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Changing directions.

Changing Directions

Fort Smith-based ERC Properties, Inc., one of the largest single family home builders in the Southwest, is getting out of the single family housing market. The decision was made May 3.

President Rod Coleman says the volatility of interest rates and changing lending requirements have made it hard to turn a profit in the affordable housing ($50,000 range) market, the cornerstone of ERC's business.

ERC has built thousands of homes in Arkansas and Oklahoma, among them 125 houses in Little Rock's Pointe West and 100 houses in the Rolling Oaks subdivision of Maumelle. In fact, the company will be selling off about 40 undeveloped lots in Maumelle.

ERC now plans to expand its efforts in multi-family housing and property management. It presently owns and/or manages $100 million worth of multi-family property in this region.
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Title Annotation:ERC Properties Inc. gets out of single family housing market
Publication:Arkansas Business
Date:May 13, 1991
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