Source: PR Newswire: January 20, 2021
Moves support $1.5 billion real estate firm’s ambitious expansion goals
Redwood Capital Group , a vertically integrated multifamily investment manager, today announced two executive promotions and a new hire to support its strategic plan to double its assets under management over the next five years.
Effective immediately, the company has promoted Bill McDougall to managing director of investments and head of acquisitions, and Field Stern to managing director of investments and head of capital markets. McDougall and Stern are now members of the Investment Committee as well. In addition, Redwood has hired Bill Rose as director of investments in the firm’s Dallas-Fort Worth office. Prior to joining Redwood, Rose held positions with leading regional investment sponsors such as JPI Partners, Internacional Realty and StoneBridge Investments.
“This is a period of tremendous excitement, energy and growth for our company,” said David Carlson, managing partner and co-founder of Redwood. “Redwood has grown into a fully integrated multifamily investment management firm. With best-in-class construction management, asset management and property management divisions now in place, we are ready to dramatically but strategically expand our presence in the apartment market.”
Over the past couple of years, Redwood has expanded its Dallas office and put an increased focus on the Southeast by hiring Ryan Steppe as director of investments in its Atlanta office. Last year, despite all the challenges of the market, the company transacted deals totaling $182 million, including two acquisitions and three dispositions. Redwood plans to double the number of apartment homes it owns, to a total of 20,000 units, by the end of 2025.
“In addition to our acquisition goals, we are committed to expanding our property management division, which grew by 40% in 2020, by another 5,000 units by the end of this year,” Carlson said. “We’re also working every day to build programmatic capital relationships and become the preferred multifamily destination of institutional and private equity. The promotions of Bill McDougall and Field Stern and the hiring of Bill Rose will position us better than ever to achieve our goals. The impact of the experience, expertise and leadership of these three outstanding executives cannot be overstated.”
In his new role, McDougall will continue sourcing acquisitions in select target markets for Redwood and will also oversee all of the firm’s acquisition efforts. Since joining the company in 2007, he has been involved in more than 70 multifamily acquisitions totaling more than $3 billion in value
“This promotion is a tremendous honor, and I look forward to playing an expanded role as Redwood pursues its growth,” McDougall said. “We believe strongly in the long-term health and viability of the multifamily sector, and with our expertise, commitment to innovation and vertical integration, we are poised to drive value for our growing base of equity investors.”