Non-traded, Delaware limited partnership, United Development Funding III, L.P. (UDF III), has formed a special committee to discuss strategic alternatives that could provide liquidity for its investors.
The committee is composed of independent advisors and will explore options that include a possible sale involving the partnership, a listing on a national exchange, an acquisition transaction, and/or a merger with a publicly listed company.
UDF III was organized in 2005 with a focus on financing the acquisition and development of land for median-priced residential housing. The fund is now closed to new investors.
Hollis M. Greenlaw, CEO of the company’s general partner, UMTH Land Development, commented, “Our cohesive team of senior management and asset managers provides a wealth of homebuilding and land development experience and has consistently demonstrated our ability to execute our strategic plan by acquiring and managing residential real estate loans and producing a stable yield.”
He continued “The strength of the housing recovery presents an optimal time to evaluate opportunities to facilitate our continued growth in Texas and expand into the largest homebuilding markets across the country. We now look to add further value and investor liquidity through the pursuit of one or more strategic alternatives.”