Source: DAAG / #Multifamily #Apartments
NEW YORK, NY - Distressed Asset Acquisition Group, Inc.announced that it will establish a new distressed residential/apartment real estate acquisition fund. The fund will focus on purchasing both core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions. DAAG, along with several financial partners, will invest up to $50 to $100 million cash to acquire residential properties and apartments across the country in 2012.
The fund will also target properties in need of recapitalization, monies will also be invested into fee-simple transactions and debt purchases secured by multifamily properties.
"Even though apartment rents are currently down and vacancies and concessions are higher than in recent years, we strongly believe the apartment sector will recover nicely by 2012 and beyond," said Frank Castellano, President of Distressed Asset Acquisition Group, Inc.
Distressed Asset Acquisition Group, Inc. Is a buyer of distressed assets primarily real estate however the company will consider other sectors, also a lender of hard money for commercial and residential real estate. The company also will lend to small businesses. The company believes that the strategy of hard money lending works in conjunction with acquiring distressed assets.