Skip to comments.Private equity firm sees profit in Chicago-area foreclosures [bulk real estate purchases]
Posted on 10/04/2012 11:59:21 AM PDT by Lorianne
$2.1 million stake in 94 properties is part of federal pilot program to sell distressed real estate in bulk ___ A New York-based private equity firm is the latest investor entering the Chicago area's market for distressed homes.
The Cogsville Group LLC paid about $2.1 million for an equity interest in 94 foreclosed properties from Fannie Mae that stretch from the Wisconsin border to the South Side of Chicago.
The properties include 111 rental units, 68 of which are occupied. The transaction, part of a pilot program to sell foreclosures in bulk in hard-hit housing markets, was announced Tuesday by the Federal Housing Finance Agency, Fannie's conservator.
(Excerpt) Read more at articles.chicagotribune.com ...
Was Cogsville Group LLC bailedout?
I don’t know but good question. I’ll dig around and see what I can find.
Looks like Cogsville Group is tied to Maxine Waters D-CA. Apparently they are a minority owned firm.
The Cogsville Group Acquires 94 Chicago Properties from FHFA Bulk Sale
Cogsville Winning Bid on Fannie’s REO Pilot