TORONTO, Oct. 8, 2014 /CNW/ - Revest Asset Management announces the recent closing of Community Partners Limited Partnership, a private US$10 million US real estate equity fund formed for the purpose of acquiring distressed US residential real estate. Once fully deployed, Community Partners LP will own a portfolio of approximately 300 single family rental properties in Southeastern Florida.
"We were pleased at the interest level from high net worth investors, family offices and institutional players," said Greg Coleman, Revest's Toronto-based co-founder and CEO. "Investors understood the investment strategy and were excited at the chance to participate in the recovery of the US housing market."
Howard Steinberg, Revest's Florida-based co-founder and COO, said that "we see an abundance of opportunities for residential acquisitions in the Florida market. The perception that the US housing market has recovered is simply not correct – Florida leads the country in ongoing mortgage defaults and we continue to buy single family homes at well below replacement cost and to rent them out for top dollar. The combination of strong current yield and long-term capital appreciation is very attractive."
The fund is currently more than 75% deployed, and Revest anticipates full deployment by the end of October, 2014, following which Revest plans to launch a second Community Partners real estate fund.
Revest Asset Management is a Toronto-based asset manager with operational headquarters in Delray Beach, Florida. Revest specializes in the acquisition, renovation, leasing and management of distressed single family homes in Florida.
Image with caption: "Revest Asset Management (CNW Group/Revest Asset Management)". Image available at: http://photos.newswire.ca/images/download/20141008_C3944_PHOTO_EN_6435.jpg
SOURCE: Revest Asset Management
For further information: For more information on Revest Asset Management, please visit us at www.revest.com, or contact Greg Coleman by email at [email protected] or by telephone at 416-414-4656.