
Norfolk, Virginia-based Lawson, a multifamily developer and manager, has a succession plan in place for the end of 2025. President and CEO Carl Hardee will retire at the end of the year, with senior vice president and chief financial officer Aaron Phipps, who joined the firm in 2013 and has over 25 years of investment real estate experience, taking over the role.
In 1991, Hardee joined the firm as a regional property manager at Lawson Realty Corp., its property management subsidiary. He earned promotions throughout the years, including becoming president of Lawson Realty Corp. in 1996, vice president and chief operating officer of The Lawson Cos. in 1999, and finally president and CEO in 2016.
During his tenure, Lawson grew from a 2,500-unit property management firm to one that focused on development, construction, and management with over 5,100 units in its portfolio. It also has had a focus on affordable housing, developing over 30 new low-income housing tax credit (LIHTC) developments with more in the pipeline.
Hardee will remain with the firm through the end of this year to assist with a seamless transition. Multifamily Executive caught up with him to talk about the transition, his multifamily career, and what’s in Lawson’s pipeline for 2025.
Reflecting on your career at Lawson, what accomplishments are you most proud of during your tenure as CEO?
First, I’d like to share how humbled and honored I am to have had the wonderful experience of serving at Lawson since 1991. The Lawson family members are incredible individuals, and the team has been filled with so many good people through the years. Looking back, I’m most proud of what we collectively accomplished as a team. We have made a positive impact on so many people in our lives—from residents, team members, business partners, and the community at large. In 2018, together with the other members of the Lawson Leadership Team we took a good, hard look at ourselves and restated why we were in business. Positively Impacting People is the reason—it’s what gets us up in the morning and is our guiding light. We also tried to figure out our niche, which we determined is to create opportunities through real estate. We concentrate on achieving these two critical things in everything we do. I’m so impressed with the excellent job the team has done creating quality housing that so many families call home.
What goals do you have for your final year as CEO?
My primary goal of 2025 is to assist in a smooth transition with my successor, Aaron Phipps, and the team. Aaron is a seasoned real estate professional with over 25 years of experience. Prior to Lawson, he worked with a REIT and private equity firms. He has been with our organization for over 11 years as our chief financial officer along with now overseeing development, debt and equity partnerships, and investment partnership management. I am excited to see what he; Julie Richardson, our chief operating officer (the glue to keeping Lawson running smoothly); Susan Satira, the president of our property management subsidiary; and all the other wonderful professionals here will accomplish. I truly believe they will take Lawson to new heights.
Is Lawson still involved on the affordable housing side?
Yes, affordable housing is the primary new construction focus for our organization. Bob Lawson, our founder, and his son, Steve Lawson, who followed his father’s footsteps, have led our team to be one of the first and most active LIHTC developers in Virginia. Steve still plays an active and critical role in helping guide our team as our chairman of the board. He is an affordable housing advocate and leading professional in the housing industry at the level and has spoken before the Federal Reserve Board and congressional subcommittees for years.
What’s in Lawson’s pipeline for 2025?
Besides six LIHTC communities under construction, we have another three (possibly four) communities in the pipeline anticipated to close before the end of the year. This incredible team is making a tremendous difference in helping solve the significant affordable housing supply challenge we have in Virginia.
Tell me about a recent project that opened or will open soon.
We are excited with the recent opening of The Landing at Mason’s Bridge in Woodbridge, Virginia. It is our largest LIHTC community ever built and will help 342 families with Class A construction at affordable rental rates. This new community is currently leasing up and anticipated to complete construction early this year. Some of the amenities include a fitness center and a pool. Also, its location is ideal, sitting adjacent to the Interstate 95 and Route 123 Park & Ride commuter lot near the Occoquan exit off Interstate 95.
How has the multifamily industry evolved during your time in the industry?
I have seen the supply problem continue to proliferate not only of affordable housing but housing in general (both rental and for sale). What continues to give me hope is the success and ongoing support of the LIHTC program to help fund affordable housing throughout the nation. We are fortunate to have an incredible state housing finance agency in Virginia Housing that administers this program. Additionally, I am encouraged that housing is now being talked about as problematic at every level of government. Most recently, the city of Richmond came up with an innovative program—the Affordable Housing Performance Grant—that is a game-changer to help the development of affordable housing. This year, the creator of this program with Richmond’s Planning & Economic Development partnered with one of our development team members and our real estate attorneys to form a panel to educate participants at Virginia Housing Alliance’s Housing Credit Conference and again at the Virginia Governor’s Housing Conference. Innovation and this type of public/private partnership to share ideas and encourage other municipalities and housing professionals to adopt it is how real change occurs.
What would you like to see for the industry’s next chapter?
Regulatory controls played such a huge part in creating the housing supply challenges. NPR reported in April 2024 that there was a shortage of an estimated 4 million to 7 million homes. What I’d like to see is real effort and improvement occur with more than just a few municipalities where they work together with housing professionals to create ways to best meet the housing needs of people in all communities. We continue to hear from many sources about the positive impact that stable housing has on people’s lives. Solving the shortage must take precedence.
What concerns you most heading into 2025?
We have seen a shift in the workforce. If my memory is correct, the National Association of Home Builders used to state that for every five baby boomers retiring from the construction trades, only one skilled laborer was entering the market. Institutional knowledge is slipping away and not being taught to the next generation. I’m talking about the teaching of best practices learned through experience in the field. I’d love to see more of the Mike Rowe “Dirty Jobs” mentality embraced—that whatever you decide to do in life, it is important. We need more people doing the work that helped build this nation. It is honorable!
Aaron Phipps is expected to be appointed as your successor. What advice do you have for him in the role?
As stated above, Aaron has so many good qualities that will serve him well. He is going to do a great job. My fundamental belief is that what matters most are the people in our lives. Lawson is comprised of extremely talented people who care. My advice is to continue the good practices he already exhibits to collaborate and work collectively to establish the right direction for Lawson and provide the guidance, resources, and problem-solving space needed to succeed. Doing these things will carry on the great legacy Bob Lawson created in 1972 well into the future.
What’s next for you once you retire?
The sense of serving others and philanthropy is one that was taught to me from my father at a young age. I believe that everyone can give of their time and whatever level of gifts we may have to give. Helping others was further enhanced through my military experience and in the home I found afterward at Lawson with such a quality company and team embodying this spirit. This desire continues to be what drives me—to make a positive impact in the lives of others. I plan to continue to serve on boards that have this culture (TowneBank and the Southeastern Virginia Community Foundation are two of them), and I’m searching for more opportunities with the newfound available time where, God willing, I may make a difference. I also hope to go on mission trips to help families locally, nationally, and possibly abroad, along with helping our church and other individuals or organizations making these efforts in our community.