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Western National hires exec with institutional focus

The Irvine, California-based multifamily firm last raised a commingled fund in 2007 and has since worked with institutional capital through joint ventures.

Western National Group has hired Daniel Reynolds as executive managing director, a new position created to work with institutional capital, the firm said in a statement last week.

Reynolds started earlier this month and reports to chief executive Michael Hayde. In the new role, Reynolds is responsible for building and maintaining capital relationships with domestic and international investors.

He previously was the head of client capital at Chicago-based Blue Vista Capital Management and worked as a managing director in LaSalle Investment Management’s client services group.

“Dan brings not only extensive experience and relationships across many sectors of the real estate industry, but more importantly an understanding and appreciation of our culture of honesty and integrity and the value of long-term relationships,” Hayde said. 

Irvine, California-based WNG closed its most recent fund, Western National Realty II in 2008 on $225 million against a $300 million target, according to PERE data. In the last three years, the multifamily-focused firm closed six deals totaling $478 million, with $225 million of equity raised through various institutional joint ventures, Reynolds told PERE.

WNG’s JV partners have included an Asian investor, a private US pension fund and high-net-worth individuals.

The 59-year-old firm’s most recent publicly-available transaction was the January sale of the Santa Rosa, a 320-unit property in Wildomar, California, for $74.5 million, according to data provider Real Capital Analytics. WNG also has three development sites under development, two in California and one in Colorado, along with a recently-acquired land site in San Jose.