NATIONAL: Foreclosures Draw Private Equity as U.S. Sells Homes
February 7, 2012
BLOOMBERG – Foreclosures Draw Private Equity as U.S. Sells Homes
By John Gittelsohn – Jan 31, 2012 10:51 AM CT
Private equity firms are jumping into distressed housing as the U.S. government plans to market 200,000 foreclosed homes as rentals to speed up the economic recovery.
GTIS Partners will spend $1 billion by 2016 acquiring single-family homes to manage as rentals, Thomas Shapiro, the fund’s founder said. That followed announcements this month that GI Partners, a Menlo Park private equity fund, expects to invest $1 billion, and Los Angeles-based Oaktree Capital Management LP will spend $450 million on similar housing. Read more:
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