Source: PR Newswire: July 27, 2021
Acquisitions support Redwood’s ongoing growth in Texas and the Southeast
Redwood Capital Group (Redwood), a vertically integrated multifamily investment manager, today announced it has acquired Adley City Springs, an apartment community in Sandy Springs, Ga., and Ascent Cresta Bella in San Antonio. The properties were acquired in separate transactions and reflect Redwood’s commitment to aggressive but strategic growth in the Southeast and Texas.
Redwood began the year with $1.7 billion in apartment assets under management and has a strategic plan to double that total over the next five years. The company expects to complete acquisitions totaling $600 million in the Southeast, Southwest and Midwest in 2021.
Last year, despite all the market challenges, Redwood was able to remain active by completing two acquisitions and three dispositions, representing $182 million in total value. In January 2021, Redwood expanded its Texas presence by hiring Bill Rose as director of investments in the firm’s Dallas-Fort Worth office. Ryan Steppe, director of investments in Redwood’s Atlanta office, has been spearheading the company’s portfolio expansion in the Southeast over the past two years.
“We look forward to continuing to expand our presence in the apartment market in 2021 and beyond. As demonstrated by these acquisitions, we view Texas and Atlanta as important markets in our ongoing expansion,” said David Carlson, managing partner and co-founder of Redwood. “As a fully integrated company with best-in-class asset management, property management and construction management divisions in place, we are well-positioned to grow in a thriving multifamily market and to deliver targeted returns to our investors.”
In keeping with Redwood’s goal of vertical integration, both Adley City Springs and Ascent Cresta Bella are being managed by Redwood Residential, its property management subsidiary. Redwood Residential now manages almost 6,000 units nationally, approximately two-thirds of Redwood’s portfolio.