CAHEC, one of the largest nonprofit tax credit equity syndicators, has acquired Boyd Management and its property development arm, WWJ, which oversee the daily operations of more than 325 residential properties throughout the Southeast.
The acquisition aims to diversify and strengthen both companies, with Boyd Management bringing its property management and development practice to CAHEC’s focus on community investment.
Boyd Management will legally change its name to CAHEC Management, but, beyond that, both companies will continue business as usual with no significant operational changes, according to officials. CAHEC Management will be led by vice presidents Babbie Jaco and Joe Wilczewski who—along with their partner Ken Wheat—successfully grew and lead the organization since the mid-1980s.
For engaging in development and property ownership, Raleigh, North Carolina-based CAHEC (Community Affordable Housing Equity Corp.) has created multiple new entities that will be 100% owned by CAHEC Properties Corp.
“CAHEC and Boyd Management have enjoyed a collaborative partnership, rehabilitating and repositioning more than 200 assets over the last 15 years,” says Dana Boole, CAHEC president and CEO. “Our efforts in the affordable housing market have been innovative, impactful, and material to the communities we serve. Our combined organizations will not only continue that effort but further a diverse and sustainable organization for years to follow.”
After a long history of working together, leaders of the two organizations began discussing a possible acquisition a few years ago, which led to CAHEC just recently acquiring the assets of Columbia, South Carolina-based Boyd Management and WWJ.
With more than 30 years in the industry, Boyd Management has focused on the management and development of affordable housing. It’s the largest privately held rural development property management firm of U.S. Department of Agriculture properties, managing 325 multifamily assets in the Southeast. It has 450 employees.
“This is a great opportunity for Boyd Management and gives our company longevity and a larger market to continue the work we’re so proud of,” says Wheat, Boyd Management president. “Joining the CAHEC team gives Boyd Management the chance to serve a larger population with our expertise in building, renovating, and managing affordable housing.”
With nearly 30 years in the industry and 50 employees, CAHEC has committed and raised more than $2.4 billion toward the financing of low- and moderate-income housing. Along with its syndication work, it has three additional lines of business:
• CAHEC New Markets, which focuses on utilizing the New Markets Tax Credits to finance nonhousing, community development;
• CAHEC Capital, its community development financial institution and lending affiliate, which provides flexible and affordable loan products that are often unavailable from traditional sources; and
• CAHEC Foundation, which focuses on improving the quality of life for residents through wellness and education.
“Both organizations are committed to a common vision, principles, and values,” says Boole. “Our employees are driven and passionate knowing they’ve made a positive difference in the lives of those we serve.”