Dan Broderick is transitioning from the brokerage side of real estate to direct investment, joining Forge Partners as a principal and partner in his longtime home region of San Diego.
Forge Partners sees itself as a contrarian investor and focuses on apartment deals in markets that the big capital funds tend to avoid. Forge’s investments and renovation projects have covered regions such as Memphis, Tennessee; Laredo and Midland in Texas; Little Rock, Arkansas; and Springfield, Missouri.
Based in Rancho Santa Fe, California, just north of San Diego, the privately held Forge holds a national apartment portfolio valued at more than $1.2 billion. Led by Principal and Founding Partner Matt Campbell, the company said it has completed more than 50 deals totaling over 9,000 apartments during the past 15 years.
"It is incumbent upon us to provide affordable, safe, clean, and pleasant communities for our residents to live in and raise their families," Broderick told CoStar News.
Broderick's career path spans nearly three decades, including 14 years at Cushman & Wakefield, the world’s third-largest commercial real estate services firm, where he ultimately served in national executive roles. Most recently, he served as Cushman’s president of advisory for the Americas and also as a president of capital markets services.
An interest in buildings in childhood led to his larger career, which he discussed with CoStar News. The following interview has been edited for length and clarity.
What inspired you to go into commercial real estate?
When I was young, I used to draw cityscapes and buildings on my homework. I happened to live right down the street from an architectural art supply store — a rarity I haven’t seen since — and it was the only place I would spend my hard-earned allowance. In the sixth grade, I did a science fair project on designing more efficient apartment towers.
Over time, I lost sight of that early passion. Years later in college, I shifted focus and majored in economics and psychology. I was fascinated by what drives market behavior, but equally by what drives people — how they make decisions, build relationships, create coalitions, execute leadership and collaborate.
After graduating, I went into investment banking and technology. I had no idea what I really wanted to do with my career. I literally stumbled into a real estate opportunity when I was 25, and within a few months, I knew it was the career path for me.
Forge Partners' investment strategy is seen as contrarian. What is it about your outlook that means going against conventional wisdom?
When we talk about a contrarian approach at Forge Partners, it means moving away from crowded, institutional-focused areas where deploying assets under management drives competition up and returns down. The big capital funds tend to focus on larger, top-tier core assets in primary markets.
We choose not to look in those markets and asset types. Instead, we seek out markets with unique, durable demand drivers and limited new supply. We look for assets trading at a discount to peak pricing and replacement cost, where we can add near-term value and hold for steady cash flow and yield — the way real estate is supposed to be.
What needs to be done to increase affordable multifamily housing supply, especially in places like California?
To truly move the needle on affordable and attainable multifamily housing — especially in highly regulated, high-barrier markets like California — you absolutely have to challenge the status quo and conventional wisdom. Frankly, I don’t believe the political fortitude will exist to make those structural changes expeditiously in California anytime soon. Because of this, we are intentionally spending our time and capital on high-growth, business-friendly states.
Most developers focus on luxury institutional product due to the cost of land, entitlements, permits, fees and litigation. They need to underwrite and achieve the highest possible rents to justify the risk and cost to build. Our strategy is to focus on existing product that serves the “mighty middle” segment. We aim to add value to our properties, professionally manage and operate them to the highest of standards.
What keeps you up at night?
I try to focus strictly on the things I can control, but as a father with young children, it is hard to ignore the macro uncertainties in the world today: geopolitical risk, deep political polarization, the role and control of big tech and AI in our daily lives, and the escalating cost of living. All of these issues directly impact real estate investing and operations.
From an industry standpoint, the velocity of structural change versus the speed of real estate adaptation and integration is a constant challenge. Real estate is historically a slow-moving asset class, but technology, shifting demographic trends and macroeconomic volatility changes slowly, and then all at once. Navigating the current capital markets environment — where the cost of capital is continually shifting — requires us to be nimble and quick in an industry that is inherently slow and illiquid. It requires immense discipline and durability.
From an operational and customer service perspective, it's essential to balance providing safe places for our residents while still attaining operational efficiencies for our investors.