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.
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