Cashel USA Property Partners Selects PropertyAccess as National Property Management Vendor for its $500 Million Investment in US Foreclosure and REO Properties 0
Austin, TX (PRWEB) February 08, 2012
PropertyAccess, a leading provider of national property management services for professional investors, today announced an agreement with Cashel USA Property Partners in which Cashel will purchase up to $ 500 million in distressed single family residences in the United States. As part of the agreement, PropertyAccess will work closely with Cashel in the assessment and acquisition phase before going on to manage the entire lifecycle of the purchased properties from renovation, maintenance, rental management and future resale.
There is a new asset class emerging in the United States, the single family rental (SFR). The amount of interest its garnering from the capital markets coupled with the unprecedented volume of potential inventory is creating an economic opportunity that hasnt been available before in residential rental housing, said Paul Hayman, CEO, PropertyAccess. This opportunity brings with it dramatic social and economic benefits that can positively impact families and neighborhoods across America while at the same time providing economic returns for investors. Cashels decision to invest in the United States distressed housing market is a significant milestone for the industry and key indicator of the potential return investors can foresee from converting foreclosed and REO properties into rental opportunities.
The Federal Housing Finance Administration (FHFA) recently began the pre-qualification process for investors interested in acquiring and renting REO properties from the FHFA. As part of the pre-qualification process, investors must prove they have the financial means to bid on and hold properties long-term and the property management expertise to ensure properties are well maintained throughout the life of the investment.
For investors like Cashel who are seeking to optimize returns of their large SFR portfolios, PropertyAccess and its partners offer an unparalleled single source solution to manage every stage of the property lifecycle including: