Midway through 2024, Redwood reports strong results
Independence, Ohio, Aug. 19, 2024 (GLOBE NEWSWIRE) -- 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.
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