SOURCE: Wood Partners

Wood Partners

August 24, 2010 13:55 ET

Wood Partners Expands Its Specialty Housing Group With Representatives in Five Regions Nationwide

Expansion of the Unit Allows the Multifamily Developer to Better Serve Partners, While Strengthening Relationships With Local, State and Regional Governments for Workforce, Age-Restricted and Student Housing Projects

ATLANTA, GA--(Marketwire - August 24, 2010) -  Wood Partners, L.L.C., one of the nation's largest multifamily developers, is expanding its Specialty Housing Group (SHG) with representatives in each of its five regions nationwide. The group oversees the development, finance, and construction of workforce, age-restricted and student housing projects at a level of quality that meets up to the Wood Partners high standard of excellence.

The SHG unit has facilitated the development of about 6,500 units, or some $725 million worth, which represents about a quarter of the company's total rental development over the past decade. It is solely focused on the rental market rather than condominiums.

"The Specialty Housing Group has always been a part of the core of what Wood Partners does. Expanding with local representatives gives us a better reach within specific markets and allows us to broaden our presence across the country," said Chief Executive Officer Ryan L. Dearborn. "These development opportunities are all about quality, we go out of our way to ensure they meet up to high standard of everything we build."

Wood operates 14 offices across the county in Los Angeles, San Francisco, Dallas, Denver, Houston and Phoenix, Atlanta, Boca Raton, Charlotte, Raleigh-Durham, Orlando, Boston, Baltimore and Washington D.C. These offices are divided into five regions -- Northeast, Mid-Atlantic, South, Central and West -- all of which will have a dedicated SHG team member for its projects.

The new representatives for the SHG unit will work more closely with local leaders on affordable housing needs in each community. Expertise in financing as well as construction play key roles for the team as they work with government agencies to deliver quality projects at affordable prices to renters. Placing designated representatives in each region allows for closer relationships with regional partners as the company takes on more projects in the specialty segment of the market.

An emphasis on workforce housing will meet the tremendous need for affordable homes in major cities and has been a key driver for the group.

"Our intention is to pursue as much of this type of work as possible. There is no limit on how much of our business will cover these opportunities," said Bernard Felder, leader of the SHG unit and a Director with the company in its Charlotte, N.C. office.

Driven largely by tax credits, tax exempt bonds, and other Federal, State, and local capital programs, the unit covers a range of projects, from low to moderate income housing, as well as purpose-built housing for senior citizens and students. More than half of Wood Partners' completed specialty projects have been in the affordable and workforce housing segments, with the balance in the age restricted and student markets. 

"All of Wood Partners' housing constructions are of market rate quality, no matter where it's placed or its designation. If you ever drive by one of our affordable or workforce housing projects you would never know, the quality is the same," said Felder. 

By next summer, Wood plans to have completed its Alta at Indian Woods Apartments in Stoughton, Mass., of which a quarter of the 154 units will be affordable for low- and moderate-income renters. In Baltimore, it is also building its Alta Regency Crest, a 150-unit age-restricted complex. Most recently, it completed its North 38 Apartments, which caters to James Madison University students in Harrisonburg, VA. In the fourth quarter, it also expects to close a deal for the 120-unit Steele Creek Senior Apartments in Charlotte, N.C.

About Wood Partners

Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. 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 development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com

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