Thompson Dorfman Partners

What Thompson Dorfman Partners does

Thompson | Dorfman Partners, LLC is a Mill Valley, California-based real estate development and investment firm founded in 1999 by Will Thompson and Bruce Dorfman, both 35+ year veterans of the housing industry. The firm specializes in multi-family residential development with emphasis on urban in-fill and mixed-use properties located in high-growth, technology-driven markets across the western U.S. — concentrated in California. Its principals have collectively developed 17,000 multi-family homes in over 50 California apartment and condominium communities and have completed more than $1.7 billion in projects. Notable developments include the 2,700-unit North Park in San Jose, the 800-unit Alameda Point mixed-use waterfront redevelopment, the 298-unit Olson Cherry Orchard in Sunnyvale, the 220-unit The Triton in Foster City, and the 232-unit La Jolla Palms in San Diego.

The firm generates revenue through three streams: development fees on residential projects, investment returns as an operating and development partner in joint ventures, and advisory services to corporate landowners and financial institutions. Major capital partnerships include a $500 million joint venture with Trammell Crow Residential for Bay Area multifamily housing (2015), a joint venture with Ares Management for the Waverly Development in Foster City (2013), and a JV with CityView for the Triton Pointe project. The firm has additionally created a non-profit affiliate, Education Housing Partners, Inc., dedicated to workforce housing development for school districts and public agencies — including the 250-unit Oak Hill Apartments near San Quentin (2023, partnered with Eden Housing), the 70-unit Casa del Maestro teacher housing in Santa Clara, and the College Vista project for the San Mateo County Community College District.

Name

Thompson Dorfman Partners

Legal name

Thompson Dorfman LLC

Website

https://thompsondorfman.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Thompson Dorfman Partners is a Mill Valley, California real estate development firm founded in 1999, specializing in urban in-fill multi-family and mixed-use residential projects in high-growth western U.S. markets, with a workforce housing non-profit affiliate serving school districts and public agencies.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), New Housing For-Sale Builders (236117), Lessors of Residential Buildings and Dwellings (531110)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB)

akta.pro secondary industries

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC), Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

Keywords

• Multi-family residential development
• Urban in-fill housing
• Mixed-use real estate
• Workforce housing development
• Real estate investment partnerships

Headquarters

HQ city

Mill Valley

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Development Fees: The firm generates revenue through development fees from residential projects. For workforce housing projects like Casa del Maestro, Thompson Dorfman provided complete design/build contracting services at cost, indicating a social enterprise model for some affordable housing projects.
2. Investment Returns: The firm participates as an operating and development partner in joint ventures, earning returns on invested capital through property development, sales, and ongoing management of multi-family residential communities.
3. Advisory Services: Thompson Dorfman provides development advisory, management, and investment expertise to corporate landowners and financial institutions.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

Thompson | Dorfman Partners is a real estate development and investment firm that develops multi-family residential properties, with particular emphasis on urban in-fill and mixed-use projects in high-growth, technology-driven markets in the western U.S. Through direct development and joint ventures with capital partners, it delivers market-rate, affordable, and workforce housing communities, with a dedicated non-profit affiliate (Education Housing Partners) providing development services to school districts and public agencies.

Product overview

Thompson | Dorfman Partners LLC is a real estate development and investment firm offering multi-family residential development and mixed-use properties with particular emphasis on urban in-fill in high-growth Western U.S. markets. The company operates through its core development business, a non-profit affiliate Education Housing Partners (providing workforce housing advisory and development services for public agencies), and development advisory services for corporate landowners and financial institutions. Key branded projects include Oak Hill Apartments (250-unit workforce/affordable housing near San Quentin), Mallard Pointe (42-unit mixed-income redevelopment), The Webster and The Triton (luxury residential), and Casa del Maestro (70-unit teacher housing program). The company has developed 17,000 multi-family homes across over 50 California apartment and condominium communities.

Differentiator

Problem solved

Functional benefit

Products and services

• Multi-Family Residential Development Core development of multi-family residential properties, with particular emphasis on urban in-fill and mixed-use properties in high-growth, technology-driven markets in the western U.S. Built for institutional capital partners and corporate landowners through direct development and joint ventures.
• Education Housing Partners (Workforce Housing Development) Non-profit entity providing a full complement of development services to school districts and other public agencies for workforce housing, typically delivered at cost or reduced margins to address teacher and public employee recruitment and retention challenges.
• Advisory Services Development advisory, management, and investment expertise provided to corporate landowners and financial institutions to help them unlock value from real estate assets and navigate complex entitlement processes.
• Oak Hill Apartments 250-unit affordable housing project on state-owned land adjacent to San Quentin State Prison, comprising 135 workforce apartments for Marin County teachers and county employees developed by Education Housing Partners, and 115 affordable apartments for low-income families developed by Eden Housing.
• Mallard Pointe Mixed-income residential redevelopment on the Belvedere Lagoon comprising 42 units, including single-family homes, duplexes, and apartments, with a portion offered at below-market rates.
• The Webster Luxury apartment community in the San Francisco Bay Area, featuring public art and high-end residential amenities.
• The Triton 220-unit luxury waterfront apartment community in Foster City, developed as a mixed-use project with adjacent office and retail components.
• Casa del Maestro Teacher workforce housing program in Santa Clara providing 70 affordable rental units to teachers of the Santa Clara Unified School District at below-market rates, developed in two phases.
• College Vista Multi-family residential community in San Mateo developed in partnership with the San Mateo County Community College District, providing workforce housing for community college faculty and staff.
• Alameda Point Site A 68-acre mixed-use waterfront development at the former Naval Air Station in Alameda, planned for 800 residential units including 200 affordable homes plus retail and commercial space.
• North Park $600-million, 2,700-unit apartment community on 60 acres in San Jose's Silicon Valley, featuring a five-acre public park and ten integrated villages.
• Olson Cherry Orchard Mixed-use development in Sunnyvale comprising 298 apartment units and 58,000 square feet of retail space, developed under a long-term ground lease with the Olson family.

Quantifiable outcome

• Reduced teacher attrition rate from 24% to 8% for teachers living in Casa del Maestro workforce housing
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Eden HousingcoreStrategic or Co-development Partner · 23 August 2023Partnership for Oak Hill 250-unit affordable housing project next to San Quentin State Prison. Eden Housing develops 115 affordable apartments for low-income families while Education Housing Partners (Thompson Dorfman's affiliate) builds 135 workforce apartments for teachers.
• Alameda Point PartnerscoreStrategic or Co-development Partner · 7 July 2014Venture including Thompson Dorfman Partners, SRM Ernst Development Partners, and Madison Marquette competing for 800-unit mixed-use project at Alameda Point, the former Navy base on San Francisco Bay.
• SRM Ernst Development PartnerscoreStrategic or Co-development PartnerPartner in Alameda Point Partners venture for Bay Area development including 800 residential units at Alameda Point with 200 affordable homes.
• Madison MarquettecoreStrategic or Co-development PartnerPartner in Alameda Point Partners venture for Bay Area development.
• Education Housing PartnerscoreStrategic or Co-development PartnerNon-profit affiliate of Thompson Dorfman Partners created to provide development services to school districts and public agencies building workforce housing. Founded to help recruit and retain quality employees for public schools.
• Opus WestminorStrategic or Co-development PartnerPartner with Thompson/Dorfman Residential Partners on 404-unit apartment property in Irvine, California first phase.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Trammell Crow Residential: National multifamily developer and TDP's JV partner in a $500M Bay Area vehicle; co-founder William Thompson began his career at TCR. Directly comparable multifamily development platform with overlapping Bay Area presence and joint venture capability.
• SRM Ernst Development Partners: Bay Area multifamily and mixed-use developer partnered with TDP in Alameda Point Partners; comparable in scale, geography, and product type (urban in-fill multifamily and mixed-use).
• Madison Marquette: National mixed-use and multifamily developer partnered with TDP at Alameda Point; comparable as a co-developer on complex urban in-fill mixed-use projects in California.
• Eden Housing: Bay Area nonprofit affordable housing developer partnered with TDP's Education Housing Partners at the 250-unit Oak Hill project; directly comparable in mission-aligned affordable and workforce housing delivery for public agencies.
• Carmel Partners: Major Bay Area-based multifamily investor and developer with comparable urban in-fill focus in California high-growth markets and similar mid-to-large project scale as TDP's marquee deals.
• CityView: Los Angeles-based investment manager specializing in workforce and mixed-income housing development; partnered with TDP on the $74M Triton Pointe project and comparable in California multifamily joint ventures with public-sector exposure.

Emerging players

• MidPen Housing: Bay Area affordable and workforce housing nonprofit developer with strong public-sector relationships; comparable in mission-aligned housing for school districts and public employees, though operating as a nonprofit rather than for-profit developer.

Broad incumbents

• AvalonBay Communities: Large publicly traded multifamily REIT with active development in California high-growth markets including the Bay Area and Silicon Valley; broader portfolio but comparable urban in-fill and mixed-use multifamily exposure.
• Essex Property Trust: West Coast multifamily REIT concentrated in Northern and Southern California; comparable in California-focused multifamily exposure though Essex is primarily an owner/operator rather than a developer like TDP.
• Related Companies: Nationally significant real estate developer with active California affordable and mixed-use multifamily development; broader portfolio but overlapping urban in-fill, mixed-use, and affordable housing product lines.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/thompsondorfman

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thompson Dorfman Partners