A deeper look inside the journey of a Texas real estate executive
As a graduate of the Pepperdine School of Business, real estate developer and investor Marcus Hiles understands how prestigious the California-based school is. In addition to its excellent business school, the University in Malibu also receives many accolades for its performing arts programs. The school’s Center for the Arts, which includes the Smothers Theatre, is known for its incredible performances in music, dance, and drama.
One of the current upcoming shows at the Smothers Theatre is the Parsons Dance troupe under the artistic direction of David Parsons. The dance troupe performs family-friendly modern dances for audiences around the world, and has collaborated with some of the hottest young choreographers and musicians. Parsons Dance is also known for its outreach programs and has worked with school systems in the United States to incorporate dance into school curricula. The company also hosts a variety of programs such as post-dance discussions, workshops, open auditions, and summer dance camps. Pepperdine’s Center for the Arts offers performing arts lovers a wide range of shows during the year, drawing audiences from near and far. It is considered one of the most prestigious local theaters in the greater Los Angeles area and serves as a cultural hotbed for University students and the general public alike. The University has won accolades for its many educational programs and extracurricular activities; the Center for the Arts is only one of a long list of award-winning facilities.
It was at the University’s School of Business that Mr. Hiles first began to develop the idea that would propel him to billions of dollars in success. During the final phases of his coursework in the MBA program at Pepperdine, he learned about the real estate market in his home state of Texas. At the time, housing demand exceeded availability, especially among those seeking more upscale living environments. The economy of Texas was booming, particularly in the North Texas region that includes Dallas, Fort Worth, Plano, and McKinney. Fortune 500 companies, aerospace manufacturers, and large corporations were attracted to the state by favorable business tax conditions and an available workforce; as these companies moved into the North Texas area, their employees and leaders sought out places to live.
Marcus chose to capitalize on this opportunity, establishing his first real estate development company as a result. In 1990, he founded Western Rim Property Services, a property development company that targeted the luxury rental market. By creating developments that offered residents upscale amenities and interiors along with affordable lease rates, the company’s properties were an instant success. Marcus identified prime land in the Dallas/Fort Worth metro area, focusing on areas that had great school systems and easy access to transportation corridors. These up-and-coming neighborhoods were perfect for developing rental units, so he invested his money and time into plots of land. 30 years later, the company is now responsible for over 20,000 rental units in the Dallas area as well as in other major cities like San Antonio, Austin, and Houston. By looking for opportunities and moving to take advantage of them, Marcus and his companies have created a small empire of property developments that continue to be some of the most desirable developments in the state of Texas.
