42: Crafting Communities and Confident Humility with David Andronico, Jones Street Residential

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 David Andronico is the Managing Director of Development at Jones Street Residential. He has extensive experience in construction management and project execution in the real estate industry.

Summary:
David Andronico discusses his role as the Managing Director of Development at Jones Street Residential and the company's focus on multi-family real estate. He explains how the company has expanded from acquiring stabilized assets to developing new construction projects. He also emphasizes the importance of staying close to the properties and the communities they are a part of. Andronico shares the concept of “confident humility” and the importance of being open to learning and figuring things out. He also highlights the value of hands-on experience and taking risks to achieve success. Andronico shares a powerful story about a plumbing foreman and the lesson he learned about the importance of putting oneself in a position to succeed. He discusses the different paths for emerging professionals in the development industry and the opportunities for growth and learning. Andronico also talks about the future plans of Joan Street Residential, including their focus on development projects and creating housing opportunities.

Key Takeaways:

  • Jones Street Residential focuses on both acquiring stabilized assets and developing new construction projects.
  • The company established a property management division to ensure residents' efficient operation and satisfaction in their properties.
  • Managing a property allows for better feedback from residents and the ability to apply lessons learned to future developments.
  • The company is shifting towards a fund model to attract a wider range of investors and provide a more streamlined investment process.
  • “Confident humility” is a valuable trait in leaders, combining the confidence to achieve outcomes with the humility to continue learning and seeking answers.
  • Taking risks and putting oneself in a position to succeed can lead to personal and professional growth.
  • Hands-on experience and exposure to different aspects of development are valuable for emerging professionals.
  • The book “The Real Estate Game” by William Porvoo is a recommended resource for learning about development.
  • The war memoirs of Major Dick Winters, “Beyond Band of Brothers,” offer valuable insights into leadership and creating a team environment.

 

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