Drive Development Partners, a Florida-based construction management firm, plans to merge with Lloyd Jones to continue expanding senior housing and multifamily portfolio.
Drive Developments Partners, a boutique development advisory and construction management firm has merged with Lloyd Jones, a real estate investment firm headquartered in Miami. Drive, who specialized in senior living and multifamily developments, matches Lloyd Jones’s current $1 billion portfolio which consists primarily of those two asset types.
Drive’s Managing Partner in Florida, Michael Hass, will assume the role of Senior Vice President of Development, Design, and Construction at Lloyd Jones. The company currently has one ground-up senior living development under construction in Florida and acquisitions in Tennessee, Minnesota, and Nebraska with capital improvement projects starting this quarter. Several more acquisitions and ground-up developments are in their pipeline for 2022 and 2023.
In addition to the Lloyd Jones portfolio, the merger allows Lloyd Jones to build out their third-party services of fee-for-service development advisory, owner’s representation and construction management, project consulting, and program management. The clients of Drive’s Florida office will now be serviced out of Lloyd Jones’s Miami office where offerings can be expanded to capital solutions, third party operations and management, and asset management in addition to those previously offered by Drive.
The Arizona office of Drive Development Partners is not affected by the transaction and will continue operating under the Drive name.