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CUMMING, GA—Multifamily real estate investment company Weller Residential is acquiring certain assets of Triumph Housing Management and creating Weller Workforce Housing. Weller Workforce will focus on the affordable housing segment of the real estate market, and work alongside other entities owned by Weller Residential, such as Weller Management, which services market rate and conventional properties, and Weller Student, which focuses on the student housing market.
David Gates, previously Triumph's COO, will serve as the executive vice president of Weller Workforce, which will continue, at least for now, to be based in Cumming. He tells GlobeSt.com that the deal promotes sustainability in affordable housing and will provide Weller with the resources to better serve residents and employees. Triumph operated in 14 states, and Gates says the new division will look at acquiring properties in the Southeast.
"We will primarily target the nine states in the Southeast because that's where we have more resources available," Gates says. "The majority of our portfolio is concentrated in Florida, Georgia, South Carolina and Alabama."
Gates will report to George S. Quay and Joe Emerson, partners at Weller Residential. With the transaction, Weller Workforce will manage properties in Georgia, Florida, Oklahoma, Tennessee, Illinois, Connecticut, Missouri, South Carolina, North Carolina, Mississippi, and Louisiana, expanding Weller's footprint outside the Southeast. In all, Weller Workforce will manage 52 properties and approximately 5,500 units.
"Since 2011, Triumph has been known as a property management leader of subsidized housing and affordable conventional properties, and now with Weller's additional resources, we look forward to expanding our offerings and growing market share," Gates says.
Weller Workforce has an aggressive expansion on its agenda, Gates says, with a goal of reaching 12,000 to 15,000 units within three years.
"Triumph aligns with our philosophy of offering professional, high-quality management services, and we are excited that this acquisition will provide for our residents, clients and employees even better purchasing power for products and services, proven operational standards and proven executive leadership," says George S. Quay, managing partner at Weller Residential.
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