Commercial real estate developer Ryan Companies U.S. Inc. hired former Lincoln Property Co. executive Brook Barefoot as its new vice president of multifamily real estate development for its Atlanta office.
Ryan currently has more than 1,300 units in its development pipeline in the Southeast, and Barefoot’s new position reflects the focus the company is putting on expanding its footprint in the region, according to a news release.
“Atlanta and other major Southeast metro areas are taking an interesting turn as home ownership increasingly becomes less affordable for prospective buyers who are competing against each other for a limited supply of single-family stock,” said Cloteen Jasmin, Ryan’s senior vice president, market leader – Atlanta. “The multifamily sector is poised to capture much of that excess demand, and Brook’s extensive leadership background in multifamily development, investment, construction and design makes him a natural fit for a position that will be one of Ryan’s most important roles in the months and years ahead.”
Barefoot brings more than 30 years of experience to his new role. At Atlanta-based Lincoln Property, he served as vice president of development. Before arriving in Atlanta in 2017, he worked in Dallas. Previous employers include Duke Realty Corp. and Sarofim Realty Advisors.
“As challenges to home ownership grow while overall housing demand remains strong, we expect to see an even more competitive rental market both in the city and suburbs,” said Barefoot. “Though recent interest rate hikes and inflation have created new challenges, the current environment still provides considerable reward opportunities for Ryan and other development firms that see through the short-term fog and are playing the long game.”