Richard Ellis has acquired a majority interest in Atlanta-based multifamily property developer Wood Partners. Financial terms of the deal were not disclosed.
Wood Partners develops and acquires high density and mixed-use complexes in the multifamily housing sector, focusing on the development of Class A apartments. Based in Atlanta, the multifamily specialist operates 13 offices across the US with a portfolio of more than 16,700 apartment homes.
Deals in the multifamily residential sector have been plenty in the past few months. Last week, Somera Capital Management announced its acquisition of the 264-unit Quail Point Apartments complex in Phoenix, Arizona from Newcastle Investments. San Francisco-based Carmel Partners also recently picked up a trio of multifamily rental properties in California and Hawaii, a portfolio totaling 826 units.
Despite lagging housing sales in the US, the rental property market has continued to hold strong. CBRE’s partnership with Wood represents a strategic move for the global real estate investor, which aims through the partnership to “create the industry’s leading multifamily development and investment platform,” according to CBRE Investors chief executive Vance Maddocks.
As at end of 2007, CBRE Investors had approximately $38 billion (€24.6 billion) in assets under management.