When leading global real estate investment management firm CB Richard Ellis Investors acquired a majority stake in Atlanta-based Wood Partners last week, the landmark deal was the talk of the local real estate community.
CB Richard Ellis Investors announced March 18 that it had acquired majority interest for an undisclosed purchase price on behalf of one of its institutionally sponsored funds. Wood Partners is one of the nation’s largest and fastest growing multifamily real estate developers. Wood Partners has offices in 13 cities throughout the country and has a current portfolio of 16,700 units in more than 30 cities.
A team from Morris, Manning & Martin, LLP’s real estate group represented Wood Partners in the transaction. MMM partners Frank Bazzel, Tim Pollock and Sean Reynolds led the firm’s team. Over thirty lawyers in the firm worked on this transaction over five months.
CB Richard Ellis Investors was represented by Mayer Brown in Chicago.
“This transaction will greatly enhance our capabilities for growth,” said Jerry Durkin, Wood Partners’ Chief Executive Officer. “We expect to capitalize on CB Richard Ellis Investors’ extensive real estate expertise and relationships to continue our national expansion while enhancing our ability to deliver superior returns to our capital partners.”
Both Builder and Multifamily Executive magazines count Wood Partners among the nation’s Top 50 multifamily builders. Recognized for producing Class A institutional quality apartments, Wood Partners has started more than 39,000 apartment homes representing investments of $5.2 billion since its inception in 1998, the year that MMM first started representing the company. It’s current development pipeline totals more than $3 billion. Morris, Manning & Martin, represents Wood Partners throughout the country.
Wood Partners will retain its name and existing management team.
About Morris, Manning & Martin, LLP
Morris, Manning & Martin, LLP, (www.mmmlaw.com) enjoys national prominence for its real estate and real estate capital markets, corporate finance, securities, mergers and acquisitions, litigation, technology, intellectual property, environmental, insurance and healthcare practices. The firm has offices in Atlanta, Washington, D.C., Charlotte, Raleigh-Durham and Princeton.
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Media Contact: Terri Thornton, Thornton Communications, (404) 932-4347 territhornton@mindspring.com