Leaping 72 spots on the 2023 Builder 100 to No. 47, BBL Building Co. (BBLbc) closed 1,655 single-family build-to-rent (SFR) units in 2022 compared with 447 in 2021. BBLbc’s gross revenue increased from $158 million in 2021 to $229 million in 2022.
Led by chief operating officer and co-founder Matthew Bette and president and partner Mark Lear, the company—as a part of Bette Cos.—services SFR, multifamily, mixed-use, senior living, and living commercial market sectors. BBLbc has offices in Plano, Texas; Tampa, Florida; and Latham, New York.
BUILDER caught up with Lear to learn more about what led to BBLbc’s 2022 success and what’s in store for the rest of 2023.
BUILDER: What do you think set BBLbc up for its notable growth in 2022?
Lear: Since 2016, we have grown steadily each year with our builder developer partners and the growth of the BTR and multifamily market in general. The pandemic and the immigration of people to the Dallas-Fort Worth area also contributed.
BUILDER: What is BBLbc's primary residential product?
Lear: Our primary residential product is build-to-rent/SFR. The cottage-style for-rent homes comprise approximately 60% of our backlog and pipeline; 30% are multifamily garden-style apartment; and 20% are senior housing, wraps, or podiums.
BUILDER: How has the start of 2023 been for BBLbc?
Lear: We have started two projects: a build-to-rent/SFR and a three-story garden-style. We are currently negotiating three more contracts to have another 475 starts.
BUILDER: Where do you see the SFR industry going in coming years?
Lear: The SFR industry will be very strong in the coming years. It's a desirable product type because it's a single-family style with private backyards, dog doors, and amenities you wouldn't have at your typical single-family residential subdivision. It's desirable because no one lives above you, and the density is much lower than other product types. Also, the SFR space has continued to prove itself as a well-performing niche with significant longevity within the housing market.
BUILDER: For BBLbc, what is this year’s focus?
Lear: This year our focus is on the management and training of our employees, emphasizing quality, safety, and production.
BUILDER: Are there any goals BBLbc is hoping to reach by year’s end?