Wood Partners Management Team and Fayez Sarofim & Co. Purchase Majority Stake in Wood Partners From CBRE Global Investors
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.
Terms of the deal were not disclosed.