|By Marketwire .||
|March 11, 2013 04:54 PM EDT||
VIENNA, VA -- (Marketwire) -- 03/11/13 -- Wood Partners announced today it is promoting Carter Siegel to the position of regional director of the company's Mid-Atlantic region, which currently includes Virginia, Maryland, Delaware, Pennsylvania and Washington, D.C.
Siegel, who has been a director in the Charlotte office of Wood Partners for the past seven years, is taking over the regional director role from Leonard Wood Jr., who will resign at the end of March. Siegel will continue to oversee development in North and South Carolina, as well Tennessee, which will join the Mid-Atlantic Region.
"Carter has been an extremely productive developer for us coming out of this cycle," said Ryan Dearborn, director and CEO of Wood Partners. "He has a demonstrated track record of success and is ready for this new leadership position within Wood Partners."
Siegel joined Wood Partners in 2006 as a director in the Charlotte office, where he oversaw development and finance responsibilities for new projects in North & South Carolina, Tennessee, Virginia, and the Mid-West. He has developed and financed over 2,000 multifamily units with a total capitalization in excess of $300 million.
Prior to coming on board at Wood Partners, Siegel worked at Apollo Housing Capital financing affordable and historic tax credit properties, as a development associate in Trammell Crow Residential' s North Florida Division and in the Hong Kong and New York offices of Jardine Fleming, a UK-based Investment Banking firm.
"One of the key metrics we study is rent as a percentage of our customer's income. As this relationship has crept up recently, we believe there are tremendous opportunities in the D.C./Maryland region for developing properties that serve the growing demand for reasonably priced, Class A+ apartments," Siegel said. "Our D.C. team has done an excellent job of finding these types of opportunities to date and I am excited and honored to be a part of their efforts going forward."
Scott Zimmerly, a director for the Mid-Atlantic region, also is being promoted to oversee the entire expanded region and will report directly to Siegel.
"The Mid-Atlantic region is the busiest it has been in our history here with multiple deals coming out of the ground this year and next," Zimmerly said. "Our Baltimore and D.C. offices have always worked closely with the Charlotte office, so joining the two regions together is a seamless and logical strategy. I am enthusiastic about leading our highly successful team into 2013 and beyond as we continue to develop exceptional new communities throughout the region."
Zimmerly has served as a director in the Mid-Atlantic region for the past seven years. He has been involved in the sourcing, development and financing of more than 1,500 units with a total capitalization in excess of $300 million.
Before joining Wood Partners in 2006, Zimmerly spent five years in the investment banking industry in New York and Maryland, where he focused on mergers and acquisitions across a multitude of industries. He also has experience working in the acquisitions department of Washington Real Estate Investment Trust.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In May 2012, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Its national portfolio currently contains almost 20,000 apartment rental units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.