The company is assigning its top talent to a special team that will guide its move into acquisitions, cultivating equity partners and seeking out strategic multifamily properties that are either complete or partially complete. The move will help strengthen Wood Partners' strategic position by balancing its revenue platform and building its portfolio through acquisition and development.

"It's clear that we are in a capital-constrained market on the development front -- both from an equity and debt perspective -- and expect that to be the case through 2010, if not beyond," said Wood Partners CEO Jerry Durkin. "Instead of letting our top development talent sit on the sidelines, we're putting them at the forefront of acquiring new assets, which is where equity wants to be in this market."

The company will continue to maintain a development capability that is commensurate with the market conditions.

"We anticipate promising opportunities in the multifamily market over the next few years, and expect to be very successful in acquisitions over the long haul," he added.

The new acquisition team will be spearheaded by Wood directors Charles Barrus, Jay Jacobson and Patrick Trask. Jacobson brings a deep acquisition track record and history via prior senior positions with Archstone Communities Trust and with Archon Group, the real estate management group of Goldman Sachs.

Despite the challenges that exist in the new development market, Wood Partners will remain an active multifamily developer on a national level. It has recently inked equity commitments to fund four new development projects in Oakland, Calif.; Boston, Mass.; Atlanta, Ga.; and Denver, Colo. The company is currently seeking debt capital for these projects.

"There are some areas of the country that are still showing strong demand combined with limited supply and we are selectively pursuing development deals in those areas," Durkin said. "But overall, the money has migrated towards acquisition opportunities. When that market gets too competitive, the demand will become sufficient to spawn new development. When the capital returns, we'll be ready."

The company currently owns approximately 15,000 units at various stages of completion across the country.