facebook
twitter
rss
account
search
search
 

Wall Street builds Phoenix houses to rent

March 10, 2013 at 5:23 PM   |   Comments

PHOENIX, March 10 (UPI) -- The brother-in-law of former Arizona member of Congress Ben Quayle said he and other investors are building new houses to be rented in the Phoenix area.

Darryl Berger Jr., a real estate investor and Quayle's brother-in-law; Matt Blank, a co-founder of hedge fund Longpond Capital; and Sam Blank, a former executive with real estate private equity fund RCG Longview told The Arizona Republic he and his partners formed the investment and construction firm "to take advantage of Arizona's exploding housing recovery."

Since 2009, investors purchased tens of thousands of houses in all-cash deals, helping to drive up the region's median home price 35 percent in the past year.

However, in the past year, hedge funds and real estate investment trusts bought metro Phoenix homes from other investors, who purchased them only two to three years ago, The Republic said.

An Arizona Republic analysis found at the end of 2012, almost 25 percent of all the region's homes were owned by investors, but what investors plan to do with the more than 300,000 homes they now own in metro Phoenix is is unknown, the newspaper said.

Topics: Matt Blank
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
2
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
3
Boeing exploring collaboration with Danish firm to develop UAV Boeing exploring collaboration with Danish firm to develop UAV
4
Creator of 'Honey Badger Don't Care' brand sues for trademark infringement Creator of 'Honey Badger Don't Care' brand sues for trademark infringement
5
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
Trending News
Video
x
Feedback