Third Millennium Partners
“Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.”Benjamin Graham, The Intelligent Investor
Over the past 11 years, we’ve deployed more than $1 billion in real estate investments and delivered compelling returns to our shareholders and investors. We are a value-focused and risk-aware investor and advisor who believes that careful and diligent management of Real Assets leads to outsized returns. We mine the value of every asset through active management, diligence, and negotiating the complex. Whether it’s a restructuring, a financing, a joint venture, or a tough municipality, we have the expertise and the tenacity to manage the process. Over the last decade, we have negotiated multiple public market issuances including Initial Public Offerings (IPO), mergers and acquisitions, and public and private debt facility structures.
Because of our considerable expertise in homebuilding and land development, our fully integrated team balances risk management with common sense, while keeping one eye on the preservation of capital to deliver consistent, robust returns.
TMP’s Investment Strategy
Invest when others are not
We are contrarians by nature and are nimble enough to be the liquidity provider when others are not. Sometimes this means a compelling financial structure, other times it may be a compelling price.
Focus on replacement cost
We focus on real estate assets that are qualitatively and quantitatively sound but have previously lacked active management or liquidity. This is one of the most effective risk mitigation tools at our disposal.
Carefully utilize leverage
All of our purchases or investments are made unleveraged. While debt is a useful tool, it needs to be applied to the proper asset type at the proper time. We are focused on investment performance without debt so we can determine its true financial characteristics.
Active management adds value
We have seen time and time again that poor management will devalue an asset, so we seek to purchase undermanaged or undercapitalized assets. Then, we maximize value with a proven management plan and focus on the little things to derive
We stick to our core competency—real estate invest- ment, entitlement, development, and construction. This is what made us who we are and will carry us into the future.
Investors and partners with
an alignment of interest
Not only is it our fiduciary duty to treat investor capital as if it’s our own, but it’s also who we are genetically. If we are not willing to invest, we will not ask an investor to invest. We are committed to providing outsized returns in creative structures with ultimate flexibility to our investors.
Getting approvals from local communities and regulatory agencies can be a complex challenge — particularly in the West. That’s where our experience makes an important difference. We know how to work effectively with municipalities, residents, and government leaders to build consensus and get projects moving forward.
Together, we have led teams to gain approvals on thousands of lots in California, the Pacific Northwest, Southeast, and Texas, including several master planned communities, infill high-rise projects, and growth commu- nities. From creating the community brand and communication practices to utilizing utility master planning and CIP project funding, we thrive in the challenge of bringing new projects to life.
An exciting time in our history was taking our company public and growing it into one of the top 50 homebuilders in the nation. We know what it takes to scale a business. We maintain a deep repository of proven policies, procedures, growth plans, and organizational tools that provide the structure needed to grow your business. We are well versed in governance, SOX compliance, balance sheet management, financing, and virtually every facet of building. We can help you set up necessary systems and software, create customer service and training platforms, and more, so you can focus on what you like to do — building a great and profitable company.
Perhaps most importantly, we have tripped the wires and stepped on the mines that hinder company growth and we will keep you from making the same mistakes. We know what works and how to tailor it to suit your company’s needs.
In the last 10 years
Over $500M in mergers and acquisitions
Over $1 billion in financings
Purchased over $1 billion in land
Generated over $2 billion
CEO AND PARTNER
More than 25 years’ experience in homebuilding and land development. Prior to launching Third Millennium Partners, Dustin served as Presidentand Chief Executive Officer of Union Community Partners, LLC (UCP). He was involved in establishing UCP in 2004 and its subsequent acquisitionby PICO Holdings in 2008. In 2010, he created the wholly-owned subsidiary Benchmark Communities.
COO AND PARTNER
More than 25 years’ experience in homebuilding and land development. Prior to opening Third Millennium Partners, Terry served as Corporate Vice President of Operations for Benchmark Communities and was involved in all phases of construction, development, architectural design, and project management. He is also a Certified Green ProfessionalTM and a licensed Class A and B general engineering contractor.
CFO AND PARTNER
More than 15 years’ experience in homebuilding and land development. Prior to opening Third Millennium Partners, Paul was responsible for land acquisition and finance departments and helped grow his homebuilding company almost 100% each year from 2013-2017. He holds a Bachelor of Science focused in Economics from California Polytechnic State University-San Luis Obispo and he is also a Chartered Financial Analyst.