ORLANDO-Wood Partners has expanded its Specialty Housing Group in Orlando, Boca Raton and other Southeastern markets. With the expansion, Wood plans to put a heavier emphasis on affordable housing.
"The Specialty Housing Group has always been a part of the core of what Wood Partners does,” says Wood CEO Ryan L. Dearborn. "Expanding with local representatives gives us a better reach within specific markets and allows us to broaden our presence across the country.”
Wood operates 14 offices across the country in Los Angeles, San Francisco, Dallas, Denver, Houston and Phoenix, Atlanta, Boca Raton, Charlotte, Raleigh-Durham, Orlando, Boston, Baltimore and Washington D.C. These offices are divided into five regions—Northeast, Mid-Atlantic, South, Central and West—all of which will have a dedicated SHG team member for its projects.
The new representatives for the SHG unit will work more closely with local leaders on affordable housing needs in each community. Wood will become one of many affordable housing developers in the Florida market, including Pinnacle Housing Group and Carlisle Development Group in Miami and Beneficial Communities in Sarasota.
“Wood Partners appears to be switching gears and trying to fill niche opportunities where there is some demand,” Jack McCabe, principle of McCabe Research and Consulting in Deerfield Beach, tells GlobeSt.com. “There has been a shortage of affordable housing in Florida. The truth is market dynamics are such that prices have come down. You can make a case for being much more affordable.”
Wood Partners is retooling after a condo conversion run. Wood Partners was involved in a number of condo conversion projects in the Orlando area including SoDo, The Rialto and Solaire at The Plaza. The company also converted Esplanade at Town Center in Jacksonville. But Wood ran in into trouble in Palm Beach with one condo project, The Edge, made it on Real Capital Analytics “Troubled Assets Radar” in 2008.
Now, Wood Partners is returning to its strength: apartment rental properties. The Special Housing Group unit has developed about 6,500 units, some $725 million worth, to date. That represents about a quarter of the company’s total rental development over the past decade.
Driven largely by tax credits, tax exempt bonds, and other Federal, State, and local capital programs, the Special Housing Group will continue working on a range of projects, including moderate income housing, purpose-built housing for senior citizens and students. More than half of Wood Partners' completed specialty projects have been in the affordable and workforce housing segments, with the balance in the age restricted and student markets.
“Typically specialty housing is little more recession-proof,” Mark Smith, a multifamily investment consultant at Smith Equities in Orlando, tells GlobeSt.com. “Specialty housing seems to do well in down markets. This focus should help diversify Wood Partner’s portfolio.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
