Lincoln Avenue Capital (LAC) has acquired a majority interest in 37 of LHP Capital’s multifamily properties in a $125 million transaction.
“This partnership with Lincoln Avenue Capital will create a synergy that will leverage our respective strengths and deliver significant value to our stakeholders and the communities we serve,” said Phil Lawson, LHP Capital chairman, in a statement.
The firm said it evaluated several prospective equity investors and identified LAC as the organization that most closely aligned with its guiding values and mission. One of the nation’s fastest-growing developers, investors, and operators of affordable housing, LAC has a portfolio that includes 89 properties, comprising 15,300 units and serving more than 30,000 residents across 15 states.
“Lincoln Avenue Capital is proud to partner with LHP, a leading affordable housing developer and manager, to deepen our commitment to advancing solutions to the affordable housing crisis in communities across the country,” said Jeremy Bronfman, CEO of the Santa Monica, California-based firm. “We do not just invest in properties, we invest in communities and the individuals who live in them.”
Headquartered in Knoxville, Tennessee, LHP will retain an interest in the 37 properties and will also continue to manage the sites through its property management division. These properties comprise a portion of LHP’s nationwide portfolio of 58 properties in seven states.
Since 1998, the company formerly known as Lawler Wood Housing and rebranded LHP in 2015, has developed more than 13,750 apartment units at 105 properties in 13 states, completing more than $1.2 billion in development activity.
