Redwood Capital Group has promoted Bill McDougall to managing director of investments and head of acquisitions and Field Stern to managing director of investments and head of capital markets. Also, Redwood has hired Bill Rose as director of investments in the firm’s Dallas-Fort Worth office.
CHICAGO, Jan. 20, 2021 /PRNewswire/ — Redwood Capital Group (Redwood), a vertically integrated multifamily investment manager, today announced two executive promotions and a new hire to support its strategic plan to double its assets under management over the next five years.
Effective immediately, the company has promoted Bill McDougall to managing director of investments and head of acquisitions, and Field Stern to managing director of investments and head of capital markets. McDougall and Stern are now members of the Investment Committee as well. In addition, Redwood has hired Bill Rose as director of investments in the firm’s Dallas-Fort Worth office. Prior to joining Redwood, Rose held positions with leading regional investment sponsors such as JPI Partners, Internacional Realty and StoneBridge Investments.
“This is a period of tremendous excitement, energy and growth for our company,” said David Carlson, managing partner and co-founder of Redwood. “Redwood has grown into a fully integrated multifamily investment management firm. With best-in-class construction management, asset management and property management divisions now in place, we are ready to dramatically but strategically expand our presence in the apartment market.”
Over the past couple of years, Redwood has expanded its Dallas office and put an increased focus on the Southeast by hiring Ryan Steppe as director of investments in its Atlanta office. Last year, despite all the challenges of the market, the company transacted deals totaling $182 million, including two acquisitions and three dispositions. Redwood plans to double the number of apartment homes it owns, to a total of 20,000 units, by the end of 2025.
“In addition to our acquisition goals, we are committed to expanding our property management division, which grew by 40% in 2020, by another 5,000 units by the end of this year,” Carlson said. “We’re also working every day to build programmatic capital relationships and become the preferred multifamily destination of institutional and private equity. The promotions of Bill McDougall and Field Stern and the hiring of Bill Rose will position us better than ever to achieve our goals. The impact of the experience, expertise and leadership of these three outstanding executives cannot be overstated.”
In his new role, McDougall will continue sourcing acquisitions in select target markets for Redwood and will also oversee all of the firm’s acquisition efforts. Since joining the company in 2007, he has been involved in more than 70 multifamily acquisitions totaling more than $3 billion in value
“This promotion is a tremendous honor, and I look forward to playing an expanded role as Redwood pursues its growth,” McDougall said. “We believe strongly in the long-term health and viability of the multifamily sector, and with our expertise, commitment to innovation and vertical integration, we are poised to drive value for our growing base of equity investors.”
In addition to overseeing the Investments team with McDougall, Stern’s chief responsibility is overseeing the company’s capital markets activity, with an initial focus on the oversight of Redwood’s equity fundraising initiatives with institutional, high-net worth and family office clients. Ultimately, Stern, who joined Redwood in 2017, will manage the company’s debt relationships as well.
“I am excited at the opportunity to help steer Redwood’s growth,” Stern said. “David and [Redwood Managing Partner and Co-Founder] Mark Isaacson have done an excellent job building a best-in-class investment platform, and we have an exciting story to share with the investment community. I’m confident that with Redwood’s successful track record coupled with consistent deal flow coming across our desks as a result of our unique sourcing strategies, we will be able to continue expanding our capital relationships across our two investment strategies.”
Rose, who brings 20 years of institutional multifamily experience to his new role, is charged with sourcing, underwriting, negotiating and managing new multifamily investments in Texas. Over the course of his career, which includes stints as a broker in the Dallas office of CBRE and in a lending capacity with Bank of America, Rose has been responsible for $1 billion of institutional multifamily acquisitions.
“Dallas-Fort Worth specifically, and Texas and the Southwest in general, are major targets for Redwood, and I’m excited to join the company’s growing Dallas office,” Rose said. “The visibility of Redwood continues to grow across the apartment industry and across the investment community. It’s tremendously energizing to have the opportunity to contribute to the Redwood story and raise its profile even further.”
About Redwood Capital Group
Based in Chicago, Redwood Capital Group is an institutionally focused, vertically integrated real estate investment manager concentrated on the multifamily sector, with capabilities in investment, asset, property and construction management. The company employs a highly disciplined investment strategy focused on core-plus and value-add multifamily communities and identifies distinctive opportunities with the potential for attractive risk-adjusted returns. As of Dec. 31, 2020, Redwood’s portfolio consists of 8,441 apartments across 28 communities throughout the United States with a gross asset valuation of approximately $1.5 billion.