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Trammell Crow Residential has expanded its national reach, opening offices in Phoenix and Nashville.
TCR called the cities "two of the nation's fastest-growing and most dynamic multifamily markets" in a release announcing the expansion.
“With Phoenix and Nashville, we are continuing to invest in markets that demonstrate long-term population growth, strong employment fundamentals, and durable demand for high-quality rental housing,” Trammell Crow Residential CEO Ken Valach said in a statement.
TCR has existing offices in 14 markets across the country but did not previously have offices in Tennessee or Arizona, according to its website.
A surge in apartment construction following the onset of the pandemic swiftly turned the Sun Belt cities into a renter's market and pushed concessions up, but some multifamily industry watchers are anticipating that concessions will fall and the oversupply will be gobbled up, especially in Nashville.
TCR named Tom Lewis managing director in Phoenix and Peter Davis managing director in Nashville.
Trammell Crow Residential is the multifamily development platform of Dallas-based real estate investment management and development firm Crow Holdings.
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