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.
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.
Warren J. Durkin is a founder of Wood Partners. Serving the company in various leadership roles, most recently as its Chairman of the Board of Directors and now as a member of that board. Durkin contributed greatly to its success and was a very active leader as he pursued capital sources and business opportunities.
Durkin’s industry experience spans more than 25 years, including 11 years as a partner at Trammell Crow Residential. In 1998, he joined Wood Partners at its formation as a director responsible for the management of its WP South operations in Georgia, Florida and Texas. Under his leadership, WP South partners developed more than 89 communities with a value of more than $4 billion and expanded the division’s territory to include Colorado, Nevada, Arizona, California and Utah. In November 2007, upon CEO Leonard Wood’s retirement, Durkin assumed responsibility for all Wood Partners’ operations.
Durkin is an active member of the Urban Land Institute, the National Multi Housing Council and the National Association of Homebuilders Multifamily Leadership Board.
Patrick Trask is the President of Wood Partners. He is responsible for helping the company attract equity and debt capital and also serves as Regional Development Director for Wood Partners in the Central Region, which consists of Texas, Colorado, Arizona, Nevada and Chicago. He also serves on Wood's Board of Directors and Investment Committee.
In December 2001, Mr. Trask moved to Houston to open Wood Partners’ Texas Division. Since joining the company in 2001, he has been a principal in the finance and development of over 50 multifamily projects totaling over 14,000 units and $2 billion. Before he joined Wood Partners, he served as a Development Associate in Trammell Crow Residential’s North Florida Division, where he was active in the development of over 900 multi-family units in Orlando and Tampa. Before 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.
Trask 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 and a director of Wood Partners. Reynolds is also a member of the Wood Partners investment committee. He is responsible for overseeing Wood Residential Services, LLC, the property management company of Wood Partners, and 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.
Deb Anderson is a Director of Development with responsibility for Wood Partners’ activity in eastern North Carolina and Virginia. She oversees land development and financing of new communities along with asset management of existing communities in these areas.
Most recently,Anderson served as Executive Director for the Leonard W. Wood Center for Real Estate Studies and Adjunct Professor of Real Estate Development at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
Anderson has served Wood Partners as Director of Administration, overseeing the national administrative functions for more than 320 employees. She also served as the Director of Development for Wood Partners’ Raleigh-Durham office, completing more than 4,700 units with a net value of more than $475 million during her tenure. Before she joined Wood Partners, Anderson worked as a City Partner for Trammell Crow Residential, where she established and managed the company’s Raleigh-Durham office and completed multi-family communities with a net value of $120 million.
Anderson received her MBA from the University of North Carolina Kenan-Flagler Business School, where she was a Richard H. Jenrette Fellow and graduated as a Dean’s Scholar. She received a BA in biology, cum laude, from Williams College. She serves on the Board of Directors for Student U, an educational access non-profit in Durham, and the Grandfather Home for Children in Banner Elk.
Bart Barrett is director of Wood Partners’ Houston office, responsible for overseeing the development, design and financing of construction in Houston.
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 development director 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 6,000 multifamily units with a total capitalization in excess of $800 million.
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.
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 development partner 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 10,000 apartment units during his career.
Dominy, who has 18 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 Earle leads Wood Partners’ national acquisitions team from the company’s newly opened New York City office. He is responsible for building upon Wood Partners’ $4 billion acquisition portfolio.
A 20-year veteran of the real estate investment management community, Earle most recently served as managing director in the Real Estate Group of Ares Management, where he was in charge of the company’s Real Estate Separate Account and Managed Account programs. Before Ares Management’s acquisition of AREA Property Partners in July 2013, Earle was a partner at AREA and its predecessor firm, Apollo Real Estate Advisors, in charge of new investments and investment management. Throughout his tenure at Apollo/AREA/Ares, Earle worked on more than 100 transactions, including acquisitions, dispositions, and refinancing, representing more than $10 billion of real estate value.
Earle joined Apollo Real Estate Advisors in 2000 after five years at Charlesbank Capital Partners, a real estate investment firm for the Harvard University Endowment. Earle began his career in 1993 as an associate in Copley Real Estate Advisors’ Development Properties Account fund.
He holds a Bachelor’s degree in business administration, with a concentration in finance, from Boston University.
Brian Hansen is a 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.
Jane Maushardt is Acquisitions Director for Wood Partners, responsible for sourcing and closing acquisitions of existing properties in the Western United States. Since joining Wood Partners in 2011, Maushardt has been responsible for the acquisition of approximately $150 million of value-add, multifamily investments.
Ms. Maushardt’s 29 year career in real estate began at BRE Properties, Inc., where she worked for twelve years, becoming Vice President of Acquisitions in 1990, focusing on acquisitions of a broad range of multifamily properties in the major markets of the western United States. After leaving BRE, Ms. Maushardt held the positions of Senior Multifamily Acquisitions Manager for the Western United States for the Archon Group, a subsidiary of Goldman Sachs, and Acquisitions Director for SSR Realty Advisors, Inc.
She joined RREEF in 2001 as its first Director specializing in multifamily acquisitions. Her primary responsibility was acquiring core and value-add apartment communities in the western markets. During her real estate career, she has been responsible for the acquisition of approximately 16,000 apartment units totaling $2 billion.
Ms. Maushardt received her B.S. with Honors in Economics and her M.B.A. from the University of California at Berkeley.
Todd McCulloch is a development director with responsibility for Wood Partners’ Texas operations. 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 numerous developments under construction in Denver, Chicago and Salt Lake City.
Before joining Wood Partners in 2008, he 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 Manger. 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.
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, Mississippi, and Louisiana. He has developed and financed more than 1,500 multifamily units and 120,000 square feet of commercial space with a total capitalization in excess of $250 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.
Carter Siegel is the regional development director for the East region. Siegel oversees development and finance responsibilities for projects in the Carolinas, Virginia, Tennessee, Maryland, Delaware, Pennsylvania, and Washington D.C. Since joining Wood Partners in 2006, he has led the financing and development of more than 2,500 units valued at $400 million.
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 2004, Thompson has been actively involved in the development of 11 projects in Florida with a total capitalization in excess of $450 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 Director of Finance and Asset Management 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.
Curtis Walker is Acquisitions Director for Wood Partners, responsible for pursuing existing and stabilized multifamily properties across the Eastern United States. Since joining Wood Partners in 2010, Walker has directed the acquisition of approximately $500 million of multifamily investments.
Walker has more than 29 years of experience in the real estate industry. Prior to joining Wood Partners, he was the Senior Vice President of Trammell Crow Company, handling the development of multifamily in the Southeast region.
As an Executive Vice President of Post Properties, he oversaw the Southeast region, directing acquisitions and development. Prior to Post, Walker spent seven years with Fairfield Residential, overseeing development and acquisitions in the Southeast region. He also spent 10 years with AMLI Residential, holding a number of positions and ending as Senior Vice President of Acquisitions of the Southwest/Southeast regions.
Walker holds a Bachelor of Business Administration degree with a focus in Real Estate from the University of North Texas. His additional studies include graduate work at the University of North Texas in the field of real estate analysis. Walker is also an active member of the National Multifamily Housing Council.
Scott Zimmerly is Director of the Mid-Atlantic Region for Wood Partners managing the development and financing for projects in northern Virginia, Washington DC, Maryland, Delaware and Pennsylvania. He has been involved in the sourcing, 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.
Zimmerly received his MBA with a real estate concentration 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. Zimmerly is a previous Board Member and Vice President of the Baltimore Waterfront Rotary Club and is currently a young leader in the Urban Land Institute's Baltimore Chapter.
As I reflect on our year and review our final 2015 financial results, I am extremely proud of how Wood Partners performed as a team and what we accomplished. 2015 was another record-setting year for the partners and associates of Wood Partners.
Across all business units (development, construction, acquisition and property management), we set records across key operating metrics and made the 17th year since our founding the best financial year yet.
In 2015, we started $1.3 billion of new development across 19 properties, a 30% increase relative to 2014. We also sold ten development properties in 2015 generating an impressive 38% IRR to our investors. As a result of our development team’s activity, our construction team is managing the largest under-construction portfolio in our history. As of December 31, 2015, we had $2.5 billion under construction across 36 market-rate apartment communities.
In 2015, we continued the expansion of our value-add acquisition business acquiring $150 million of existing assets resulting in total transaction volume for the company (acquisition and development) of $1.5 billion. The acquisition environment is extremely competitive and our acquisition team continues to do a great job carefully sourcing strong risk-adjusted opportunities. We took advantage of this competitive acquisition environment by selling nine acquisition assets generating a 26% IRR for our investors.
Wood Residential Services (WRS) also continued its rapid expansion in 2015. Units under management grew by over 40% from approximately 9,000 units at the end of 2014 to approximately 13,000 at the end of 2015.
In 2016, we look forward to continuing our expansion in this critical business and achieving positive bottom-line performance in 2016.
There is much to be excited about as we look towards 2016. Our controlled development pipeline is $3 billion entering 2016–a 50% increase relative to year-end 2014. In addition, during the second half of 2016 we will be raising our second acquisition fund (WP Acquisition Fund II).
2015 apartment operating results nationally were some of the strongest yet in this cycle. We believe 2016 will be another solid year for the US economy and that multifamily operating fundamentals will remain strong. Having said that, these positive results are set against the backdrop of an increasingly volatile global economic environment and the fact that we are one year further into the cycle.
While we embrace our growth and the opportunities in front of us, we do so with continued and increased emphasis on risk management. Our average loan-to-cost for recourse loans is below 63% (as a point of reference, in 2008 our loan to cost was 75%). Prudently managing pursuit spending to minimize pursuit write-off remains the critical objective of our Investment Committee. Our working capital is steady at nearly three times our annual overhead run rate. This conservative approach to our balance sheet and business plan will allow us to remain opportunistic in all market environments and protected in any downturn scenario.
We are extremely lucky to have such a talented team of associates. I am always humbled by the quality of our team and the level of commitment, dedication and competence that is evident in our offices and business units across the country. The success of 2015 and our strong position entering 2016 speak to the quality and depth of our team. We look forward to another good year in 2016.
Chief Executive Officer