Search
 

Lawler Wood To Shed Half of Portfolio

KNOXVILLE, TN-In a deal that will cut the size of its portfolio in half, Lawler Wood Housing LLC will shed its general partner interests in 20 affordable housing properties in seven states.

By Sule Aygoren Carranza | Updated on March 02, 2008

[IMGCAP(1)] KNOXVILLE, TN-In a deal that will cut the size of its portfolio in half, Lawler Wood Housing LLC will shed its general partner interests in 20 affordable housing properties in seven states. The buyer of the 3,911-unit package is Eagle Point Enterprises LLC, a Portland, ME-based developer of affordable housing. The transaction, the terms of which were not disclosed, is scheduled to close late this summer.

The strong investor appetite for multifamily product is what drove Lawler Wood to sell the assets, says the locally based firm’s president, Phillip O. Lawson. The company has been active in the affordable housing sector for more than 30 years, he says. “We had built up our portfolio pretty substantially and we felt like selling off part of our properties would allow us to bring some more capital into the business,” he explains. “We’d also become aware of the activity in the sales of general partnership interests in tax credit deals and were in fact approached by several people about that.”

While the firm considered bringing the portfolio to the general investor community, in the end it decided not to market the properties for sale. Eagle Point Enterprises was one of two potential buyers that were in the running, Lawson says. While the purchase price is confidential, he adds, “we got what we felt was a very adequate price.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.