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

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
Chief Executive Officer, DIrector

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.

Jerry Durkin

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.

Frank Middleton
Regional Director

Frank Middleton is the regional development director for Wood Partners’ Western Region, which includes California, Oregon and Washington. He also serves on Wood Partners’ Board of Directors and Investment Committee.

In June 2005, Mr. Middleton moved to Newport Beach to open Wood’s first west coast office in Southern California. Since joining the company in 2005, Middleton has expanded the company into Northern California, Seattle and Portland. Under his leadership, the west coast team has pursued and delivered on many large scale and complex projects. Middleton’s financial experience includes raising more than $3 billion of debt and equity, both foreign and domestic, while also representing sponsors in private placements and public offerings. Middleton ascribes much of his success to his leading Development into the pursuit of value through the integration of Marketing, Design and Operations, which has resulted in many projects garnering national acclaim.

Prior to joining Wood Partners, Middleton spent several years developing large-scale energy infrastructure in the US and Western Europe. He earned his MBA degree at the Kenan-Flagler Business School, University of North Carolina where he majored in Real Estate Development and Finance. Middleton holds a BA degree in English from the College of Charleston, South Carolina and credits much of his perspective to his experience in sailing where he has won national titles and led a team to circumnavigate the globe.

Patrick Trask
President, Director

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
Chief Operating Officer, General Counsel, Director

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.

Adelaide Grady

Adelaide Grady is the Director of the Boston office of Wood Partners. She is responsible for apartment development with emphasis on managing the entitlement process in sensitive locations.

Since joining Wood Partners in 2008, Grady has produced more than $145 million in development starts from a ground-up garden product to the renovation of an historic 1890’s brick factory building to the redevelopment of infill sites with storied pasts. She has broad experience with contaminated sites requiring remediation and land use restrictions; mixed-income developments with local and state-level restrictions on construction costs, leasing and profit distributions; and apartment development within complex master-planned communities.

Prior to Wood Partners, Grady was a Development Manager with Boston’s Leggat McCall Properties, where she was responsible for the $40 million repositioning and redevelopment of a nine-building industrial portfolio. She began her career certifying ENERGY STAR® Homes in the Boston area with Conservation Services Group. She is a LEED Accredited Professional with a bachelor’s degree from Brown University and a Master’s of Business Administration with High Distinction from the Stephen M. Ross School of Business at the University of Michigan. In 2011, Grady was named one of 10 “Stars to Watch” by Commercial Property Executive magazine.

Bart Barrett

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.

Bennett Sands

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.

Brian Earle

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

Brian Hansen is a Director of Development with responsibility for Wood Partners’ California territory. 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 $650 million 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.

Brian Pianca

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 $200 million worth of developments.

Prior to joining Wood Partners, Pianca was a Development Associate at Trammell Crow Residential, where he managed the entitlement of more than 600 multifamily units. Prior to this position, Pianca was a Land Acquisition Manger for Richmond American Homes where he was active in the acquisition of more than 1,200 residential lots.

Pianca earned 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.

C. Todd McCulloch

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.

Carter Siegel

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.

Charles Barrus

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.

Curtis Walker

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.

David Thompson

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.

Deb Anderson

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.

Gil Dominy

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.

Mark Theriault

Mark Theriault is director in charge of construction for the Northeast Region, including Boston, New York, New Jersey and Connecticut, and is responsible for the design, estimating and construction of all projects in the 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 more than 18 years of experience in managing all types of residential construction, including over 5,000 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.

Rashid Walker

Rashid began his real estate career as a Development Director for AvalonBay Communities (“Avalon”) in their Melville, Long Island office. In his role as Development Director, he was responsible for managing the development process for the company’s projects on Long Island. His responsibilities included managing the design, permitting and due diligence processes for each of Avalon’s development opportunities in the market. Additionally, he conducted meetings with local officials and other stakeholders to ensure the successful development of the company’s projects.

After leaving AvalonBay, Rashid joined JPMorgan Asset Management (“JPMAM”) as a Real Estate Acquisitions Officer in the Global Real Assets group. His responsibilities included buying real estate assets, negotiating joint venture and development management agreements and other real estate related documents on behalf of the firm’s institutional clients. He also was responsible for maintaining and developing relationships with institutional brokers and real estate developers in an effort to maintain and increase deal flow for the firm.

Rashid left JPMAM to go back into development and prior to joining Wood Partners was a Vice President at Jefferson Apartment Group (“JAG”). In his role at JAG, Rashid managed the company’s New York office and was charged with building the company’s presence in the region. His responsibilities included acquiring development sites, negotiating purchase and sale agreements, meeting with current and prospective equity partners and managing the overall real estate development process in the region.

Rashid was raised on Long Island and currently resides there with his wife and two daughters. He is a Board Member of the Westbury Friends School and the President of the Fathers’ Auxiliary of the Nassau County Chapter of Jack & Jill. Rashid also served as a member of the Planning Board in the Village of Hempstead, Long Island. While a member of the Planning Board, he approved several real estate opportunities, including West 130, a Mill Creek multifamily rental community in Hempstead.

Ray Smith

Ray Smith is a director for Wood Partners in the Northeast Region including New York, New Jersey and Connecticut and is responsible for development, and finance for new projects in the market. He has been actively involved in nine multi-family communities with a total capitalization in excess of $300 million.

Prior to joining Wood Partners in 2004, Smith worked at Bank of America for seven years. After two years of handling commercial real estate loan originator for securitizations, he was promoted to Vice President in charge of financing affordable housing developments. Before to that, Smith was employed by Laureate Capital, where he was involved in the financing of apartments, retail, industrial, office and hotels. In total, Smith has closed approximately $1 billion of real estate and derivative financing for income-producing properties.

Smith is a graduate of Bryant University with a bachelor's degree in Business Administration with a focus in Finance.

Rick Dickason

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.

Scott Zimmerly

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 2,000 units with a total capitalization in excess of $350 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.

Tim McEntee

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.

Todd Gaines

Todd Gaines is Director of Wood Partners’ Houston office, overseeing the development, design and financing of construction in South Texas. Gaines joined Wood Partners in 2007 and has been instrumental in the building of more than 2,000 housing units valued at more than $225 million.

Prior to joining Wood Partners, Gaines was an attorney with Houston-based Dabney & Pappas where he specialized in real estate litigation.

Gaines earned a Master’s in Business Administration from The University of Texas McCombs School of Business, a law degree from South Texas College of Law and a bachelor’s degree from Washington and Lee University. He is a member of the Associate Council of the Real Estate Finance and Investment Center at UT’s McCombs school.

Todd Taylor

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.



As we venture into 2015, we do so with a renewed confidence and perspective on the multifamily industry and the U.S. economy overall. The U.S. economy continues to be the shining light within the global macroeconomic environment. Few large economies can match our employment growth and our improving GDP growth. This ever-improving employment growth is spurring strong multifamily operating fundamentals. 2014 was the industry’s best year fundamentally since the new cycle began in 2010, with national rent growth at nearly 5%. This incredible operating performance occurred within the context of the highest level of deliveries we have seen since the start of this cycle. Overall, the country continues to see housing production (both single family and multifamily) not keeping up with household formation demand. This demand/supply imbalance is creating excellent multifamily investment opportunities.

2014 Performance: We Continue To Be Humbled By Our Success:

As we entered the first half of 2014, a lot of our capital partners were articulating concerns about the amount of supply coming online as well as the state of the multifamily cycle. As we entered the second half of 2014, Wood Partners and our equity partners were in general agreement that the cycle continues to be robust, with ample opportunities to generate strong risk-adjusted returns – via both acquisition and development.
I am very proud of the performance of our great team in 2014. Our productivity was industry leading as it has been since 2010. We have consistently been ranked as of the top five multifamily developers in the country by Multifamily Executive in each of the past five years based on start volume. 2014 was our most productive year of the cycle with $1.2 billion worth of development starts and acquisition volume. In addition to our production peaking, our first-class construction team is managing more construction than we ever have in our history. As of December 31, 2014, we had $2 billion worth of multifamily product under construction.

We were active sellers in 2014 (and will be again in 2015). We sold 2,624 units across 10 properties, representing over $725 million worth of sales on projects that were built after 2010. We are proud to have generated a median gross levered IRR of 46.6% for our equity partners on these asset sales.

Our Investment in Property Management Hits a High Note:

In 2010, we made the strategic decision to enter the property management business. We believed at the time (and still do) that being vertically integrated with a high-performing property management platform was critical to our long-term success. We were (and continue to be) frustrated with third-party options. We believe that self-managing our communities creates the ultimate alignment with our capital partners, as we have a vested interest in maximizing operating performance. By the end of 2014, we reached operating scale with 35 properties under management and 9,000 units across 35 properties under management as well as presence across our entire national platform. By the end of 2015, we are projected to have 50 properties and 14,000 units under management.

The Wood Residential Services (WRS) team that we have been fortunate enough to put together over the last four years has done an excellent job managing us through our explosive growth. Building a company within an existing company is an incredibly difficult endeavor. Led by a deep and fantastic senior WRS team, we are consistently outperforming market and creating strong returns for our capital partners.

Our Biggest Risk: Construction Cost Escalation:

One of the biggest challenges we are facing is the reappearance of construction cost inflation across the country. This is a risk that we are working very hard to mitigate. We are implementing new policies and procedures to better account for the projected increase in costs, being collaborative and transparent with our capital partners throughout the predevelopment process and investing heavily in our design and estimating resources so that we can provide better cost estimates early in the design process. We are very confident that our construction team will continue to successfully manage this challenge while mitigating cost escalation risks for our capital partners and our company.

Looking Forward:

We enter 2015 with our largest financed pipeline since the new cycle began. As we look across the country, with few exceptions, demand is exceeding supply, and rent growth as well as occupancy are above long-term averages. We have a fantastic team in place across all of our operating functions. Our deep capital relationships with the best capital providers in the industry will continue to propel us to greater heights. We are proud of our success but humble enough to know that our operating businesses are complex and risky requiring us to continuously improve and get better. I am very confident that our team will continue to meet these challenges and continue to improve as we march forward to 2015 and beyond.


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