The company is assigning top staffers to a special team that will work toward acquisitions, cultivate equity partners and seek out strategic properties that are either completed or partially built. The move is expected to help strengthen its strategic position by balancing its revenue platform and building its portfolio through acquisition and development.
"We are in a capital-constrained market on the development front, both from an equity and debt perspective, and expect that to be the case through 2010," says Jerry Durkin, CEO of Wood Partners. "Instead of letting our top development talent sit on the sidelines, we're putting them at the forefront of acquiring new assets, which is where equity wants to be in this market."
Wood Partners, a leading multifamily developer on a national scale, will remain active in that arena and has secured equity for four new projects scheduled to start in the fourth quarter. It now seeks debt capital for those developments, located in Atlanta, Boston, Denver and Oakland, CA.
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