Defining the Next Generation of CRE Developers
by Donald R. Washington, Jr.
Founding Principal at Bolster Real Estate Partners
Joel Jassu, limited partner and design consultant with Bolster, at a design meeting for The Kourtney at Yates Road
While attending a capital flow conference of over 3,500 people, I looked around and locked eyes with Jarrid Tingle, who is now the co-founder of Harlem Capital. We both came to the shocking realization that we were the only two Black people in the entire room. I knew something had to change. Commercial real estate development is in dire need of a new generation of players with diversity in both background and perspective.
After that eye-opening moment, I sought out to identify the “Next Generation of CRE Developers,” a group of prominent figures across the country who are looking to challenge the way development has historically been thought of and redefine what the industry could be. These trailblazing leaders have found innovative ways to address affordable housing, collaborate on projects and understand social causes that impact diverse communities. It is not only about their return on investment, but also about being in the driver’s seat and the community impact of their decisions. As the Founding Principal of Bolster Real Estate Partners, I am proud to be a part of this next generation by rehabilitating communities, investing in the future and being a catalyst for economic development.
Bolster site visit with Sturgis Construction team
Next generation CRE developers are intentional when bringing in alternative capital sources such as minority-owned banks or individual investors with personal capital. In all of my projects, some portion of the capital stack will be reserved for non-traditional minority investors, including those who may come from the entertainment, business or philanthropic industries. Historically, the African American community has mainly had access to higher-risk business-to-consumer investments, but now through CRE development, there is an opportunity for us to participate in lower-risk institutional-grade investments and I want to assist with providing access to those types of opportunities.
In my opinion, the lack of diversity in CRE is not always necessarily a product of ill will. Oftentimes people work within their networks and their existing networks may be limited or there may be blind spots. Regardless of the intent, if no one makes changes, the industry will grow to be stagnant, stifling innovation and growth. For me, my charge as a minority founder is to make a difference and pave the way for others, a goal I find both challenging and exhilarating at the same time.
Top (left to right): Reginald Lewis, Don Peebles, Quitin Primo III
Bottom (left to right): Egbert Perry, Victor MacFarlane, Robert Reffkin
All of this progress is motivated by the inspiring individuals that have come before me and set the pace for the CRE revolution we see today. Some of these impactful CEOs include Don Peebles of The Peebles Corporation, Reginald Lewis of TLC Beatrice International Holdings, Inc., Egbert Perry of The Integral Group, Robert Reffkin of Compass, Quitin Primo III of Capri Investment Group and Victor MacFarlane of MacFarlane Partners to name a few. Their determination and success have energized individuals such as myself to break into this industry and disrupt the status quo. As a longtime supporter and peer, I plan to continue to amplify other next generation CRE developers, so we may keep reimagining this field and the impact we can have in it. I am proud of what I have accomplished to date with Bolster and am excited to see what the future holds as a next generation CRE developer.