EL PASO AND DALLAS, TEXAS — El Paso-based Hunt Cos. and Dallas-based Pinnacle Family of Companies have completed an agreement in which the vast majority of a military housing portfolio owned by the two companies will be transferred to Hunt. The two companies own 10,000 units of housing developed under the Military Housing Privatization Initiative (MHPI). As part of the agreement, ownership of 8,000 of the units will be transfered to Hunt. The remaining 2,000 units will be unaffected in the near term.
The units are contained within 13 projects located at air force bases across the country. The bases include Maxwell AFB in Alabama; Little Rock AFB in Arkansas; Bolling AFB in the District of Columbia; Patrick AFB in Florida; Moody AFB in Georgia; Barksdale AFB in Louisiana; Hanscom AFB in Massachusetts; Columbus AFB in Mississippi; Vance AFB in Oklahoma; Goodfellow, Laughlin and Randolph bases in Texas; and Langley AFB in Virginia.
??In a joint press release, the two companies stated that they will not pursue joint venture projects with each other from this point forward. However, both companies will continue to pursue MHPI projects independently as well as compete against each other on projects. Pinnacle will continue to own and operate more than 10,000 military housing units. Hunt's portfolio will increase to 33,980 units, 15,581 of which are directly managed by the company.??
The transfer of ownership will take place over the next three months.??
— Coleman Wood