ATLANTA, GA / ACCESSWIRE / September 12, 2017 / 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.
About Wood Partners
Wood Partners is a national real estate development company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 66,000 homes with a combined capitalization of more than $11.0 billion nationwide. The company currently owns 70 properties with a combined total of 20,000 apartment homes. Wood Partners has offices in 17 major markets nationwide including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Portland, Washington, D.C., and West Palm Beach. Website: http://www.woodpartners.com.
About Fayez Sarofim & Co.
Fayez Sarofim & Co. ("Sarofim") is a registered investment adviser with approximately $20 billion of assets under management across equities, fixed income and real estate. Sarofim's clients include pension plans, foundations, endowments and high-net worth individuals. Founded in 1958, the company has over a half of a century of experience and is owned by the employees of the firm. Website: https://www.sarofim.com.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.9 billion in assets under management* on a combined pro forma basis, as of June 30, 2017, to reflect the completion of the acquisition of a majority stake in Caledon Capital Management Inc.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. It harnesses the research, investment sourcing and other resources of the world's premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers. Website: http://www.cbreglobalinvestors.com/Pages/default.aspx.
Contact:
Marissa Currie
415.227.9700
Email: [email protected]
SOURCE: Wood Partners