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Bio
Sean Caldwell is one of the founding partners of Mill Creek Residential and serves on the Investment Committee. He currently serves as an Executive Managing Director with overall responsibility for development in Mill Creek’s Northeast and Mid-Atlantic Regions, including Washington, D.C., Boston, the greater New York City metropolitan area, and North Carolina. Prior to this role, Mr. Caldwell served as Senior Managing Director, where he managed the company’s development activity for the Mid-Atlantic region. During his career, he has been involved in the entitlement, development and construction of over 10,000 multifamily homes.
Prior to joining Mill Creek, Mr. Caldwell was a Managing Director for Trammell Crow Residential, where he was responsible for all phases of the development process for both rental and for-sale multifamily communities. Prior to joining Trammell Crow, Mr. Caldwell was a Senior Project Manager with the civil engineering firm of VIKA, Inc. In this role, his responsibilities included the design, coordination, management, and approval of multiple development projects throughout the Greater Washington Metropolitan Area. Projects varied from 500 home multifamily development communities to 200,000 sf commercial redevelopment projects.
Mr. Caldwell received his Bachelor of Science Degree from George Mason University in Civil Engineering and his Master of Business Administration from the Darden School of Business at the University of Virginia. He is a member of the Northern Virginia Building Industry Association (NVBIA), the National Association of Homebuilders (NAHB), and the Urban Land Institute (ULI). He also has served in various capacities with the Northern Virginia Chapter of Habitat for Humanity.
Show Notes
- Introduction (00:05:30)
- Sean Caldwell, a seasoned professional at Mill Creek Residential, shares insights into his role and daily responsibilities. He delves into the multifaceted aspects of his job, which range from strategic planning to hands-on management of various projects.
- Acquisitions and Development (00:06:20)
- Sean discusses Mill Creek Residential’s strategic approach to acquisitions and development. He highlights the company’s criteria for selecting properties and the processes they follow to enhance their portfolio.
- Personal Origin Story (00:08:10)
- Sean reflects on his upbringing in a family with a strong construction background. He shares anecdotes about his parents’ influence on his career path and how his family values have shaped his professional ethos.
- Marriage and Meeting Second Wife (00:09:30)
- Sean opens up about his personal life, recounting the story of his recent marriage and the serendipitous meeting with his second wife. He shares the journey of their relationship and how it has impacted his life.
- Early Education and Career (00:11:30)
- Sean recounts his formative years, discussing his high school and college experiences. He explains his initial interest in electrical engineering and the pivotal moment that led him to switch to civil engineering.
- Transition to Real Estate (00:16:20)
- Sean describes his career shift from civil engineering to real estate. He shares the challenges and opportunities he encountered early on and how these experiences laid the groundwork for his future success.
- Mentorship and Offers (00:16:35)
- Sean credits his mentor, John Amatetti, for his guidance and support. He discusses the valuable lessons learned and the various offers he received from developers, which influenced his career trajectory.
- Transition to Trammell Crow (00:23:30)
- Sean details his decision to join Trammell Crow, a pivotal move that marked his entry into the development sector. He shares the thought process behind this career-defining choice. He responded to a call from Chip Bay.
- Foundation in Real Estate (00:25:45)
- Sean talks about establishing his foundation in real estate and the steep learning curve he faced when transitioning from the physical to the financial side of the industry.
- The financial side of the business (00:26:30)
- Sean emphasizes the importance of financial acumen in real estate. He discusses how mentorship played a crucial role in developing his financial skills and understanding.
- The history of Bill McDonald (00:27:00)
- Sean provides insights into Bill McDonald’s financial expertise and his significant contributions to the company’s history, painting a picture of a financial maestro’s impact on the business.
- Early years at Trammell Crow Residential (00:31:20)
- Sean reminisces about the diverse backgrounds and thoughts that characterized the early years at Trammell Crow Residential. He highlights the company’s core values that have stood the test of time.
- Discovering dyslexia and decision to go to graduate school (00:35:30)
- Sean shares a personal revelation about discovering his dyslexia and how this realization propelled him to pursue further education at a graduate business school.
- Experience at UVA Darden School (00:39:15)
- Sean recounts his transformative experience at UVA Darden School, focusing on the case study method and the invaluable insights he gained from the program.
- Formation of Mill Creek Residential (00:41:50)
- Sean narrates the story behind the formation and evolution of Mill Creek Residential, including the transition from Trammell Crow Residential and the establishment of a new platform.
- Transition to Mill Creek Residential (00:44:40)
- Sean describes his personal transition to Mill Creek Residential and the company’s shift from an entrepreneurial organization to adopting a more institutional approach.
- The entrepreneurial spirit (00:47:15)
- Sean discusses the challenges of maintaining an entrepreneurial spirit within a growing company and the nuances of local business operations.
- Corporate restructuring (00:50:30)
- Sean explains the complex process of amalgamating 16 operating partnerships into one unified entity, leading to the company’s evolution.
- Company culture and growth (00:52:15)
- Sean reflects on Mill Creek Residential’s growth over 13 years, emphasizing the importance of maintaining core values amidst the changing real estate landscape.
- Personal growth and responsibilities (00:52:45)
- Sean shares his journey of personal growth within Mill Creek Residential, from an entry-level role to overseeing significant construction and development projects.
- Strategic planning and intentional growth (01:00:40)
- Sean delves into the strategic planning and intentional growth strategies that have guided Mill Creek Residential’s market expansion and product line diversification.
- Impact of the pandemic and business strategy (01:05:30)
- Sean discusses the company’s response to the pandemic’s unforeseen impacts and their disciplined approach to leverage and investment strategies.
- Long-term holds vs. merchant strategy (01:08:20)
- Sean explains Mill Creek Residential’s philosophy on asset holding periods, comparing long-term holds to merchant build-and-sell strategies.
- Rolling up to form a REIT (01:12:15)
- Sean talks about the considerations and benefits of going public, including access to capital and the ability to raise funds through a REIT structure.
- Madera Sedici Project (01:18:00)
- Sean highlights a special investment in the historic Italian embassy, sharing its rich history and the challenges encountered during the pandemic.
- Founder’s Row Project (01:20:45)
- Sean provides details on a significant real estate investment that combines residential and retail spaces, including the complexities of a theater lease agreement.
- Madera on H Street Northeast (01:24:45)
- Sean discusses an investment in a rapidly revitalizing area, focusing on the land’s history and its potential to impact the community positively.
- Madera Clarendon (01:27:20)
- Sean talks about an investment in a prime location, emphasizing the strategy of long-term holding and assessing the market’s economic climate.
- Madera Mosaic (01:28:30)
- Sean describes the success of a mixed-use investment that created synergy and vibrancy, even without the presence of a metro station or a grocery store.
- Mosaic District and Edens (01:31:30)
- Sean discusses the bustling Mosaic District, the challenges of the restaurant and retail sectors, and Edens’ business philosophy. (Jodie McLean episode)
- Project Pursuit and Background (01:33:30)
- John shares the background of a special project (Ladybird Community) on 48th Street in Yuma, Washington DC, including experiences with complex financing arrangements.
- Ladybird Community (01:35:20)
- Sean details the Ladybird community project, from the approval process to the community’s appeal, leading to the commencement of construction.
- Affordable Housing and Market Expansion (01:39:45)
- Sean introduces Beckett, Mill Creek Residential’s attainable housing brand, and discusses the expansion into single-family rentals and new market exploration.
- Technology and Property Operations (01:42:45)
- Sean examines the impact of technology on property development and operations, including the adoption of AI and innovations in resident interactions.
- DMV Market and Public Policy (01:50:50)
- Sean and John discuss the unique characteristics of the DMV markets, the influence of public policy, and the interplay of competition between DC, Maryland, and Virginia.
- Historical Perspectives (01:52:10)
- John provides historical context for the political and cultural orientations of Virginia, Maryland, and the District of Columbia.
- The DNA of Maryland and Virginia (01:54:30)
- Sean and John compare the social perspectives and historical influences that shape the business communities in Maryland and Virginia.
- Real Estate Development in Maryland (01:55:30)
- Sean discusses Mill Creek Residential’s relatively insignificant development of homes in Maryland, contributing to the region’s housing landscape. He stressed that Northern Virginia is leading the market.
- Influence of Federal Government (01:56:33)
- John reflects on the federal government’s dominance and its impact on the business and cultural differences between Maryland, Virginia, and DC.
- Challenges and Opportunities in Real Estate (01:58:00)
- Sean identifies the challenges and opportunities in real estate development, focusing on job growth, regulatory environments, and market competition.
- Trends in Multifamily Housing (01:58:45)
- Sean analyzes the pandemic’s effect on multifamily housing supply and demand and the geographical shift of the industry’s center of gravity.
- Hospitality Orientation in Real Estate (02:00:40)
- Sean explores the growing trend of hotelization and its influence on the residential and office sectors of real estate.
- Leadership and Hiring Philosophy (02:02:45)
- Sean discusses Mill Creek Residential’s approach to hiring young professionals, emphasizing core values, leadership qualities, and the criteria for selecting candidates.
- Personal Growth and Giving Back (02:09:00)
- Sean talks about balancing his family life, business responsibilities, and philanthropic efforts, highlighting the importance of personal growth and education.
- Lessons for Young Leaders (02:14:45)
- Sean offers advice to young leaders, encouraging them to embrace risk-taking, learn from failures, and exemplify strong organizational culture.
- Real Estate Strategy and Market Cycles (02:17:10)
- Sean discusses the strategic considerations of acquisitions versus development, the benefits of long-term holding, and the influence of market cycles on real estate decisions.
- Dealing with Failure (02:17:40)
- Sean shares a candid story about a project that did not go as planned and the valuable lessons he learned from the experience.
- Leadership and Communication (02:19:10)
- Sean emphasizes the critical role of effective leadership and communication skills, including the importance of being an attentive listener.
- Taking Risks (02:20:16 – Sean Caldwell)
- Sean reflects on the importance of taking calculated risks in his career and overcoming initial apprehensions to achieve success.
- Imposter Syndrome (02:19:30)
- Sean candidly acknowledges his experiences with imposter syndrome and the empowering process of overcoming these doubts.
- Communication and Leadership (02:20:20)
- Sean reiterates the significance of communication in leadership, advocating for curiosity, asking insightful questions, and practicing active listening. “Be curious and ask better questions.” “Listen well to what is not being said”
