The Garrett Companies has been named the #1 fastest growing privately held real estate company in the USA (Inc.500, 2018). We’re also the best-decorated team in the multifamily industry nationwide and 100% certified as a Great Place To Work. So how did we get here?
Here is our story.
Eric Garrett began his career in the 1990s as a broker for Marcus and Millichap (M&M) in Chicago selling multifamily projects around the Midwest. Eric was the company’s Rookie of the Year and had immediate success averaging over $100 million per year in sales. Eric learned two invaluable lessons from his time at M&M. First, he learned the importance of site selection and understanding what makes a strong site from a mediocre site. Second, he learned the importance of solid underwriting during the development process.
In the early 2000s, Eric was recruited by one of his largest clients to lead their development, construction, and management efforts. The developer had a goal to begin developing in growth markets around the United States. Eric’s goal was to identify the markets and sites and lead the team through the process. Ultimately the company grew from 1 project per year to being listed as the 7th largest multifamily development company in the country and expanding into 11 states.
In 2008, Eric founded Watermark Residential in partnership with Thompson Thrift Construction. The firm experienced immediate success despite the turbulent economic climate in 2008. In less than 6 years Watermark successfully developed 3,982 apartment homes in 16 projects throughout 8 states. Eric was the Managing Partner of Watermark and oversaw all facets of the development company including site selection, entitlements, contract negotiations, strategic planning, financing, site administration, and management.
Eric Garrett founded The Garrett Companies in 2014. After selling his interests in Watermark, Eric set his sights on creating a company that fully integrated Development and Construction, while evolving a business model he had created over a series of years. With a modest start in his backyard barn, an office was soon opened in the Polk Place building in Greenwood, Indiana. In that first year, three sites were put under contract.
In 2015, The Garrett Companies’ first project, Waterview, kicked off construction with a third-party construction company. In that same year, Garrett Construction was formed and began work on our first project; West Lake. Projects went under contract in new markets of Louisville and San Antonio.
By 2016, The Garrett Companies rapid growth caused the team to outgrow our Polk Place office and spurred the purchase of the new Headquarters facility on Greenwood Springs Boulevard, which the team would officially move into early the following year.
In 2017, The Garrett Companies had projects go under contract in three new markets: Colorado Springs, Orlando, and our hometown of Greenwood. With the increase in project activity, The Garrett Companies increased our in-house capabilities in 2017. Legal services were brought in-house with the hiring of a General Counsel. The Preconstruction department was formed with the hiring of a Director of Preconstruction. And TGC hired our first dedicated asset manager with a Director of Property Management.
The Garrett Companies’ business model came full circle in 2018 with the successful lease-up and sale of our first three communities. The company broke into two new markets this year with deals going under contract in Ft. Myers, and Castle Rock. The Acquisitions Team was formed with the hiring of a Vice President of Investments. Continued growth led to an expansion of the Greenwood Springs Headquarters to occupy space on the second floor.
With the founding of Garrett Residential in 2019, The Garrett Companies today is a fully integrated real estate company. Specializing in class-A suburban multifamily projects, the company is quickly adding to our list of specialities including LIHTC affordable housing, mixed-use development, and restaurant management. The Garrett Companies also provides third party services in property management, construction, interior design, and site planning.
Eric and his team have experience in 17 states and have delivered more than 50 projects totalling over 13,000 apartment homes. The company has developed two unique restaurant brands, with additional concepts soon to come to market.
The team excels at its mission to develop, build, and manage multifamily assets nationwide using an approach that builds value, eliminates risk and provides superior risk-adjusted returns, all while keeping our culture intact. To date, the company has received more than 25 national awards as a Best Workplace and for record-breaking growth.
Through the relentless pursuit of excellence, our vision is to become the most successful multifamily company in the country and use that success to better our team, the neighborhoods in which we work, and the lives of those who chose to call our communities home.