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11.02.2015


The strategy the smart money has been pursuing became public on April 30, when Leon Black, CEO of private-equity giant Apollo Global Management, explained to an incredulous Fed-bedazzled world, “We’re selling everything that’s not nailed down.” Since then, PE firms and hedge funds have sloughed off assets by any means possible, including IPOs. The latest in the bunch: Oaktree Capital Group and its partner Carrington Mortgage Services are trying to dump a portfolio of 500 single-family homes that they’d bought out of foreclosure, Reuters reported.
At least it was hot last year when Blackstone Group jumped into it, eventually gobbling up32,000 foreclosed single-family homes in a dozen states for $5.5 billion, praying for, and getting, Fed-induced home price increases. In the process, these homes were removed from the closely scrutinized for-sale lists and added to the for-rent lists, where they still languish. The evil combination of jumping prices, sky-high vacancy rates, and compressing rents has raised the distinct possibility that the business model of buy-to-rent might not work – and that vast amounts of capital will be destroyed as this is being sorted out. The Wall-Street funded, Fed-instigated buying frenzy has turned single-family homes, the bedrock of American society, into another speculative Fed-driven asset class, where prices jump and crash erratically. So, in this market where first-time buyers have become rare – down to 29% instead of the 40% in a healthy market – and where mortgage rates and prices have jumped, pushing these homes beyond the reach of many strung-out consumers, how can big investors dump hundreds or even thousands of homes at a time? Blackstone planned to bundle monthly rental payments of about 1,500 to 1,700 of its homes into structured synthetic products to be hawked by Deutsche Bank to its hapless clients. Oaktree had already soured on the buy-to-rent business and had told its partner Carrington in the spring that it didn’t want plow more money into it, according to Reuters.
American Homes 4 Rent bought 19,000 single-family homes, Colony American Homes nearly 18,000, Silber Bay Realty Trust 5,370, Waypoint Homes 4,620, American Residential Properties 2,530…. It relies on sales contracts reported to the MLS data bases upon signing in the 19 metro areas where Redfin is active.
And of the active listings, 26% had their prices lowered, a four-year high – up from 11% in December.


A number of companies, including American Homes and Silver Bay, have converted their portfolio into publicly traded REITs to be shoved into mutual funds and then into retirement accounts. So they tried to go down the route of converting their portfolio into a rental REIT and unloading it to the public, but then abandoned that plan, given the rough waters REITs have encountered.
If you require further details regarding the transaction data, please contact the supplier directly.
As always, banks are eager to fund any craze, with Deutsche Bank alone issuing $3.6 billion in loans for these purposes. In total, PE firms, rental REITs, and hedge-funds have raised over $17 billion to buy over 100,000 vacant, foreclosed single-family homes since 2011.
But single-family homes that had been bought out of foreclosure suffer vacancy rates of about 50%. Brainwashed by media hype or given to wishful thinking, sellers had come up with asking prices that hit a wall of buyer resistance. The Fed has conveniently provided a bit more time by dillydallying around with its decision to taper its money-printing binge, while simultaneously downgrading the economy for the third time this year. But “the asking price for the portfolio,” Reuters pointed out, “could not be learned.” Given recent trends, whatever that asking price may be, it may have to be lowered.
You just pay your first two month's rental payments, which are based on the price of the model and size you select. All this craziness drove up home prices at double-digit rates and “fixed” the housing market.
The sale price of $240 per square foot is one of the highest prices per square foot ever recorded for a Florida self storage property, according to Marcus & Millichap.


The location you select must be accessible at all times by a truck and trailer for delivery, and during your Rental Contract. After 36 on time payments, you will own your unit and will receive a Certificate of Ownership. At the time of the sale, there were 838 climate-controlled units and 101 wine storage units.
Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the sellers, local private investors.
Mele and Elliott also procured the buyer, Strategic Storage Trust II Inc., a public non-traded REIT. You are not required to keep the building if your building becomes a financial burden, or for any reason you no longer need the building. There must be clear access to the delivery location, and the lot should be no more than 30" out of level. Graceland guarantees the building to be set up and tied down properly to insure your total satisfaction.Tired of driving across town to get your Christmas decorations?



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