In little more than a decade and a half, Atlanta-based Wood Partners has become one of the most active and progressive multifamily investment firms in the nation. The company’s rapid rise owes to a strong foundation.
In little more than a decade and a half, Atlanta-based Wood Partners has become one of the most active and progressive multifamily investment firms in the nation. The company’s rapid rise owes to a strong foundation.
Steve Hallsey is the Executive Vice President of Operations for Wood Residential Service. As head-of-operations he oversees the management, leasing, maintenance and marketing of Wood Partners’ portfolio from coast-to-coast. Steve has over 33 years of experience in the multifamily industry and serves on the board of directors for NMHC.
Prior to joining Wood Partners he served as the President and CEO of AMLI Management Company for 13 ½ years. AMLI is a national management company owned by the Prime Fund and managed by Morgan Stanley. Prior to that he served as the Director of Operations for Charles E. Smith, a publicly traded REIT in Washington DC.
He is a graduate of the University of Utah.
Ryan Dearborn is Chairman of Wood Partners, working closely with the Investment Committee and Board of Directors to ensure the company thrives. Dearborn, who was previously Wood Partners’ Chief Executive Officer, has been a principal in the financing and development of more than $5.5 billion in multifamily developments totaling more than 32,000 multifamily units in the United States.
Before he joined Wood Partners in 1998, Dearborn served as a Development Partner in Trammell Crow Residential's South Division. During his tenure with TCR, he was involved with the financing, development, construction, and/or asset management of more than 2,500 multifamily and hotel units in Atlanta. Dearborn also worked for four years in operations at Avalon Properties, Inc. (formerly TCR-Mid Atlantic) and for the Real Estate Advisory Group of Alex Brown Kleinwort Benson.
Dearborn holds an MBA degree from the University of North Carolina's Kenan-Flagler Business School, where he received a Pension Real Estate Association (PREA) fellowship; a Master of Science degree in Real Estate from Johns Hopkins University; and a bachelor’s degree from the University of Maryland. He serves on the Wood Center for Real Estate Studies at the University of North Carolina’s Kenan-Flagler Business School and on the Board of Trustees of the University of Maryland.
Joseph Keough is Chief Executive Officer at Wood Partners.
Before joining Wood Partners in 2008, Keough acted as the Chief Operating Officer of Fuqua Capital, where he was responsible for the day-to-day management of the Fuqua family’s office operations, as well as defining and implementing the firm’s investment strategy across asset classes. Keough has also served as the CFO of Weeks-Robinson, an operating company of Fuqua Capital, Weeks-Robinson focused on industrial and office development in high-growth Sunbelt markets. He also served as the Senior Vice President, Development and Investment Strategy, in the office/multifamily division at Cousins Properties, a publicly-traded REIT.
Keough is a Certified Management Accountant and earned his MBA from Harvard Business School. He received his bachelor’s degree in Finance and Economics from Babson College.
Patrick Trask is President of Wood Partners, currently responsible for overseeing the company’s development and construction divisions and for developing new equity and debt capital relationships. Prior to his role as President, Patrick served as Regional Development Director for Wood Partners’ Central Region, which consists of Texas, Colorado, Arizona, Nevada and Chicago. He serves on Wood's Board of Directors and Investment Committee. Patrick joined Wood Partners in 2001 and opened the Texas offices for Wood Partners.
Before joining Wood Partners, he served as a Development Associate in Trammell Crow Residential’s North Florida Division, where he was active in their developments in Orlando and Tampa. Prior to graduate school, he worked as a Foreign Exchange Interest Rate Trader with CS First Boston and Morgan Stanley in their New York and London offices.
Patrick received an MBA degree at the University of North Carolina’s Kenan-Flagler Business School in May 2000. He also earned a bachelor’s degree in history from Davidson College in May 1993.
Sean Reynolds is Chief Operating Officer and General Counsel of Wood Partners. Reynolds is also a member of the Wood Partners investment committee. He is responsible for the legal, risk management and accounting functions of Wood Partners.
Reynolds represented Wood Partners upon its formation through the date that he joined Wood Partners. Before joining Wood Partners, Reynolds was a partner with Alston & Bird LLP and served as counsel to numerous real estate private equity funds, private REITs and real estate sponsors. He practiced in the area of real estate equity finance and real estate taxation. Prior to joining Alston & Bird LLP, Reynolds was a partner with Morris, Manning and Martin, LLP.
Reynolds received his J.D. and B.B.A. degrees from the University of Georgia. In addition to being licensed to practice law in the State of Georgia, Reynolds passed the C.P.A. examination following the receipt of his B.B.A.
Wood Partners features a flat organizational structure that encourages associates to function as owner-operators in order to maximize performance. The company stresses efficient and effective reporting, which leads to enhanced decision-making, anticipation of issues and speedier problem resolution.
Bart Barrett is Director of Wood Partners’ Houston office, responsible for overseeing the development, design and financing of construction in Houston and Central Texas.
Barrett was instrumental in developing more than 3,400 housing units with a capitalization of more than $500 million as managing director at Alliance Residential Company before he joined Wood Partners in 2014. Before he joined Alliance in 2011, Barrett was a finance and development associate at The Morgan Group. As a lead analyst for Apartment Realty Advisors, Barrett participated in the transaction of more than $900 million and 19,500 units in multifamily sales in Houston, Austin and San Antonio. Barrett worked with The Hanover Company and APS Financial Corporation earlier in his career.
Barrett earned both a bachelor’s degree in business administration and a Bachelor of Arts degree from Southern Methodist University. He’s a member of the Urban Land Institute, Houston Real Estate Council and Houston Apartment Association Developers Committee.
Charles Barrus is the Regional Director of Development for Wood Partners’ South Region, covering primarily Georgia, Florida, and Tennessee. He has development and finance responsibility for all new projects in the South Region. Since 2002, Barrus has been actively involved in the financing, development and disposition of more than 9,000 multifamily units with a total capitalization in excess of $1.7 BB.
Before joining Wood Partners in 2002, Barrus worked as a manager in business planning and development for the Walt Disney Company, where his responsibilities included hotel development and transportation strategy. Prior to his current role at Wood Partners, he was a development director for the firm in North Florida.
Barrus received a MBA degree from the University of North Carolina’s Kenan-Flagler Business School and also holds a bachelor’s degree in economics from Davidson College.
Bryan Borland is the Director for Wood Partners in North Florida, including Orlando, Tampa and Jacksonville. He is responsible for the sourcing, financing and development of new multi-family projects in the region. Since 2010, Borland has been actively involved in the development of over 2,500 multi-family units and ancillary retail space with a total capitalization in excess of $480 million.
Prior to joining Wood Partners in 2010, Borland spent three years in commercial banking with SunTrust Bank and Wachovia Bank. Prior to his current role at Wood Partners, he was a Development Associate in the firm’s Washington, DC office.
Borland received an MBA from the University of North Carolina’s Kenan-Flagler Business School and also holds a bachelor’s degree in economics from Florida State University.
Tom Burkert is the Director for Wood Partners’ western North Carolina and South Carolina development operations and is located in the Charlotte office. He is responsible for the development, design and financing of multifamily construction in the region.
Prior to joining Wood Partners, Burkert was responsible for multifamily development as the Vice President of Development for Alliance Residential in their Washington D.C. office. Before he joined Alliance, Burkert was a Senior Development Analyst at The JBG Companies in Washington D.C. and worked on the development of mixed-use, multifamily, commercial, hospitality and retail assets.
Burkert received an MBA from University of North Carolina’s Kenan-Flagler Business School in 2012 with a concentration in Real Estate and Entrepreneurship. He graduated from University of Virginia with a bachelor’s degree in Economics.
William S. Chappell is the Director of 3rd Party Construction for the South and Mid-Atlantic regions, more specifically, Florida, Alabama, Georgia, Mississippi, Louisiana, Tennessee, North Carolina, South Carolina, Virginia, DC and Maryland.
Chappell, who has been in the construction industry for over 28 years, has experience in both project management and estimating of residential, office, retail and institutional projects. He has worked on projects throughout the southeast, northeast and western parts of the United States with extensive presence in high-rise/mixed use and multifamily projects. Prior to joining Wood Partners he was with Bovis Lend Lease. In March 2004, Will joined Wood Partners and since has been responsible for bringing over 6700 units through the design and construction process and currently has another 1900 units in the design or construction phase. His current involvement includes managing a team of on-site owner’s representatives, architects, general contractors and consultants who coordinate the design, budgets, schedules, construction and turn-over with the local area development partners and construction managers.
Chappell is a licensed Georgia General Contractor and graduated from Auburn University in 1988 with a BS in Building Sciences.
Rick Dickason is the Regional Director of Development in charge of the Northeast and has offices in Lexington Massachusetts. The Northeast region includes MA, CT, VT, ME, NH, RI and New York. He is responsible for the overall strategic business plan for the Northeast which includes land acquisition, design, financing and construction.
Before joining Wood Partners, Dickason was with Security Capital Group /Archstone Communities (now Archstone-Smith) as Executive Vice President, where he had regional and corporate management duties for what became the second largest publicly held residential apartment company in the country. Dickason joined Wood Partners in 2008. He has been in the multifamily industry for more than 30 years and is responsible for the development of over 13,200 new residential units for a dollar volume of 1.57 Billion dollars. He was also responsible for the purchase and rehabilitation of over 9,500 residential units for a dollar volume of $950 Million.
From 1981 through 1992, Dickason was a partner and Vice President of Lincoln Property Company, where he had responsibility for the acquisition of land, financing and development of more than 3,700 apartment units in California. Recent accomplishments include the development of a student housing portfolio for the higher education group of Trammell Crow Company. During the span of 30 years, Dickason has completed residential transactions in 14 states throughout the United States.
Gil Dominy is Director of Design and Construction for the Central Region. He has been responsible for the construction of more than 17,000 apartment units during his career.
Dominy, who has 22 years in the multifamily business, has helped design and construct multiple for-sale and rental product types including garden style apartments, workforce housing, high-rise, adaptive re-use, mid-rise, retail, four-story wrap product, and third-party construction. He started his career with Penco Construction Company, a multifamily fire restoration firm in Dallas, Texas. Dominy moved from Dallas to Atlanta to expand the business and establish a new market for their organization. After successfully establishing Penco’s Atlanta operations, he joined Wood Partners in 1999.
Dominy graduated from Texas State University with a BBA in Marketing.
Brian Hansen is a Regional Director of Development with responsibility for Wood Partners’ Western region. His responsibilities include the oversight of development, financing and asset management for all Wood Partners’ activities within this region.
Hansen joined the company in 2006 and, since then, has been actively involved in the management, origination and financing of more than $1 Billion worth of developments.
Before joining Wood Partners, Hansen worked as a Senior Analyst for Analysis Group, an economic consulting firm and, prior to that, was employed at The Federal Reserve in Washington D.C. working as a Research Analyst for the national GDP forecast.
Hansen earned his MBA with a concentration in Real Estate from Kenan-Flagler Business School, University of North Carolina, and his bachelor’s degree from Colby College.
Jim Lambert is a Development Director for Wood Partners responsible for all development activities in the Boston area including origination, permitting, design, capitalization and construction of all new projects in the market.
Prior to joining Wood Partners in 2015, Jim was responsible for multifamily development as the Vice President of Development for Mill Creek Residential Trust in their Boston office. At MCRT he was instrumental in the sourcing, capitalization or construction of over 1,300 multifamily units.
Lambert received an MBA from Bentley University with a concentration in real estate. He completed his undergraduate studies at Northeastern University where he graduated with a bachelor’s degree in business administration.
Todd McCulloch is a Regional Director of Development of the Central Region. He has been actively involved in the origination, finance and development of more than 5,000 multifamily units valued in excess of $550 million.
McCulloch joined Wood Partners in 2005. In 2006, he opened Wood Partners’ Dallas office, with responsibility for Wood Partners' North Texas and Austin operations. Since that time, Wood Partners has consistently ranked as one of the most active multifamily developer/builders in North Texas. In 2011, he was promoted to oversee the entirety of Wood Partners' Texas platform. Before joining Wood Partners, McCulloch worked for six years as a broker in CB Richard Ellis’ Corporate Services Division.
McCulloch earned an MBA degree from the University of Texas at Austin where he also earned a bachelor’s degree. He is a member of the National Association of Homebuilders. He serves on the Board of Directors for the Oak Lawn-Hi Line Public Improvement District.
Tim McEntee is the Director of the Rocky Mountain and Mid-Western operations of Wood Partners.
McEntee has developed over 2,800 units in Colorado, Illinois and Utah since joining Wood Partners, and has numerous developments currently under construction in Denver, Chicago and Salt Lake City.
Before joining Wood Partners in 2008, McEntee was the controlling principal of Hibernia Holdings LLC, a Denver based multifamily developer that also built small commercial and retail projects. Before forming Hibernia in 2003, McEntee was a Senior Partner and Divisional President at JPI, where he completed the development of more than 10,000 multifamily units in seven states with a market capitalization in excess of $1 billion during his 7-year tenure. Prior to his associations with JPI, McEntee was a partner with The Morgan Group from 1993-1996, where he was responsible for all apartment operations within the company’s Western region. He began his multifamily career with Trammell Crow Residential Services in Atlanta and Denver.
McEntee served eight years as a U.S. Army Officer and commanded units in the Infantry and Special Forces and attained the rank of Captain. He is an honors graduate from the University of Utah in History and received his MBA degree from Golden Gate University, San Francisco, CA.
Ryan Miller is the Director for Wood Partners’ North Texas development operations and is located in the Dallas office. He is responsible for the development, design, and financing of multifamily construction in the region. Since joining Wood in 2012, Miller has played a key role in the closing of more than 1,300 multifamily units valued in excess of $205 million.
Prior to Wood Partners, Miller was a developer with Verde Apartment Communities in Dallas where he developed 1,500 units in the Dallas and Austin areas. Miller began his career in corporate finance before transitioning to real estate as Director of Project Finance for a local single family lot development firm. He also has experience in real estate sales and spent several years in the brokerage industry with The Apartment Group where he was involved in numerous multifamily transactions throughout Texas.
Miller has an MBA from Southern Methodist University’s Cox School of Business and also earned his bachelor’s degree in business from The University of Texas at Austin.
Bob Mueller is the Director of Construction for Wood Partners’ Western Region. He is responsible for managing construction and preconstruction personnel and activities for all Wood Partners projects within this region.
Mueller has over 30 years of management experience in the development, construction and engineering businesses. He has managed a diversity of projects that include Residential (over 3,000 apartments and condominiums), Mixed-use, Commercial, Retail, Office, Sports Facilities, Airport, Educational, Infrastructure, and Department of Defense.
Before joining Wood Partners, Mueller was the Managing Director of Construction for OliverMcMillan, a real estate development firm, and prior to that, was employed by the San Diego Padres as the Owner’s Construction Representative for Petco Park.
Mueller has a M.S. Degree in Engineering from USC, B.S. in Biology from SDSU, Certificate of Business Management from the UCSD and is a Registered Professional Engineer and licensed contractor.
Alexander Panzeri is Director of Construction for the Wood Partners’ South Region which includes Florida, Georgia and Tennessee. He has been responsible for completing over 8,000 multi-family apartments in the South.
Prior to joining Wood Partners, he served as Vice President of Construction with Trammell Crow Residential, Equity Residential and ZOM in self-perform construction and construction management rolls. His construction experience includes a wide variety of multi-family product including traditional three-story garden, four-story wrap, mid-rise, high-rise and mixed-use developments.
Panzeri is a licensed, Florida General Contractor. He is a graduate from the University of Bridgeport and Wentworth Institute, Civil & Highway Engineering Technology.
Brian Pianca is a Director of Development in the San Francisco office of Wood Partners. Pianca oversees development and finance responsibilities throughout the San Francisco Bay Area and the greater Northern California market. Pianca joined Wood Partners in 2009 as a part of the firm’s expansion into Northern California. Since joining the firm, he has been actively involved in the origination, financing and management of more than $500 million worth of developments.
Before joining Wood Partners, Pianca worked as Development Associate at Trammell Crow Residential and, prior to that, he was employed by Richmond American Homes as a Land Acquisition Manager. Pianca earned his MBA and Master of Real Estate Development degrees from the University of Southern California. He also holds a BA degree in History from Wake Forest University.
Jeff Quinlivan is the Director for Wood Partners’ South Florida office. He is responsible for the acquisition, development, design, and financing of multifamily projects in the region. Since joining Wood Partners in 2013, Quinlivan has been actively involved in the development of more than 1,100 units with a total capitalization in excess of $370 million.
Prior to joining Wood Partners, Quinlivan was a Vice President with BlueGate Partners, a boutique real estate investment banking firm in its Palm Beach, FL office. At BlueGate, he worked on capital raises, investment sales, and direct private equity investments across all commercial real estate asset classes. Previously, he was with MMC Group, LP, a financial consultancy, managing the resolution and the disposition of distressed commercial real estate loan portfolios at failed financial institutions in the southeast.
Quinlivan received his MBA with a concentration in finance from the University of North Carolina’s Kenan-Flagler Business School. In addition, he holds a bachelor’s degree in mechanical engineering from the Georgia Institute of Technology and a master’s degree in biomedical engineering from the University of Virginia.
Bennett Sands is a Development Director for Wood Partners responsible for development and finance for new projects and asset management for existing assets in Georgia, Alabama, Tennessee, Mississippi, and Louisiana. He has developed and financed more than 3,000 multifamily units and 120,000 square feet of commercial space with a total capitalization in excess of $700 million.
Before joining Wood Partners, he spent three years working in Investment Banking for Robinson-Humphrey. At Robinson-Humphrey, he worked on both public and private capital raises in several industry groups including retail, telecom and information technology.
Sands earned a bachelor’s degree in Economics and Business Administration from Vanderbilt University. He received an MBA with a Real Estate concentration at the University of North Carolina’s Kenan-Flagler Business School.
Caitlin Shelby is the Director for the Raleigh-Durham office of Wood Partners. In this role, she manages the sourcing, financing, and development of multifamily communities in eastern North Carolina and Virginia.
Prior to joining Wood Partners, Ms. Shelby managed nearly 2 million square feet of development for Boston Properties and The JBG Companies in Washington, DC. Ms. Shelby began her career working in corporate finance and project management at the New York City Economic Development Corporation.
Ms. Shelby received her MBA from the University of North Carolina Kenan-Flagler Business School, with a concentration in Real Estate Development and Real Estate Finance. She graduated from Fordham University with her BS in Business Administration. Ms. Shelby is a member of the UNC Kenan-Flagler Leonard W. Wood Center for Real Estate Studies Advisory Board, ULI Regional Initiative Council for the Carolinas, and ULI Women’s Leadership Initiative Steering Committee for the Triangle.
Carter Siegel is the Regional Director of Development for the East region. Siegel oversees development and finance responsibilities for projects in the South Carolina, North Carolina and Virginia. Since joining Wood Partners in 2006, he has led the financing and development of more than 6,000 units valued at $1.1 billion.
Before joining Wood Partners, Siegel worked at Apollo Housing Capital financing affordable and historic tax credit properties. Prior to this position he served as a Development Associate in Trammell Crow Residential’s North Florida Division where he participated in developing more than 750 units in Tampa and Orlando. Siegel also previously worked in the Hong Kong and New York offices of Jardine Fleming, a UK based Investment Banking firm.
Siegel holds a bachelor’s degree in history from the University of Virginia and an MBA degree from the University of Virginia’s Darden School of Business. Siegel is an active member of several professional organizations including the Urban Land Institute and serves on the NAHB leadership board.
Todd Taylor is Development Director for Wood Partners in Arizona and Nevada. His responsibilities include the oversight of development, financing and asset management.
In 2005, Taylor joined Wood Partners, and was involved in the financing and development of 1,400 units in Arizona and Nevada last cycle. Among these deals was Alta Phoenix Lofts, a 332-unit, 9-story, concrete wrap-style development that ranked number one in the 2009 Best of Phoenix Luxury Apartment list. The 2011 Phoenix Luxe List ranks three of Mr. Taylor’s deals among the top eight valley-wide.
Taylor’s multifamily experience covers a broad spectrum including market-rate rental, mixed-use, condominium, student housing, age restricted, full-service independent living, and 80/20 affordable bond financed.
Taylor completed his undergraduate studies at California State University Long Beach. Prior to graduation he played professional baseball in the Minnesota Twins organization. Mr. Taylor holds an MBA with a concentration in real estate finance from the Marshall School of Business at the University of Southern California.
Mark Theriault is Director in charge of Construction for the East and Northeast Region, including Massachusetts, New York, New Jersey, Connecticut, Maryland, Virginia, North Carolina, South Carolina and the District of Columbia and is responsible for the design, estimating and construction of all projects in those region. He previously served as regional construction manager for Wood Partners and has been responsible for all construction projects within the Northeast.
Theriault is a veteran multi-family construction manager with nearly 20 years of experience in managing all types of residential construction, including over 7,500 multi-family housing units. He began his career as an assistant project manager with Toll Brothers in 1995. In 1999 he joined JPI, where he worked his way up from assistant superintendent to director of construction for the Northeast.
Theriault earned a bachelor’s degree in Business Administration with a concentration in Accounting from the University of Massachusetts in 1993. He has a Construction Supervisors license in the Commonwealth of Massachusetts.
David Thompson is the development director for Wood Partners in Florida and is responsible for locating, acquiring, entitling, financing, constructing, and selling multifamily projects throughout the state. Since 2010, Thompson has been actively involved in the development of 14 projects in Florida with a total capitalization in excess of $840 million.
Before joining Wood Partners, Thompson served as Project Manager for The I’On Company, a real estate firm building a 762-home traditional neighborhood development in Charleston where his responsibilities included leading the development team, managing the builder program, and marketing home sites. Prior to his current role at Wood Partners, he was a director for the firm in North Florida.
Thompson received a MBA from the University of Georgia’s Terry College of Business and also holds a bachelor’s degree in history from Davidson College.
Matt Trammell is the Chief Financial Officer at Wood Partners, responsible for overseeing the project and corporate finance functions as well as the company’s asset management platform. Trammell joined Wood Partners in 2008 and has been actively involved in the financing of over $5 billion during his time with the company.
Prior to joining Wood Partners, Trammell spent two years as an analyst with Novare Group, a development company focused on high-density mixed-use opportunities around the Southeast.
Trammell graduated magna cum laude with a bachelor’s degree from Washington University in St. Louis and holds the Chartered Financial Analyst designation.
Scott Zimmerly is Regional Director of the Mid-Atlantic region, managing the development and financing for projects in Washington DC, Northern Virginia, Maryland, Delaware and Pennsylvania. He has been involved in the sourcing, design, development and financing of more than 2,600 units with a total capitalization in excess of $600 million.
Before joining Wood Partners in 2006, Zimmerly spent five years in the investment banking industry in New York and Maryland, where he focused on mergers and acquisitions across a multitude of industries. He also has experience working in the acquisitions department of Washington Real Estate Investment Trust, owner and operator of high-quality office, retail and multi-family assets in the Washington Metro area.
Zimmerly received his MBA with a concentration in real estate from the University of North Carolina's Kenan-Flagler Business School. He graduated from Washington and Lee University, with a bachelor’s degree in Business Administration.
An active member of the Urban Land Institute and Real Estate Group (REG), Zimmerly is also a frequent speaker and panelist in the Washington, DC and Baltimore metro region including events sponsored by Bisnow and Marcus and Millichap..
I ended my letter in 2016 referencing how humbled and impressed I had been when interacting with our associates across the country and across our business units. I will start my letter in 2017 by making the same point. In 2016, I spent much time on the road touring our offices, assets, and pipeline, which gave me an opportunity to interact with many of our associates across the country. I continue to be extremely impressed by our growing team of associates, which feeds my continued optimism regarding the future of Wood Partners and our ability to take advantage of the incredible multifamily-demand drivers that are forecasted over the next decade.
In 2016, Wood took full advantage of these demand drivers. We continued our industry- leading productivity in 2016, starting and acquiring $1 billion of multifamily investments across the country for the fourth consecutive year. We also transacted on the sale of 19 assets with a value of $1.1 billion, generating impressive returns for our equity partners—a gross 32% IRR across our portfolio of new-cycle projects sold in 2016.
As we turn toward 2017, our business remains well positioned for future success. Our controlled and financed pipeline scheduled to start in 2017 is $1 billion+. We believe that the size and quality of our pipeline is unique in the industry and speaks to the strength of our relationships with our capital partners as well as the aforementioned quality of our team of partners and associates at Wood.
Our outstanding construction team enters 2017 managing 34 projects under construction, representing total project capitalization of $2.5 billion. Additionally, as we do every year, Wood Partners won various awards across the country rewarding our commitment to high-quality development and construction. Of particular note in 2016, Block 17, our 281-unit high-rise development in Portland, OR, earned the prestigious Multifamily Executive’s (MFE) High-Rise of the Year as well as MFE’s Editor’s Choice Award. The project encompasses a full city block in Portland’s Pearl District and is in the process of being certified LEED Gold.
In 2016, we also added some key members to our already impressive senior team. In particular, Steve Hallsey was hired to head up our property management business nationally. We are extremely excited to have Steve leading the Wood Residential Services (WRS) team. Our property management business is a key component of our vertically integrated strategy and our focus on managing our own portfolio (vs. third-party) ensures tight alignment with our capital partners. As we look towards 2017, the importance of our property management business will be on full display as we are slated to start the lease-up of 24 assets in the next twelve months.
We are excited about the prospects of what 2017 will bring for our company, but remain steadfast in our disciplined approach to managing risk as this cycle matures. Demand for multifamily remains strong as the economy continues its growth and long-term demographic trends remain a tailwind. We are, however, cognizant of growing pressure from new supply, especially in many urban core locations where project costs often necessitate underwriting top-of-market rents. As we move to later stages of this cycle, it is important that we adjust our investment and development strategies to generate the best risk-adjusted returns. Our local team of city development directors continues to do a tremendous job evolving their local strategies to the local demand and supply dynamics, and we continue to build a significant pipeline with strong risk-adjusted returns across the country.
As I stated at the beginning of this letter, we are very blessed to have what I consider to be the best team in the multifamily industry. We had another very strong year in 2016, and we are positioned well to continue our industry-leading performance in 2017. With each year that passes, our industry gets more competitive, and it is of critical importance that we continue to improve and adapt as an organization. I have full confidence that we will continue to do so in 2017.