The Power 30: Josh Brandsted, Greco Properties

Josh Brandsted’s ability to remain positive and always watch for opportunities helped him advance from an employee at Greco Properties to its president in just over a decade. Brandsted incorporates that same spirit in his leadership of the Twin Cities boutique real estate firm that specializes in redevelopment and property management.

The double whammy of inflation and rising interest rates presented challenges for all property development firms in 2022. Brandsted said Greco is grateful to have completed multifamily housing projects in late 2021 and the first half of 2022 that stabilized fast.

Two redevelopment projects that were in Greco’s pipeline before the economy encountered some turbulence are moving forward in 2023. Partnering with Eagle Ridge Partners, work will begin late next spring on a 425-unit apartment complex in Eden Prairie near the Golden Triangle light rail transit station. That same partnership began on a multiple-phase redevelopment in Shoreview in late 2022 that will redevelop 120,000 square feet of office space and add another 200 apartment units to an existing community.

“Our goal is to have one project in the ground and one on the drawing board,” Brandsted said. “If the economy continues to show some uncertainty, we will probably hold off finding new projects beyond those. The unknown about post-development project values has shaken up the markets. If that continues, it will keep us on the sidelines until things settle down.”

Greco celebrated the opening of the 212-unit Bowline at Mississippi Crossings multifamily housing community in Champlin at the beginning of 2022. It is a classic representation of the type of projects that Greco has become highly regarded for — open-space apartments in complexes that boast resort-style amenities.

Brandsted started at Greco as a business manager in 2008. It is the only company he has ever worked for since graduating from the University of North Dakota.

“I enjoy how dynamic this career can be,” he said. “You can come in one day with an idea of what you want to get accomplished and within a matter of minutes, things can change. I enjoy the rapidly changing and moving environment.”