at Watt Companies
Ray Watt founded Day and Night Construction, what is now known as Watt Companies.
Boise Cascade and Watt establish a partnership in which Cascade acquires 50% of Watt’s assets and begins operating under the name Boise Cascade Building Company.
Watt Commercial Properties is formed and begins developing shopping centers, as well as office buildings, office parks, land sales, and Fairbanks Ranch in Rancho Santa Fe.
Watt Plaza, one of Ray Watt’s proudest projects, a 950,000 sq. ft. office space is built in the heart of Century City, as well as Sheraton Plaza LA Reina, Stouffer Concourse Hotel, and Desert Princess Country Club and Resort.
Watt sells its residential division to Beazer Homes. The sale includes 3,800 lots on 44 tracts; 19 in Southern California and 17 in Phoenix. Beazer Homes then takes the company public.
Watt enters into a JV with Goldman Sachs’ Whitehall fund, forming Watt Residential Partners.
Watt merges Watt Residential Partners with John Laing Homes, forming WL Homes.
Established Watt Communities/Residential under Company’s 5 year major operating entities, developing over 30 communities.
Residential Funding Corp. (RFC) purchases Goldman Sachs’ interest in WL Homes. Watt and RFC then enter into a JV owning WL Homes.
WL Homes is sold to Dubai-based Emaar Properties for over $1 Billion. At the time, WL Homes was building approximately 3,000 homes per year.
Watt enters in a JV with Centro Properties Group, known as Centro Watt. Centro Watt acquires over 700 shopping centers in 38 states with over 155 million square feet.
Centro acquires Watt’s ownership stake in Centro Watt, now known as Brixmor.
Watt invests in The New Home Company, led by former WL Homes executives, expanding THNC’s homebuildings and land acquisition operations throughout California and the Western United States.
Watt Investment Partners is formed to leverage Watt Companies’ permanent capital base and experienced in-house support organization. Watt Investment Partners is tasked with finding creative and opportunistic real estate investments.