ST. PETERSBURG, Fla., Dec. 3, 2019 /PRNewswire/ -- Weller Residential, a leading multifamily real estate investment company, announced today it is acquiring certain assets of Triumph Housing Management and creating Weller Workforce Housing. Weller Workforce will focus on the affordable housing segment of the real estate market, and work alongside other entities owned by Weller Residential, namely Weller Management, which services market rate and conventional properties, and Weller Student, which focuses on the student housing market.
"Triumph aligns with our philosophy of offering professional, high-quality management services, and we are excited that this acquisition will provide for our residents, clients and employees even better purchasing power for products and services, proven operational standards and proven executive leadership," said George S. Quay, Managing Partner at Weller Residential. "We are confident that as we propel Weller Workforce Housing forward together, it will be a best-in-class affordable and tax credit platform that is scalable for further and future growth."
Weller Workforce will continue to be based in Cumming, Georgia, and managed under the direction of David Gates, who will report to George S. Quay and Joe Emerson, Partners at Weller Residential. With the transaction, Weller Workforce will manage properties in Georgia, Florida, Oklahoma, Tennessee, Illinois, Connecticut, Missouri, South Carolina, North Carolina, Mississippi and Louisiana, expanding Weller's footprint outside the Southeast region. Weller Workforce in total will manage 52 properties and approximately 5,500 units. Weller Workforce will employ approximately 200 associates.
"As prior COO of Triumph, and the newly appointed Executive Vice President of Weller Workforce, I am excited about the transaction and the prospect of starting a new platform with Weller that will bring added benefits to our employees and stakeholders," said David Gates. "Since 2011, Triumph has been known as a property management leader of subsidized housing and affordable conventional properties, and now with Weller's additional resources, we look forward to expanding our offerings and growing market share."
Weller Workforce will build upon Triumph's established reputation for offering a customer-centric approach and implementing customized management plans that help achieve the highest economic occupancy and investment potential that are consistent with the well-defined goals of each owner.
Sunday, December 1, marked the official transaction date of certain assets of Triumph Housing Management. A full rebranding is intended to be complete by the end of 2019. Leadership at Weller Workforce anticipates a further expansion focused in the Southeast and projects a target growth number of 10,000+ units in three years.
For additional company information, history and services, please visit www.wellermgt.com.
Weller Residential is a real estate investment company based in St. Petersburg, FL. Owned by George S. Quay IV and Joseph Emerson, it combines deep local expertise with a national field of view to maximize returns for investors, service to its residents and opportunities for its associates. Through its subsidiaries; Weller Management, Weller Workforce and Weller Student, the company services the conventional, market rate, affordable and student housing segments of the real estate market. The combined companies manage over 23,000 units, employ in excess of 600 associates and oversee over $3 billion in real estates for their clients.
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SOURCE Weller Residential