Redwood Capital Group, LLC, a Chicago-based multifamily investment firm, has established a vertically integrated investment management platform, replacing its network of third-party vendors with in-house experts. Property management and construction management functions will be led by industry veterans Bob Hanrahan and Brian Wening, respectively.
“By offering an integrated investment platform, we are able to add value across a wider spectrum of services which ultimately accrues to higher investment returns for our clients,” said David Carlson, managing partner and co-founder of Redwood Capital Group. “Institutional investors, which currently comprise the majority of our client base, understand the incremental value that a vertically integrated platform provides.”
Bob Hanrahan has joined Redwood as President and COO of Redwood’s property management company. Hanrahan has more than 30 years of institutional property management experience, including developing strategic business plans, oversight of property management and leasing staff, implementation of capital projects, and proactive resident relations. Prior to joining Redwood, he served as senior vice president of asset management at American Realty Advisors; before that he served in senior positions at Buckingham Companies and RREEF.
“Half of Bob’s career has been focused on property management, and the other half has been focused on asset management, which is more strategic. His ability to bring both perspectives to the table makes him an outstanding addition to our team,” Carlson said.
Brian Wening, AIA, LEED AP, has joined the firm to head Redwood Construction Services, LLC, which oversees capital expenditures, interior unit and amenity space renovations at Redwood properties. Wening previously served as capital program manager-Midwest region at Waterton and as a project architect for Valerio Dewalt Train, where his focus was on value-add strategies for multifamily properties in Chicago.
“Brian’s experience as an architect as well as a construction manager gives him a unique perspective and the ability to maximize value engineering opportunities,” Carlson said. “He has developed strong relationships with local and national construction trades and materials providers, and his past experience in the apartment sector gives him deep insight into the features and amenities renters value.”
In the past year Redwood has increased its professional staff by ten people, including department heads for construction management and property management. The firm owns and operates approximately 30 apartment properties totaling about 9,000 units valued around $1.3 billion.