Real estate services firm Franklin Street has opened a Dallas-area office with a search underway for a permanent address to help it grow its Texas business only months after launching its multifamily division in the Lone Star State.
The Tampa, Florida-based firm sees the larger Texas market — and specifically Dallas — as being "one of the most important real estate markets in the country," President and Chief Operating Officer Tony DeSisto told CoStar News.
"When you look at the demographics, household income and in-migration, Florida and Texas is where you want to be in the next decade," DeSisto said. And since the firm is based in Tampa, it has Florida well-covered, so Texas represents that new frontier for growth, DeSisto said.
Franklin Street has already had early success with its Austin, Texas, office that has doubled in size to 25 professionals since opening its doors 18 months ago. Like Miami and Atlanta, DeSisto said he sees the Dallas-Fort Worth region as being a prime driver from a capital perspective with "a lot of real estate decisions" being made out of the Dallas area.
"Dallas is not the same as Austin in terms of size, it's a bigger market and we want to be thoughtful in finding the right people," he said.
Franklin Street recruited Chibuzor Nnaji from rival GREA to lead its Dallas multifamily investment sales team. He joins the firm's Texas multifamily division, which launched in Austin in February. The new Dallas-area office is in a temporary space at 5700 Tennyson Parkway in Plano, Texas, a suburb about 19 miles north of downtown Dallas. The firm is on the hunt for a permanent space in Dallas proper, executives told CoStar News.
Nnaji said in a statement that hard work, a winning mentality, growth and collaboration with others are qualities that align with Franklin Street's culture. By integrating services, including insurance and property management, alongside investment sales, Nnaji said Franklin Street can offer a "comprehensive platform" with "a distinct competitive advantage."
Nnaji will work alongside Tyler Bynum, director of Dallas multifamily investments sales, and two other associates.
Beyond Dallas, Franklin Street has been growing its U.S. presence. In May, the firm opened its Nashville, Tennessee, office and made some key hires in its Atlanta and Tampa offices. Late last year, it opened its Cincinnati office that houses its student housing team.
DeSisto said the firm is recruiting leaders with an "entrepreneurial spirit" that fit in with Franklin Street's culture. He said his team typically recruits the "players making a difference in the market" who are excellent at what they do.
Ryan Bohls, the firm's regional managing director in Austin, said Franklin Street plans to use the Texas capital city's office recruitment as a blueprint for building its Dallas team.
"Dallas is our most important entrance in the Texas market; it's a critical base of capital," Bohls told CoStar News. "We are entering it with a five-person multifamily division, but we will supplement it with office and industrial teams. We are determined to have a full-service office in Dallas."
Recently, Bohls and his multifamily investment team sold The Windsor Hotel Apartments at 401 Pine St. in downtown Abilene, Texas, a city west of Fort Worth, Texas. Franklin Street represented the seller, North Management LLC, in selling the property to Studio 168 Productions. The deal closed in May, according to CoStar data.