X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBUS-Two multifamily firms, the locally based Wallick Cos. and Cincinnati-based Stern Hendy Properties, have merged. The new firm, under the Wallick umbrella and led by Wallick CEO Tom Feusse, will have a affordable housing property management portfolio of 12,000 units in the Midwest, including properties in Ohio, Kentucky, Illinois, Indiana and Wisconsin.

The main firm will be split into three companies with about 765 employees: Wallick-Hendy Development (project development), Wallick Construction and Wallick-Hendy Properties (property management). David Hendy and his son, Brian, will join the development arm of the firm. “We haven’t sorted out their titles yet,” Feusse tells GlobeSt.com. “We were limited to what we could do on the development side, and we are strong on the property management side, where they lacked depth.” Hendy brings 4,000 units of property management to the company, Feusse says.

In a statement, Dave Hendy said he looked forward to joining Wallick. “The opportunity for Brian and I to once again fully focus on development is something we have wanted,” Hendy said. Neither company would divulge the merger cost.

Feusse says that multifamily hasn’t been as affected by the economic downturn that was led by single-family residential foreclosures. “They have to live somewhere, and they’ll go to apartments,” he says. “The credit markets have hurt our business. There are a number of new transactions that we’ve wanted to do that require capital that is difficult to access.”

Wallick was founded in 1966 by Jack Wallick and is owned by his children, Howard and Julie Wallick. The company mostly focuses on Midwest redevelopment, Feusse says. “A lot of other developers are going to other states, to warmer weather,” he says “We’re staying focused here. There’s a lot of properties built in the 1960s, 70s and 80s that need redevelopment. We really think that makes the most sense.”

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?

GlobeSt. APARTMENTS SPRING 2021Event

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

Get More Information
 

GlobeSt

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.