Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Los Angeles-based CB Richard Ellis Investors has acquired a majority interest in locally based multifamily developer Wood Partners. The acquisition was made on behalf of one of CB Richard Ellis Investors’ institutionally sponsored funds.

The acquisition price was not disclosed. Wood Partners will retain its existing name and management team. CB Richard Ellis Investors CEO Vance Maddocks tells GlobeSt.com that the acquisition was attractive due to the strength in recent months of the multifamily sector.

“Our personal belief is that multifamily will be the best performing sector over the next five years,” he says. “Rental rates continue to go up and values have held.”

Maddocks adds that CB Richard Ellis Investors will serve strictly as investors in Wood Partners and will not participate in the development of future projects. “Our role is to help in providing access to resources and work with the company on a strategy that will help them grow their platform,” he says.

The move is intended to facilitate growth of Wood Partners. Maddocks says he anticipates that the company will be able to grow geographically, but also to possibly be able to enter other areas of the multifamily sector, such as student housing and senior housing.

Wood Partners was founded in 1998 by Leonard Wood, Jerry Durkin and Jim Simpson. Since its inception, it has started more than 39,000 apartment homes representing an investment of $5.2 billion. The company operates 13 offices across the country and has a portfolio of more than 16,700 apartment units located in more than 30 metropolitan areas.

Today, the company has a development pipeline in excess of $3 billion. Among projects the company currently has under development include the Boulevard, a 346-unit condominium project in Tampa, FL; Alta Montecito, a 373-unit condominium project in Las Vegas; and Comal Gardens, a 252-unit apartment project in New Braunsfel, TX.

“This transaction will greatly enhance our capabilities for growth,” says Wood Partners CEO Jerry Durkin, in a prepared statement. “We expect to capitalize on CB Richard Ellis Investors’ extensive real estate expertise and relationships to continue our national expansion while enhancing our ability to deliver superior returns to our capital partners.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.