With new neighborhoods celebrating their grand openings, a growing
portfolio and additional projects in the pipeline, Redwood has
enjoyed a solid start through the first half of 2024.
A developer and manager of single-story apartment homes, Redwood
has opened more than 10 new neighborhoods so far in 2024, with more
in the pipeline for the rest of the year and into 2025.
“The demand for housing is still strong, and Redwood is meeting
the need in markets throughout the Midwest and Carolinas,” said
Steve Kimmelman, CEO and Founder. “We’re pleased with our
performance through the first half of the year and continue to see
momentum heading into the remainder of 2024.”
New BTR Neighborhoods Across the Midwest &
Carolinas
Redwood officially welcomed its first residents in the state of
Nebraska, opening Redwood Bellevue South 25th Street, which is
located about 15 minutes south of Omaha.
“We’re excited about the greater Omaha area and the broader
state of Nebraska,” Kimmelman said. “We see significant opportunity
to bring our unique model of single-story apartments to a growing
area with a strong business community and excellent quality of
life.”
Redwood also continues to build on its significant presence in
Ohio, opening new neighborhoods from north to south, including the
visitor destination of Sandusky on Lake Erie, West Jefferson in the
greater Columbus area and Redwood Cincinnati Pippin Road on the
north side of Cincinnati.
Other new neighborhoods include two in the greater Chicago area,
one east of Indianapolis and two in North Carolina.
“We’re very selective about our geographies and excited by every
one of our new markets,” Kimmelman said. “These are outstanding
sites surrounded by amenities that will create the comprehensive
lifestyle Redwood is committed to delivering.”
Looking forward, Redwood has a robust pipeline of projects in
development, with openings scheduled throughout the remainder of
2024 and into next year.
Portfolio Growth, Solid Occupancy
Redwood’s portfolio now encompasses more than 18,000 apartment
homes developed and under management.
“It’s our goal to not only grow our presence and market share
but maintain our reputation as a best-in-class developer and
operator,” Kimmelman said.
“We strategically select our locations, invest in high-quality
neighborhoods and the talent to manage them, and view ourselves as
a long-term operator. That’s reflected in our steady and stable
portfolio growth.”
Redwood’s footprint includes almost 150 neighborhoods in nine
states, supported by a team of more than 600 employees.
The Redwood portfolio also continues to report solid occupancy,
averaging 94.75 percent across its stabilized properties as of
August 14, 2024.
“We strive to be the neighborhood of choice in the communities
we serve, and we’re seeing a strong blend of both new residents and
renewals, continuing our tradition of exceptional resident
retention,” Kimmelman said.
Redwood in the News
Redwood’s success and expertise is making headlines
nationwide.
The first half of 2024 drew more than 30 significant pieces of
media coverage, resulting in millions of impressions and
highlighting everything from its new neighborhoods to thought
leadership in the build-to-rent industry.
Coverage has extended from local media outlets in Redwood
markets to trade media such as GlobeSt, Connect
CRE, REBusinessOnline.com,
and MultifamilyBiz.com.
Media with broad reach such as Yahoo
News and AOL have picked up local coverage and
helped amplify Redwood’s reach.
In addition to highlighting its developments and industry
expertise, Redwood has been able to feature its employer
recognition and community involvement in these news articles.
“We have a powerful story at Redwood, and we’re grateful so many
media outlets have taken interest in sharing it,” Kimmelman
said.
Investing in Redwood Neighborhoods
Redwood has delivered significant value for investors so far in
2024 with continued opportunities for the remainder of the
year.
Redwood Amherst closed its capital raise in late June, with
$15.6 million in equity raised to support a 151-unit project in
Amherst, Ohio, about 25 miles west of Cleveland.
Additional offerings include:
- Redwood Whiteland, Redwood’s newest apartment neighborhood
approximately 25 minutes south of downtown Indianapolis, consisting
of 154 apartment homes.
- Redwood's Flexible Note Program: This opportunity is a way for
investors, acting as lenders, to earn a strong yield on their cash
through a promissory note, with flexibility on the hold
period.
As of August 15, 2024, the owners of properties that were
developed by and are managed by Redwood Living continued to deliver
investor returns. Investors in these properties received
distributions in excess of of $22,000,000 , which includes both HUD
and non-HUD stabilized assets for both Q1 2024 and Q2 2024.
For more information on current investment opportunities with
Redwood, click here and to connect with a member of
Redwood’s investor relations team, fill out a contact
form.
Forward Looking Statements
Certain statements in this article constitute "forward-looking
statements" within the meaning of the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended (the
"Acts"). Any statements contained herein that are not statements of
historical fact are deemed to be forward-looking statements. The
forward-looking statements in this article are based on current
beliefs, estimates, and assumptions concerning the operations,
future results, and prospects of the applicable issuer. As actual
operations and results may materially differ from those assumed in
forward-looking statements, there is no assurance that
forward-looking statements will prove to be accurate.
Forward-looking statements are subject to the safe harbors created
in the Acts. Neither Redwood nor any issuer undertake any
obligation to update publicly any forward-looking statements,
whether as a result of new information or future events.
The investments described herein are speculative, illiquid and
involve a high degree of risk, and are suitable only for
sophisticated and qualified investors. Past performance of
investments in an issuer that owns a project that is managed by
Redwood is not indicative of future results of an investment in
another issuer that will own and develop a project to be operated
by Redwood. You should not invest unless you can sustain the risk
of loss of capital, including the risk of total loss of
capital.
Publications, videos and other information in this article are
the works of independent third parties and are provided for
informational purposes only. Redwood will use reasonable efforts to
ensure that the sources of such material are reliable; provided,
however, notwithstanding any such efforts, neither Redwood nor any
issuer makes any representations or warranties as to the accuracy,
reliability, timeliness or completeness of any such information in
this article. All such content in this article may change without
notice.
- Midway through 2024, Redwood reports strong results
Marketing
Redwood Living
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