Weller Residential Launches Workforce Housing Platform
- Dec 04, 2019
Multifamily investment firm Weller Residential has announced the creation of an affordable housing platform, Weller Workforce Housing, through the acquisition of certain assets of Triumph Housing Management. The new business will manage 52 properties totaling around 5,500 units in 11 states.
Weller Workforce Housing will operate alongside the company’s other platforms, Weller Management and Weller Student, and will boost Weller’s footprint outside the Southeast region, employing roughly 200 associates. The properties are located in Connecticut, Florida, Georgia, Oklahoma, Illinois, Louisiana, Mississippi, Missouri, North Carolina, South Carolina and Tennessee.
Weller Workforce will be based in Cumming, Ga., and managed under the direction of David Gates, formerly the COO of Triumph, who has been appointed Executive Vice President of the new business. Gates will be reporting to George S. Quay and Joe Emerson, Partners at Weller Residential. The business anticipates further expansion in the Southeast with a growth target of 10,000 or more units in three years. A full rebranding of the Triumph Housing Management assets is intended by the end of the 2019.
Triumph Housing management acquired Alcazar, a 142-unit community in Kansas City, Mo., for $5 million in March of last year, according to Yardi Matrix.