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HOUSTON-The local multihousing team at CB Richard Ellis Inc. has promoted finance director Tre Banks to partner and hired an industry executive from Archon Residential Group, Steve Wendling, to fill the vacant spot.

As a partner, Banks will be responsible for sales production for the Craig LaFollette, Todd Stewart and Todd Marix team. Banks has been with the group since 1999, starting as a financial analyst.

Wendling, a 13-year industry veteran and former senior asset manager with Archon Residential, is responsible for managing underwriting and valuation processes for individual assets and portfolios for institutional and private capital clients. He says he brings a new perspective to the CBRE multi-housing team. “My previous experience on the ownership and acquisitions side helps the team understand its client needs,” he tells GlobeSt.com, adding he is focused on increasing revenue and streamlining the sales process.

The Irving, TX-based Archon Residential has no plans to replace Wendling, according to COO Roger Beless. “Steve was Houston based and we have reallocated his responsibilities internally here in Dallas,” he says.

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