Remember this name: Cobalt Homes. A Dallas-based urban builder disrupting the urban town home concept with not just aesthetics and quality construction, but an unheard of thoughtfulness — like a sixth sense — to provide buyers comfort and true home livability.
We all love stories about guys who started famous companies at home. In 1939, Bill Hewlett and Dave Packard founded HP in Packard’s Palo Alto garage, now the birthplace of Silicon Valley. In 1976 when Steve Jobs and Steve Wozniak started Apple Computers, they hand built 50 computers in 30 days from a garage in Cupertino, California.
Larry Page and Sergey Brin were graduate students and started what’s now known as Google from Susan Wojcicki’s garage in September 1998. Jeff Bezos founded Amazon.com in 1994 as an online bookstore, completely run out of his garage in Bellevue, Washington.
In North Texas, Canadian-born Larry Lacerte started Lacerte Software Corp. in his home in 1978, the first desktop application for general ledger and tax preparation. He sold the business to Intuit Inc. in 1998 for $400 million in cash, with a $200 million takeaway.
And there’s the CoastOak Group: Gregory McGowan, Joshua Nichols, and Don Carroll. An unusual union of developers, the trio came from private equity backgrounds, Wall Street ones at that: Josh and Don worked for Goldman Sachs. Greg worked for Rockpoint Group and Westbrook Partners.
And like the entrepreneurs mentioned above, when they started their company in 2008, they worked on tables and computers out of an empty home next door to Greg’s residence for three months. They didn’t even have heat for three days.
But these are private equity guys who know how to rough it. They had all worked together at Trammell Crow in the mid 1990s — all except for Joshua, who was still doing championship wrestling in high school, and on his way to Princeton. Even their current office — it has heat — is nestled among the top-tier real estate guys and gals nesting at Harlan Crow’s Old Parkland.
Real estate is their product, but it’s a way different mousetrap. (more…)