Columbia property management company acquired by CAHEC

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Columbia-based Boyd Management Inc. has been acquired by nonprofit equity syndicator CAHEC, creating CAHEC Management.

Boyd Management and property development arm WWJ LLC oversee the daily operations of more than 325 residential properties throughout the Southeast, according to a news release.

Boyd Management’s name will change to CAHEC Management Inc., but no other operational changes will occur, the release said.

Boyd Management and CAHEC, based in Raleigh, N.C., have collaborated for 15 years to provide affordable housing for low- and moderate-income residents, according to the release. Boyd Management, with more than 30 years’ industry experience, brings property management and development expertise to CAHEC’s traditional focus on community investment.

“CAHEC and Boyd Management have enjoyed a collaborative partnership, rehabilitating and repositioning more than 200 assets over the last 15 years,” Dana Boole, CAHEC president and CEO, said in the release. “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.” 

CAHEC Management Inc. will be led locally by vice presidents Babbie Jaco and Joe Wilczewski.

“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,” Ken Wheat, Boyd Management president, said. “Joining the CAHEC team gives Boyd Management the chance to serve a larger population with our expertise in building, renovating and managing affordable housing.” 

Boyd Management is the largest privately held rural development property management firm of USDA properties with 325 multi-family assets in the Southeast, according to the release.

CAHEC, with nearly early 30 years’ industry experience and 50 employees, has committed and raised more than $2.4 billion toward the financing of low- and moderate-income housing, the release said. The company has three additional lines of business: CAHEC New Markets, CAHEC Capital and CAHEC Foundation.