Worthington Hyde Partners, formally known as Schaedle Worthington Hyde Properties (more commonly known as SWH Properties) was founded in 1991, initially as an apartment acquisition boutique to take advantage of an opportunistic buying window brought on by the real estate market collapse and the lack of market liquidity. Through its ability to combine access to private equity, market knowledge and experience, and an entrepreneurial approach, SWH was successful in launching its business plan and achieving outstanding equity returns while developing a strong reputation for its strategic vision, insightful purchases, and ability to execute on asset repositioning plans.

As the apartment markets began to demonstrate recovery in 1993 and 1994, capital began to again become available for apartment acquisition and both competition and pricing became more challenging. At this point, SWH turned its focus to high end apartment development and quickly moved to acquire choice sites in strategically selected markets before the development cycle had reappeared. Between 1994 and 2001, SWH developed 16 apartment properties in 10 different markets under “The Grove” brand. Additionally, a few apartment “niche” acquisitions were made along with the acquisition and development of 7 limited service hotels. SWH Construction and SWH Management, as wholly owned subsidiaries, provided construction and operations management of the SWH assets, as well as on a fee basis to third party clients. Employment across the SWH entities reached in excess of 500 people.

Between 2002 and 2004 the principals at SWH became concerned that pricing had become too aggressive to warrant further acquisition investment due to a growing capital supply and aggressive lending practices, furthermore it was determined that both inflated land prices and rising construction costs had driven the prospective yields on new development below SWH’s risk adjusted thresholds. Thus, the company utilized this time to carefully assess every aspect of its operating approaches in an effort to “fine-tune” the financial performance of each asset in its portfolio. Despite eroding market fundamentals during this time, SWH was successful in achieving market-leading performances across the portfolio and in positioning itself well for long term hold, or disposition, depending on market conditions that would materialize.

In 2005, real estate investing, particularly in the high end apartment sector, had risen to somewhat of a “mania” and the SWH principals became convinced that buyer behavior had moved from “aggressive” to “hyped”. The decision was made to offer the majority of its portfolio for sale in a nationally marketed initiative in hopes of capitalizing on unprecedented low cap rates. All assets that were offered were sold at prices well above in-house valuation levels and by the end of 2006 SWH had become predominantly liquidated and its service subsidiaries were shut down in favor of outsourcing on the few remaining assets in the portfolio that had not been marketed.

Beginning in early 2007, Worthington Hyde Partners was formed. The company was created less as a development and operating platform and more as an entrepreneurial investor for real estate opportunities across broad market segments. Since then, investments have been made in various creative debt and equity structures, across multiple real estate sectors, and in concert with numerous partners over fifteen separate transactions. Currently Worthington Hyde Partners remains equipped with ready capital, an exceptional track record, and the capacity to execute on diverse opportunities in the real estate marketplace.

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