Tuesday, November 4, 2008

Stern-Hendy and Wallick to merge, create state's largest

Symmes Township-based Stern-Hendy Properties and The Wallick Companies of Columbus have announced that they will merge operations, creating the state's largest owner and manager of affordable housing.

The merger will create a combined portfolio of more than 12,000 units.

Wallick will manage the day-to-day operations of Wallick-Hendy Development, Wallick Construction, and Wallick-Hendy Properties out of Columbus; Stern-Hendy principals David and Brian Hendy will join Wallick's development team and operate out of Cincinnati.

"This is a terrific opportunity for both companies," says Tom Feusse, CEO of The Wallick Companies in a media release. "We have a high regard for what Stern-Hendy has built over the past 30 years. In particular, we look forward to the experience and depth Dave Hendy and his staff will add to our team."

Currently, Stern-Hendy manages 4,000 units in southwest Ohio and Northern Kentucky and employs 140 full- and part-time associates.

Wallick manages properties in Ohio, Kentucky, Indiana, Illinois and Wisconsin and employs 625, and co-owners Howard and Julie Wallick say that the merger enables them to better serve the people who rely on affordable housing.

"We deeply care about our tenants, and the merger will allow us to better provide affordable housing to those who need it," they say. "By creating the largest affordable housing company in Ohio we greatly expand our abilities to serve our constituency."

The merger is expected to be completed by December 31.