Redwood Apartment Neighborhoods News
Two dozen new neighborhoods, a portfolio milestone and continued top-tier recognition for company culture helped make 2023 an exceptional year for Redwood Living, Inc.
“As we reflect on another remarkable year for Redwood, we take great pride that the strength of our product continues to stand the test of time, the uncertainties of varying market conditions and the inevitable shifts in consumer preferences,” said Steve Kimmelman, CEO of Redwood. “Fueling this success is the dedication of hundreds of team members who are committed to the vision and dedicated to the residents and communities we serve. Together we look forward to another year of growth and achievement in 2024.”
Below are some Redwood highlights from 2023.
Throughout the year, Redwood welcomed 24 new apartment neighborhoods that opened or are nearing construction completion across five states—Ohio, Michigan, North Carolina, Illinois, and Nebraska. One of these neighborhoods is Redwood Bellevue South 25th Street, Redwood’s first Nebraska neighborhood, which will welcome new residents home early this year. Looking ahead, Redwood is eyeing major expansion across the region with the potential for a total of six Redwood Apartment Neighborhoods across the Omaha area in the coming years.
In addition to new neighborhoods, 10 Redwood Neighborhoods expanded this year, which included new apartment homes in locations across Ohio, Michigan, Indiana, South Carolina, and Kentucky. In total, 2,078 apartments were added to new and existing neighborhoods.
Redwood’s grand opening and development activity was fueled greatly by the partnership of new and existing investors. In 2023, Redwood welcomed 120 new investing entities and raised a significant amount of capital, closing nine deals throughout the year.
All this momentum helped the company reach its goal to grow the portfolio to 16,000 occupied homes by the end of 2023—a goal that was accomplished months ahead of schedule. The company’s development success also attracted significant media attention from dozens of local, regional, and national outlets, including Modern Home Builders, Yahoo, and Cleveland.com.
In 2023, Redwood significantly expanded its network of relationships.
New and existing Redwood Neighborhoods welcomed 6,915 new residents throughout the year. One of the many ways that Redwood retains and thanks those residents for choosing to rent is by hosting Resident Appreciation Months three times each year. While activities vary by month, they typically include everything from special gifts to neighborhood events to an annual grand giveaway. In 2023, Redwood chose two residents to surprise with a once-in-a-lifetime trip to the Redwood Forest—to be announced early this year. Read more about how Redwood demonstrates appreciation for its residents all year long.
The Redwood team also expanded by 193 new ambassadors, bringing the total employee count to 634. To help maximize company-wide communication to this growing group, Redwood leaders hosted monthly town halls throughout the year. These meetings provided regular opportunities to share pertinent updates, promote overall transparency regarding goals and strategies and invite employees to ask questions. Topics varied by month and included everything from financial updates to project status updates to deep dives into the inner workings of the company’s various departments.
Redwood continued enhancing the ways it educates, recognizes and rewards team members to help build satisfying careers and encourage advancement. For example, the company prioritizes on-the-job training as well as external opportunities for employees to continue learning. In 2023, Redwood granted $19,672.29 in tuition assistance for employees looking to pursue degrees, certifications, attend classes and more. Redwood also had the privilege of promoting 75 team members across the company throughout the year.
From an annual awards ceremony to monthly Rock Stars to everyday efforts celebrating team members, Redwood prioritizes employee appreciation broadly companywide, and personally in ways unique to each team member. Redwood has big plans for 2024, so those looking for a fresh start in the new year can find a range of opportunities for many skill sets and all career stages.
Throughout 2023, Redwood was continually recognized for excellence by various national and regional organizations, particularly in the category of company culture:
Redwood strives for innovation in the building process and was recognized for those efforts in 2023. The company received a Gold Level award for Excellence in Construction by the Associated Builders and Contractors organization for construction of Redwood Medina Lafayette Township.
Last but not least, for the third consecutive year, Redwood placed in the top 10 nationally for reputation management in the annual Division ORA® Power Rankings. Redwood earned an ORA score of 82.92, ranking the company fourth in Division III.
Redwood takes pride in finding new and impactful ways to serve its communities, and 2023 brought plenty of opportunities to do just that.
For the second year, Redwood invited its employees, residents, and investors to nominate a verified 501(c)(3) organization for Redwood to support in the form of volunteer time, promotion, and monetary donations. The company chose to donate a total of $45,000 to six deserving charitable organizations. Here’s a closer look at the impact of this annual giving.
While Redwood’s annual giving initiative is the company’s most large-scale philanthropic effort, Redwood Ambassadors embrace the spirit of giving back and Redwood Cares all year long. In fact, they can now use up to 16 hours of volunteer time off per year. Team members can be found volunteering everywhere from animal shelters to food banks, and often host special events to benefit local nonprofits in neighborhoods throughout the portfolio. In 2023, Redwood team members volunteered a total of 1,215.5 hours.
Redwood is also proud to partner with One Tree Planted, an environmental nonprofit, by donating $1 on behalf of each new Redwood employee, resident and investor to plant a tree in an area in need of reforestation. In 2023, 7,228 trees were planted thanks to these efforts.
Looking ahead in 2024, Redwood’s plans call for continued growth and expansion, with the addition of new single-story apartment homes in current and upcoming suburban markets. The company anticipates adding 15 new neighborhoods and three new phases to existing neighborhoods across six of the states Redwood currently operates in.
Follow along with Redwood in 2024 on LinkedIn, Facebook, X and Instagram.
About Redwood Living, Inc.
Redwood Living, Inc. (Redwood) is an innovative development and property management company with neighborhoods in Ohio, Michigan, Indiana, Illinois, Iowa, North Carolina, South Carolina and Kentucky. In early 2024, Redwood will welcome its first neighborhood in Nebraska. The success of Redwood’s approach to construction, development and property management continues to be validated in new and existing markets. Redwood is a company that believes in its mission, product and amazing people. It creates a simplified, relaxed lifestyle for residents, and offers a rewarding atmosphere for its employees. For more information, visit https://www.byredwood.com.
Media Contact:
Lisa Pocci
440.317.1188
Lisa@aligncontent.com
