Interest in 20-Property Affordable Housing Portfolio to Change Hands
- Feb 08, 2008
A deal has been struck for the Eagle Point Cos. to acquire Lawler Wood Housing L.L.C.’s general partner interest in 20 affordable housing apartment communities. The assets, situated in seven states, account for an aggregate 3,911 units. Thirteen of the properties involved are in Tennessee, with the remaining located in other southeastern states. While the transaction will reduce Lawler’s portfolio of residences by 60 percent, the company is hardly getting out of the game. Lawler’s decision to sell was prompted by the fact that the apartment market is currently booming across the country. A division of Lawler-Wood L.L.C., Knoxville, Tenn.-based Lawler Wood Housing owns, develops, manages and rehabilitates multi-family properties. In 2006 alone, the company acquired a total of nearly 2,000 units. Portland, Maine-headquartered Eagle Point is a national real estate development and management firm that engages in the acquisition and preservation of affordable, multi-family properties. It currently has a portfolio of 5,366 affordable housing units under its control in seven states and Washington, D.C.