New Multifamily Development Firm Launched by Ron Terwilliger Mentees
By Andrew Coen April 3, 2023 3:46 pm
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Two multifamily real estate veterans trained under real estate mogul Ron Terwilliger — former CEO of Trammell Crow Residential — have formed a development firm focused on rental housing assets across the Sun Belt.
Greg Power and Mike Handza just launched a new firm called Imperium Development that will target supply-constrained markets across the Southern U.S., Commercial Observer has learned. The company also includes former U.S. Concrete CEO Bill Sandbrook as chairman.
“When the opportunity presented itself with Bill to go out on our own, I thought it was a no-brainer,” Handza told CO. “Obviously there’s a lot of risk associated with it, but with the confidence we gained over the last few years we were confident we could do it.”
The newly established Atlanta-based company already has two garden-style apartment communities under development in Georgia, with the 240-unit Walker’s Ridge in Cartersville and 300-unit South Davis Apartments in LaGrange. Handza said the goal is to slowly grow the team with eyes toward executing about three to five new projects a year.
Power and Handza worked closely together for the past decade at Charlotte-based Terwilliger Pappa’s Atlanta office under Terwilliger. They have managed the development of more than 11,000 apartment units and $1.6 billion in projects in the Southeast and mid-Atlantic regions.
“Mike and Greg are consummate professionals who understand what it takes to be successful in this business,” Terwilliger said in a statement. “Their future is bright, and I look forward to closely following their success.”
Handza earned a bachelor’s degree in real estate and construction management from the University of Denver. He also won two NCAA national championships playing for the university’s ice hockey team.
Power, who also spent time working at Trammell Crow, earned a bachelor’s from the University of Georgia.
“We are grateful to everyone who has supported our vision and offered us valuable insights along the way, especially Ron, who could not have been a better mentor,” Power said in a statement. “We will continue to put these important lessons into practice as we grow Imperium while infusing ideas and perspectives that Mike and I have developed during our many years working together. We want to create a business that is truly unique, and one that all our stakeholders can be proud of — and we are committed to doing just that.”
Andrew Coen can be reached at acoen@commercialobserver.com
