R3 Management acquires bulk condominium portfolio in South Florida
MIAMI BEACH, Fla., Dec. 6, 2012 /PRNewswire/ -- R3 Management announces the closing and acquisition of a bulk condominium portfolio in South Florida. Jeffrey Hall, R3's Managing Partner, said that the purchase represented its first bulk transaction and supplements its growing investment activity within the recovering US housing markets. He further noted that R3 has other similar transactions in the pipeline and expects to continue to grow the portfolio of properties it invests in and manages in South Florida and Northern California with its own capital and that of investors. "When considering the generous cap rates and steep discounts to peak, we believe US residential real estate will prove to be one of the more interesting assets classes for the coming years", said Mr. Hall.
R3, with offices in Greenwich, CT and Miami Beach, FL, is a comprehensive real estate investment firm with a full complement of experienced partners that cover all aspects of real estate management for longer term financial investors. With a long history of distressed infrastructure and asset backed investments, R3's management team is focused on investments in distressed single family homes, townhomes and condominiums. Acquisition methods include short sales, foreclosure sales, bulk bank portfolios and other sources.
SOURCE R3 Management