Merger to Create Ohio's Largest Affordable Housing Owner-Manager Firm

Wallick and Stern-Hendy Announce Combination

Columbus, OH (10/30/2008) -

In a move that will create the state’s largest owner and manager of affordable housing, The Wallick Companies, Columbus, and Stern-Hendy Properties, Cincinnati, announced today the merger of the firms' operations. It is expected to be complete by December 31.

The merger results in growing the combined portfolio to more than 12,000 units. Currently Stern-Hendy manages 4,000 units in southwest Ohio and northern Kentucky, and Wallick manages 8,300 units throughout Ohio as well as in Illinois, Indiana, Kentucky and Wisconsin.

"This is a terrific opportunity for both companies,” said Tom Feusse, CEO of The Wallick Companies. “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."

Wallick's management team will be responsible for the day-to-day operations of the combined property management business, operating out of Columbus. Stern-Hendy principals David Hendy and Brian Hendy, while staying in Cincinnati, will join Wallick’s development team. The merger creates the following companies:

• Wallick-Hendy Development for project development
• Wallick Construction for construction projects
• Wallick-Hendy Properties for property management

"We look forward to joining forces," said Dave Hendy, president of Stern-Hendy Properties. "The opportunity for Brian and me to once again fully focus on development is something we have wanted. Together, working with Wallick, we believe will generate a number of new business opportunities."

Co-owners Howard Wallick and Julie Wallick said the merger enables Wallick 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. By creating the largest affordable housing company in Ohio we greatly expand our abilities to serve our constituency," they added.

Founded in 1980, Stern-Hendy has managed a wide range of properties, focusing on low- and moderate-income housing. It employs 140 full- and part-time associates.

Based in Columbus, Wallick is one of Ohio's largest owner-managers of affordable housing, operating three business divisions: Wallick-Hendy Development, Wallick Construction, and Wallick-Hendy Properties. The companies, with 625 employees, specialize in affordable multifamily housing in the Midwest and other select regions of the U.S. Through its various operations, Wallick has developed and built hundreds of apartment complexes and currently manages more than 8,000 residential units in more than 100 properties. Founded in 1966 by Jack Wallick and currently owned by his children, Howard Wallick and Julie Wallick, the family businesses adhere to their founder’s ideals of integrity and consistent quality. Additional information is available at www.wallickcos.com.

Media Contact
Kathleen Murphy
Murphy Epson
(614) 221-2885 x16