September 22, 2017 — On the heels of an earlier award announcement this morning, it was announced today that Alta Wilde Lake has been selected as the winning property for Delta Associates’ 21st Annual Apartment and Condominium Industry Awards for Excellence in the category of Best Washington/Baltimore Mid-Rise Interior Design Apartment Community.
Alta Wilde Lake represents the second award for assets developed Wood Partners’ Mid-Atlantic region. Regional Director and Partner Scott Zimmerly stated, “We’re thrilled and humbled by these awards, as they are another testament to the amazingly talented and hard-working team that’s indicative of Wood Partners as a whole.”
September 22, 2017 — It was announced today that Wood Partners’ Evolution at Towne Centre Laurel project was selected as the winning property for Delta Associates’ 21st Annual Apartment and Condominium Industry Awards for Excellence in the category of Best Washington/Baltimore Low-Rise Apartment Community.
Scott Zimmerly, Wood Partners’ Director of the Mid-Atlantic Region, received the news earlier today of this prestigious award. The Awards of Excellence ceremony is set to take place on October 25, 2017 at the National Association of Home Builders Conference Center in Washington, DC.
ATLANTA, September 12, 2017 (Newswire.com) – The management team of multifamily real estate developer Wood Partners (Wood) announced today that it has partnered with Fayez Sarofim & Co. (Sarofim) to purchase all of the controlling stake of Wood Partners previously owned by a closed-end private equity real estate fund managed by CBRE Global Investors.
Wood Partners is one of the nation’s largest developers of multifamily communities, with a portfolio of more than 20,000 apartment homes in more than 20 cities across the United States.
Wood’s management team has been the minority owner, holding 49 percent of the company, since it sold 51 percent to CBRE Global Investors in 2008.
“We are really proud to be long-term partners with Fayez Sarofim & Co.,” said Wood Partners CEO Joseph Keough. “Our team is excited about this transaction and looks forward to the future and the opportunities this new partnership brings for us both.”
“Wood Partners is one of the best managed real estate companies in the U.S. This is a strategic investment for us, and we look forward to the partnership,” added Gentry Lee, CEO of Sarofim.
“We also want to thank CBRE Global Investors for their valuable partnership over the course of the past nine years,” added Keough. “The CBRE Global Investors/Wood partnership has been a tremendous success. They have been a great strategic partner for us as we have evolved from a regional to a national developer and operator since 2008.”
Going forward, Wood principals will have majority ownership of the company. Keough will serve as Chairman and CEO of the company, which will retain the name Wood Partners. Patrick Trask, President of Wood Partners, and Ryan Dearborn, former Chairman and CEO of Wood, will also serve on the board. In addition, Christopher Sarofim, Vice Chairman of Sarofim, and CEO Gentry Lee will round out the five-person board.
Wood Partners, a national leader in real estate development and acquisition, announced today that construction on its new 209-unit community in Newport News, Virginia continues to progress.
Alta Citizen is located at 301 Continental Parkway in the Patrick Henry Place mixed-use development, located off of Jefferson Avenue and adjacent to the entrance to Highway 64. The community is in close proximity to the Tech Center, and a short trip from the Newport News/Williamsburg International Airport, making it an important location for young professionals working on the peninsula.
“We saw a unique opportunity to bring new, Class A product to a market where there has been a lack of multifamily development this cycle,” stated Caitlin Shelby, director for the Raleigh-Durham office of Wood Partners. “Alta Citizen is a strategic investment in the heart of the Jefferson Avenue employment and retail corridor that provides the high end, convenient living that our target renters in Newport News have been waiting for.”
Alta Citizen brings contemporary apartment living to Patrick Henry Place, which offers a mix of condos, townhomes, retail, and extensive outdoor recreation options for residents. The community will feature a state-of-the-art fitness center and entertainment area that includes a kitchen for communal use and an indoor game area. There will be an indoor/outdoor bar area, along with a top-tier pool and courtyard for residents to utilize. The walking trails throughout the community will allow residents easy access to the natural beauty of the surrounding area.
Alta Citizen began construction in the Spring 2017 and expects to open in 2018.