Third Millennium Partners
Investments
“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-focused 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 transactions including Initial Public Offering (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
big value.
Discipline
We stick to our core competencies—real estate investment, 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.
Entitlements
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 communities. 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.
Advisory
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
in revenues
Team
Dustin Bogue
CEO AND PARTNER
More than 25 years’ experience in homebuilding and land development. Prior to launching Third Millennium Partners, Dustin served as Regional Vice President in charge of The West and Texas for Century Communities, Inc. (NYSE: CCS) where he ran all homebuilding operations in the region. Prior to Century, Dustin served as the Founder, President and Chief Executive Officer of UCP, Inc. (NYSE: UCP) which he took public in 2013. In 2010, he created the wholly-owned subsidiary Benchmark Communities.
Terry Secor
COO AND PARTNER
More than 25 years’ of management experience in residential homebuilding and land development. Prior to launching Third Millennium Partners, Terry served as Corporate Vice President of Operations for Benchmark Communities where he actively managed construction, development, architectural design, project management, and customer service operations. Along with being a NASCLA Accredited Commercial General Building Contractor licensed in North Carolina, South Carolina, and Tennessee, he also holds a Class A General Engineering license and Class B Contractors license in California.
Paul Sanders
CFO AND PARTNER
More than 15 years’ experience in homebuilding and land development. Prior to launching Third Millennium Partners, Paul was responsible for land acquisition and finance departments and helped grow UCP 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®.
Michael Cady
VICE PRESIDENT
With more than 25 years’ experience in residential development, Michael’s expertise in the entitlement process has resulted in the approval of over 7,000 residential lots in the greater San Francisco Bay Area. He holds a Bachelor of Science in Regional Development from the University of Arizona.
Julie Atwood
OPERATIONS MANAGER
More than 8 years’ experience in office management in the real estate industry. Prior to joining Third Millennium Partners, Julie was the corporate Office Manager for UCP, Inc. and Benchmark Communities assisting the executive staff as well as supporting 7 divisions. She was an integral part of UCP & Benchmark Communities’ acquisition of Citizen Homes, traveling to the Southeast to help with the integration. When UCP & Benchmark Communities was acquired by Century Communities, she took on a regional role continuing to support the executive staff and divisions.
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