One of Los Angeles' largest real estate brokerages has identified "major inefficiencies" in the luxury multifamily and high-density condo development sectors, and is looking to correct them. The firm, The Agency, is aiming to assist developers in the design, construction, marketing and eventual sale of their projects via its division The Development Group. "We think there are efficiencies to be had in using one group to manage that entire development life cycle," said Jason Glasgow, COO and managing partner of The Development Group, adding part of their focus will be on off-shore developers. "I haven't seen a group with new home sales and marketing capabilities that is also effective at asset and construction management. We believe it's a natural evolution." A significant p...
- The Development Group will assist developers in the design, construction, marketing and eventual sale of their projects.
- Miscommunication between parties and information requests are the most common problems that slow construction projects.
- More private equity groups are developing projects on their own and bringing in fee developers.