Rapidly Expanding Wood Residential Services Projects Portfolio Will Grow to 41 Properties in 2014
In-House Property Management Company Focuses on Market Out-Performance
ATLANTA –February 10, 2014 – As Wood Residential Services continues to expand its portfolio, the in-house property management company for Wood Partners, L.L.C expects to have 41 properties and 10,000 units under management by the end of 2014. Wood Residential Services launched in 2010 with three properties and less than 1,000 units in its portfolio; it currently has 31 properties representing 7,600 units under management across the country.
“The growth of Wood Residential Services is grounded not only in its ability to operate properties at top-of-the-market operating metrics, but also in our firm belief that owner-operated properties generate the best investor returns by creating tight alignment between operators and investors,” said Wood Partners chairman and CEO Ryan L. Dearborn. “This alignment is compounded by our focus on and experience with assets in lease-up.”
The Bristol in suburban Raleigh, N.C., is a prime example of Wood Residential Services’ lease-up expertise. With a strong absorption rate, the property will be fully leased within a year and will be stabilized in advance of projections. The Bristol has outperformed similar assets in the surrounding area, with rents exceeding benchmark rent levels by 5.8 percent.
“The Bristol is a good example of an asset performing at its best when there is seamless integration and alignment between the investors and the operator,” Dearborn said.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation’s No. 2 multifamily developer in 2012 based on 5,100 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 49,000 homes with a combined value of more than $7.6 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com.