Four years ago, Pinnacle Housing Group partner MitchFriedman was researching where to build his next multifamily projects and saw the right indicators in Texas: job growth and growing communities. (Also, barbecue.) Pinnacle opened an Austin office (under Lisa Stephens) and its first Texas location-- the Pinnacleat North Chase in Tyler--in 2010. Pinnacle and its partners have secured funding for four more projects in Texas with sites in Denton and Abilene opening this summer. Two more are in the works, as well plans for first-class housing with the formation of Icon Communities, proving everything is bigger in Texas.
In addition to growing communities like Tyler, Abilene, and Longview, Mitch likes the major core areas in Texas like San Antonio, Dallas, and Houston. Hes avoiding areas that have reached a saturation point for affordable housing in the urban core.There is significant uncertainty following the affordable housing market because of changes in Washington; over the next two years the industry will remain intact by granting incentives to keep the privatesector involved, he says.When hes not building apartments, Mitch tells us he plays tennis, runs, and surfs when he can. His favorite spot: Jaco Beach, Costa Rica.