - Are you met with resistance when trying to present this way of thinking?
(32:32) - What would be the opposite view of yours?
(32:59) - “Apartments should be designed furnished”
(41:31) - Is there any data to suggest people would rent longer in a pre-furnished scenario
(41:59) - What’s your favorite feature in a small apartment?
(42:38) - Thoughts on efficiencies in apartments
(44:58) - Thoughts on Micro-units
(46:56) - What are key things you think about when you take over an existing structure?
(50:35) - Are there resources developers can utilize early on when it comes to easily design floor plans?
(55:37) - What is a complex deal and what have you done to gravitate towards them?
(58:30) - What are common things that the average developer overlooks when reviewing rules & regulations and dealing with surrounding communities?
(1:01:39) - What do the majority of your reuse deals look like?
(1:06:05) - Is it fair to say there’s more adaptive reuse projects in the Northeast?
(1:08:12) - Does anything come to mind of things you’ve been able to pull off that most developers wouldn’t have seen?
(1:13:52) - When you enter a new area, do you bring on local consultants to help you create relationships in the city or do you have a specific approach?
(1:19:25) - Do you have a favorite floor plan you’ve ever seen? And what’s the worst one you’ve ever seen?
(1:23:25) - What’s your favorite development?
(1:24:33) - How can people find you
The FORT is produced by Johnny Peterson & Straight Up Podcasts