Indianapolis-based multifamily specialist Milhaus Development and Milhaus Construction plan to own or manage 20,000 units by 2020, up from 11,400 now, and have identified the Carolinas as prime expansion markets. Toward that end, the company hired Rachel Russell from Grubb Properties in Charlotte as VP of development for the Carolinas. We asked Milhaus president Jeremy Stephenson why the company is turning its attention to the Carolinas.
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Bisnow: What will be the most challenging aspect of expanding in the Carolinas?
Jeremy: We realize that for any market we decide to move into and find opportunities, we need to get to know the city. We can’t make any assumptions, but need to do the hard work of getting to know the city, the neighborhoods, the decision-makers and the things that make the area thrive.
Bisnow: Which is where Rachel comes in?
Jeremy: We're fortunate that Rachel knows many of these locations and has a shared understanding with us about why we like these markets and submarkets throughout the Carolinas. We together will need to inspire confidence in land sellers, neighbors, decision-makers and future residents that we'll deliver upon our goal of creating impactful multifamily mixed-use developments that can add to their neighborhoods.
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Bisnow: How are Charlotte and the Triangle different as markets?
Jeremy: We see each of these areas as a collection of neighborhoods, ones that make up Charlotte and those that make up the Triangle, each with their own distinct characters. But overall, they're each high-growth locations with strong population growth and economic drivers, and they also each have seen quite a bit of new product.
Bisnow: What's next for Milhaus?
Jeremy: Our task is to find the best locations within each of these markets to create new developments consistent with our vision. We'll focus on urban locations within each market, in places where creative visions are already starting to become reality, especially with new independent retail and commercial properties taking root.
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