A Year in Review: Looking Back On the Highs and Lows
by Donald R. Washington, Jr.
Founding Principal at Bolster Real Estate Partners
Bolster site visit with Sturgis Construction team
When I founded Bolster, I had two goals in mind: The first was simply to start. The second was to build a programmatic team that could help propel the firm forward in a way that aligned with my vision for Bolster. Throughout this past year, I made strategic moves to accomplish those goals, but as with any new venture, I encountered a few obstacles along the way that became teachable moments.
After launching the firm last September, I began to assemble an all-star team of mission-focused, talented and diverse partners who had the ability to make a strong impact on the firm. I knew that with this team in place, I was all set to put my plans in motion by kicking off The Kourtney project, until I hit a snag. I was launching The Kourtney amid intensifying challenges for the industry. The world had changed economically, with increasing costs, rising interest rates and overall market volatility becoming an obstacle in my ability to access capital. No one was insulated from the changes in the economic climate, including my original limited partner. We ultimately had to restructure our partnership to align with the evolving liquidity needs of their firm.
To overcome this, I had to think creatively about how to help my limited partner reimagine their position in the deal, without sacrificing progress on The Kourtney. We were able to work out a mutually beneficial solution that allowed me to bring in a new limited partner who would prove more effective. The Kourtney is now headed toward groundbreaking and we are one step closer to bringing this mission-aligned project to reality.
Rendering of Bolster’s inaugural project, The Kourtney at Yates Road.
In the months that followed that temporary setback, I kept my head down and plowed ahead toward my goals. That focus recently culminated in another major highlight — winning the Bankhead MARTA deal alongside one of my business heroes Don Peebles, who heads The Peebles Corporation. This latest victory means that in one year, Bolster has generated over $1 billion in development pipeline.
Rendering of Bolster’s upcoming project, the redevelopment of Bankhead MARTA Station
While it was a year of major wins for Bolster, those wins were definitely coupled with some losses. It’s funny though, because the problems I thought were severe business challenges were issues other developers deal with on a daily basis. That truth helped to put things in perspective. I realized these growing pains were actually the catalyst behind accelerating my ability to raise capital and execute large scale development projects. They also altered my approach to scaling my business and how I collaborate with my partners.
Because of my learnings from those challenges, my five-year goals have turned into two-year goals and I’m keeping my foot on the gas. In 2023, I’m focusing on increasing our pipeline of large-scale projects, raising capital at scale and working with industry experts who can push Bolster to the next level. We also aren’t losing sight of our mission to champion the next generation of developers and empower communities to be an active part of their local economies.
It was a rollercoaster of a year, but I wouldn’t have wanted it any other way. Here’s to another year of highs and lows (hopefully more of the highs, though).