PHILADELPHIA, July 29, 2019 /PRNewswire/ -- TCS Anika Homes, a Philadelphia based real estate firm, has launched its first open-ended fund for the purchase and renovation of single family workforce housing units in Philadelphia. All homes will be gut renovated and feature all new roofs, plumbing, electrical, and HVAC and will boast high quality finishes seldom afforded to the more financially challenged tenants in the communities they are located in.
The firm is a JV between private equity firm Anika Equities, TCS Investment Group, and TCS Management, the largest 'scattered site' property management company in Philadelphia with over 3,000 single family units currently under management. Partners Daniel Edrei, Ben Oller, Rebecca Oller and Gaurav Gambhir will lead the venture.
"We are really excited to be building beautiful homes and revitalizing communities for a demographic that is largely underserved," comments Daniel Edrei, Managing Partner of TCS Anika Homes and Anika Equities.
"While many developers are gentrifying communities and displacing the current tenancy, we are building beautiful homes for the existing population," says Partner Ben Oller.
For Fund I, the firm will be selling off portfolios of completed, leased, and stabilized Turnkey SFR Housing but Edrei claims that the group intends to roll out another fund with a minimum 5-year hold strategy imminently. "We are very bullish on this asset class and investment strategy and believe it to be largely recession-proof," says Edrei, who believes that the real estate market is overdue for a correction. The firm expects to invest at least $10 million over the coming year.
For more information on TCS Anika Homes, to talk to an acquisition officer about selling your home, or to inquire about investing, please visit www.tcsanikahomes.com.