Weekly Real Estate News
Summary
Quarterra appointed Jeb Cox managing director of development in Texas. He will oversee land, entitlements, financing, construction and leasing; no new project or investment was announced.
Quarterra has named Jeb Cox managing director of development for Texas, giving the veteran apartment executive responsibility for a state where new multifamily projects face close scrutiny over construction costs, financing and the pace of lease-up. The company announced the appointment October 28.
Cox will direct the Texas development team from land sourcing and entitlements through capitalization, construction, leasing and eventual disposition. That span of responsibility matters for developers weighing whether a proposed site can support the rents and financing required to proceed. Quarterra did not announce a specific new project, investment commitment or construction start with the appointment.
He joins after more than a decade at Mill Creek Residential. His previous experience also includes Trammell Crow Residential and Creekstone Partners, according to Quarterra. The company described his background as nearly 20 years in institutional multifamily development and acquisitions.
Chris Cassidy, Quarterra’s executive managing director of development for the eastern United States, said Cox brings experience across both development and acquisitions. The announcement did not identify the size of Quarterra’s current Texas land pipeline, the number of planned units or a timetable for new projects.
Texas remains a consequential market for national apartment developers because its major metropolitan areas have attracted substantial investment and new construction. For owners and lenders, however, the economics vary sharply by submarket: an improving rent outlook does not automatically make every proposed development financeable.
The immediate news is a leadership assignment, rather than an executed real estate transaction. Future building permits, capital commitments and groundbreaking announcements will provide a clearer measure of how Quarterra intends to deploy its Texas team.
Quarterra has previously combined property-management operations with Alfred, a development covered by WRE News. The latest hire concerns the development business and should be evaluated separately from that earlier management combination.
