Fiduciary Appointed to Wind Down Single-Asset Real Estate Partnerships

A member of Harney Partners currently serves as a court-appointed receiver to wind down and liquidate the real estate assets of two single-asset partnerships where the general partner and a limited partner have been engaged in protracted litigation. Both sites are income producing, but their highest and best uses are as land plays to raze the current structures for future vertical development in the central business district of Austin, Texas.

The Solution
While managing both properties and the related income streams, Harney located and engaged different brokers for each site to conduct a robust sale process which resulted in the first and second highest PSF land price ever in the State of Texas.
Harney obtained contested court approval to sell one 0.94-acre tract for $77 million and another 1.2-acre tract for $95 million.
The Results
This matter is still pending, and at the contract prices, Harney anticipates distributing more than $100 million to equity holders in this matter.
Services & Roles
Fiduciary Services
Court Appointed Receiver
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*Some engagements may have been performed by team prior to joining Harney Partners.
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