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Local apartment developer makes Inc.’s fast-growing list | 2017-09-14 | Indianapolis Business Journal


Local apartment developer The Garrett Cos. again has made the Inc. 5000 list of the nation’s fastest-growing private companies, climbing to 210th on the latest ranking.

Eric Garrett, who started the Greenwood-based company in 2013, develops apartments in cities across the country, including Denver, Houston, Orlando and Louisville.

The Garrett Cos. posted revenue in 2016 of $43 million, a more-than-2,000-percent increase from the previous year, helping the developer rise from 623rd in 2016 to 210th this year.

Despite the growth, Garrett was still surprised to learn the company had made the prestigious list for the second year.

“We’re in a controlled-growth pattern,” he said. “We felt like we were holding the reins back a little bit.”

Even so, Garrett expects revenue this year to grow fourfold from 2016, likely helping the company to solidify a spot on 2018’s list.

The Garrett Cos. averages about 1,600 unit starts per year and has several projects identified for 2018, including a local development Garrett expects to announce early next year.

“Dynamics in the [apartment] market are really solid and look to be for the foreseeable future,” he said.

Overall, The Garrett Cos. has been involved in the development of 40 projects totaling nearly 9,300 units in 12 states.

Garrett founded the company after helping to create Watermark Residential in 2008. He started in multifamily development in the 1990s at the Chicago office of brokerage Marcus & Millichap and later served as development director for SC Bodner Co. Inc.•



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