During the recent economic slump, many Texas real estate lawyers saw a slump in their practices, too. But for Matthew N. Hudnall, general counsel of Stratford Land, business has been brisk. “In this real estate distressed market we’re seeing a lot of opportunities,” Hudnall says.
Stratford Land is a privately held land investment company founded in 1998 that manages four funds with about $600 million in assets, Hudnall says. In addition to its Dallas headquarters, the 30-employee company has offices in Atlanta; Denver; Jacksonville, Fla.; Phoenix; and Raleigh, N.C. Hudnall says Stratford Land’s strategy is to acquire land, either directly or through joint ventures; hold the land for three to seven years while preparing it for development by future purchasers; then sell the land at a profit. “What gets you in trouble in our business is using a lot of leverage,” he says. “With the available capital through our funds we are able to make land acquisitions really on an all-cash basis.”
