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.
Joseph Keough is the Chairman & CEO of Wood Partners.
Prior to 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. He previously served as the Senior Vice President, Development and Investment Strategy, in the office/multifamily division at Cousins Properties, a publicly-traded REIT. Prior to joining Cousins, he was a Principal at The Boston Consulting Group.
Keough earned his MBA from Harvard Business School and 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.
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.
Matt Berry is the Director of Construction for Wood Partners’ Central Region (TX, AZ, CO, UT, IL), overseeing all aspects of project plan development and construction execution. Mr. Berry has been in the multifamily industry for 17 years, building both for sale and rental units including garden style, urban infill, mid-rise, adaptive reuse, and mixed use.
He joined Wood Partners’ Dallas office in 2006, and has been directly involved in the planning, design, estimating, and construction of over 8,000 multifamily units with construction costs exceeding $1B. Prior to Wood Partners, he worked for a commercial general contractor in Atlanta, GA, overseeing projects in the multifamily, retail, and institutional markets.
Mr. Berry earned his Bachelor of Science in Civil Engineering from the Georgia Institute of Technology, graduating Magna Cum Laude.
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.
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.
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 with responsibility for Wood Partners’ Central region, including oversight of development, finance, construction, and asset management, and he serves on the company’s Investment Committee. Previously, Todd served as Wood’s Director of Texas markets.
Todd joined the company in 2005, and since then, has been actively involved in over $2 billion of real estate transactions. Prior to Wood, Todd worked in the Transaction & Advisory Services division of CBRE.
Todd earned his MBA from the University of Texas McCombs School and received a bachelor’s degree in history from the University of Texas at Austin as well.
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 the Managing Director of Development for Wood Partners in California. His responsibilities include development, finance and asset management throughout the state. 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 $800 million worth of developments.
Before joining Wood Partners, Pianca worked as a 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.
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 and his M.B.A. from the University of Florida. 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.
Clay Richardson is the Managing Director in Phoenix for Wood Partners. He manages origination, development, design, and financing of new multi-family projects. Since joining Wood Partners in 2011, Richardson has played a key role in closing more than 2,500 multi-family units with a total capitalization in excess of $440 million.
Prior to Wood Partners, Richardson’s experience includes both development and asset management of market-rate and affordable housing with Cardon Development and Gray Development. He began his career as a chemical engineer, consulting with global mining firms including Freeport-McMoRan and BHP Billiton.
Richardson holds a masters of real estate development and a bachelor’s degree in material science engineering from Arizona State University, and is a member of the Arizona Multihousing Association’s Developer Committee.
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.
Andrew Steffens is a Development Director for Wood Partners in Nashville, TN. He is responsible for the acquisition, financing, and development of mixed use and multifamily projects throughout Tennessee and Kentucky.
Before joining Wood Partners, Andrew was the Regional Director of Development for Ram Realty Advisors, a private equity development fund based out of Palm Beach Gardens, FL. Prior to Ram, Andrew served as the Development Director for Alliance Residential where he opened the local Nashville office for Alliance and delivered just under $200M in class A development. His existing Nashville developments include the award winning 276-unit mixed use community branded Broadstone Germantown, a 330-unit community branded Broadstone 8South, and a 238-unit mixed use community branded Broadstone Gulch.
Prior to joining Alliance Residential, Andrew held various roles within a real estate finance group at Citi Bank. Andrew graduated with honors from the University of Tennessee and earned a Masters of Business Administration from the Owen Graduate School of Management at Vanderbilt.
Todd Taylor is the Development Director for Wood Partners in Arizona and Nevada. His responsibilities include Development, Finance and Asset Management.
Taylor started with Wood Partners in 2005, and has been involved in the development of over 4,000 units in Arizona and Nevada. Among these deals was Alta Phoenix Lofts, a 332-unit 9-story development, which ranked #1 in the 2009 Best of Phoenix Luxury Apartment list. The 2011 Phoenix Luxe List ranks three of Mr. Taylor’s deals among its top eight valley-wide. Phoenix Business Journal ranked Wood Partners Phoenix at #3 for Multifamily Commercial Real Estate Developers in 2015 and 2016. Additionally, Phoenix Business Journal’s the Book of Lists ranked Wood Partners Phoenix in the top 10 for Largest Phoenix Area CRE Developers.
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 units.
Taylor completed his undergraduate studies at California State University Long Beach and holds an MBA (with a concentration in real estate finance) from the Marshall School of Business at the University of Southern California. Prior to graduation, he played professional baseball with the Minnesota Twins organization.
Taylor is a member of the Real Estate Investment Advisory Council (Southwest Chapter) and serves on the Board of Directors for Homeward Bound Arizona.”
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 $7 billion representing more than 35,000 multifamily units 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.
Julia Wilk is a Director of Development in the San Francisco office of Wood Partners. Wilk is responsible for the sourcing, financing, and development of multifamily communities in the San Francisco Bay Area. Since joining the firm in 2012, she has managed the origination, financing and development of over 800 multifamily units valued in excess of $400 million.
Prior to joining Wood Partners, Wilk worked as a Development Associate for JDT International in Philadelphia and as an Analyst for Arroyo & Co in San Francisco. Wilk began her career as a producer of documentary television and film in New York.
Wilk earned her Masters of Landscape Architecture and Regional Planning degree from the University of Pennsylvania with a Certificate in Real Estate Design and Development. She also holds a BA degree in History from Yale University.
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..
As I do every year, I wanted to reflect on what we accomplished in 2017 while we look forward to our opportunities and challenges for 2018.
2017 was yet another strong year for Wood Partners. On behalf of the partnership, we want to extend a sincere thanks to our incredible team of associates working in 17 offices and over 20 markets. We are blessed with what I consider to be the best team in multifamily and the results of 2017 clearly reflect this. We posted our strongest year in 2017 with regards to net income and we started 19 projects and $1 billion worth of new development across the country. We also sold 21 assets representing $1.1 billion of total sales proceeds. We completed 20 lease-ups during the year and we ended the year with 35 assets and $2.5 billion under construction. Our development, construction, property management, asset management, accounting, HR, IT, legal, risk management and other support teams continue to do a great job managing a growing and significant workload.
It seems with each year that passes, we experience a major strategic event of some kind. In 2017, that critical strategic event was the management buyback of the company and the replacement of CBREGI with Fayez Sarofim & Company (“Sarofim”) as our entity-level investment partner. The buyout of CBREGI was consummated on August 31st, 2017. Given the magnitude of this event, we thought it important to reflect on and to discuss this exciting transaction. Firstly, I think it is important to step back and give credence to our partnership with CBREGI. CBREGI bought majority control of Wood Partners (51% of the entity) in 2008. Our relationship with CBREGI spanned nearly a decade. During that time, we grew from 8 offices to 16 and more than doubled the size of the company. We also launched Wood Residential Services, which now manages 15,000 units nationwide. Together we built one of the largest and most profitable multifamily companies in the industry. Through it all, CBREGI played an integral part in our success as a board member, investment committee member and capital raiser. As a partnership, we thank CBREGI for their investment in us and for their continued support.
As thankful as we are to CBREGI, we are equally excited about and respectful of our new entity partner, Fayez Sarofim & Co. Sarofim is a high-quality asset management company based in Houston, TX. Sarofim is focused on investing in public equities and debt on behalf of institutional and high net-worth clients. The structure of the buyout of CBREGI has allowed the individual partners of Wood to own majority control of the company. We are excited to have strategic and operational control of our company and excited to have a long-term and well capitalized partner in Sarofim. As investors in global equities and bonds, they bring an informed and unique view of the global economy and as the owners and managers of a company that has been thriving for over 50 years, they bring applicable and relevant operational experience as well. In addition, Sarofim’s culture is humble yet high-performing (similar to Wood’s culture) so we believe it to be a very good cultural fit between the two companies.
As we look forward to 2018, we continue to be optimistic about our business as well as the US and global economic outlook. The global economy had a strong year in 2017 and all indications are that 2018 will be very similar to 2017. The multifamily development business continued to be strong in 2017 and 2018 is projected to be another solid year. This economic and development cycle is approaching a decade in length – longer than most historically. As we have discussed in the past, as we get to the later stages of an economic cycle it is critical that we manage risk more carefully. Our development and construction teams are very focused on this and will be increasingly so going forward. We are seeing continued high levels of interest from our equity and debt partners and expect this to continue through 2018. The critical driver of our success in 2018 will be finding sites and deals that are economically viable. As a partnership, we were increasingly focused on sourcing new development deals during the latter half of 2017. With a continued focus on pipeline development throughout 2018, I am confident we will continue to meet and exceed our production and financial targets. Our partnership and great team of associates look forward to a fun and productive 2018.
Chairman and CEO