- The portfolio, which was closed quickly with all cash, includes loans secured by California real estate and business assets, including industrial, office and retail buildings;
- G8 Capital has acquired 45 non-performing or distressed commercial loans across multiple portfolios since last year
LADERA RANCH, CA – November 7, 2011 – G8 Capital announced today that it has completed the acquisition of a $6.2 million portfolio of distressed commercial loans from a major U.S. banking institution. The acquisition was closed quickly with all cash, and the portfolio is comprised of loans secured by California real estate and business assets, including industrial, office and retail buildings.
G8 Capital continues to be one of the most active buyers of distressed commercial and residential real estate loans and properties from banks and government agencies. In addition to its significant residential property acquisitions, G8 Capital has acquired 45 non-performing or distressed commercial loans across multiple portfolios since last year.
“G8 Capital has forged strong long-standing business relationships with most of the top banks and government lending agencies in the U.S. This latest portfolio acquisition from a leading U.S. bank illustrates how we are able to close quickly – often with all cash – to benefit banks and government agencies, as well as secure unique and attractive opportunities for investors,” said Evan Gentry, president and CEO, G8 Capital. “We have already started working with the borrowers of this most recent portfolio with a focus on creating workable solutions for all where possible.”
G8 Capital is actively acquiring bulk portfolios with assets throughout the United States with an emphasis in the Western states, Texas and Florida. G8 Capital has proven a valuable partner for sellers seeking to get fair wholesale value for their REO portfolios, as well as their performing and non-performing residential and commercial loan portfolios.
Once a portfolio is acquired, G8 Capital’s approach is to work closely with the borrowers to assess their situation and determine work-out solutions where possible. Work out solutions may include short sale, obtaining deed in lieu of foreclosure, or restructuring the loan.
About G8 Capital
G8 Capital (www.g8cap.com)is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions, government agencies and other sellers that are looking to get fair value and timely execution.
By Marilyn Kennedy Melia
Fox News
September 26, 2011
Investors are buying foreclosed single-family homes and renting them out — and they often rent them to families who have lost homes to foreclosure.
“Families that have gotten used to single-family property living typically prefer renting a home as opposed to an apartment,” says Evan Gentry, president and CEO of G8 Capital, a Ladera Ranch, Calif., private equity fund that has bought 3,000 homes, leasing many to renters.
Investors — individuals and large-scale funds — are buying with the aim of offering the houses for rent because selling at a quick profit isn’t possible.
Families who have been through foreclosure are not alone in preferring a backyard to an apartment courtyard, says Claire Williams, 2011 president of the Michigan Association of Realtors. “Transferees are looking to rent the home they’ve left and rent another where they’re relocating. They don’t want to sell because of the decline in values,” Williams says.
Finding Properties
Neighborhoods that have been hit hard by foreclosure or big price drops are especially likely to have single-family homes for rent, says Mike Bowman, owner of Century 21 Mike Bowman, in Dallas.
Moreover, there could be an increase in single-family homes for rent. In August, the Obama administration called for studying how homes owned by Fannie Mae and Freddie Mac could be rented.
One idea being studied, says Josh Fuhrman, senior vice president of the nonprofit Homeownership Preservation Foundation, is for banks to acquire a property and quickly sell to an investor who could then rent it out — possibly to the family who never left the house, even after foreclosure proceedings began.
Many of the current homes for rent are managed and listed by real estate firms, Bowman says. Additionally, the same channels that list apartments, such as Craigslist.com, are likely to advertise homes for rent, says Aaron Murray, vice president of G8Capital.
Meeting Landlords’ Requirements
Investors buying vacant properties often know families recovering from foreclosure are a significant force in the market, and many have adjusted their requirements for eligible tenants. “A careful review of someone’s credit history can often help landlords determine the difference between someone caught upside down on a home or who had a temporary job loss versus someone who has a long history of late or nonpayments,” Murray says.
Bowman says he advises renters to prepare a letter explaining the circumstances that led to foreclosure and how they have recovered financially.
Some landlords “still insist on a credit score of 720,” says Williams. But in some areas, she says, landlords realize the market demands more flexible standards.
Setting Rent Rates
With today’s low mortgage interest rates, it’s possible foreclosed families could pay more in rent than someone with good credit and cash for a down payment would pay for his or her monthly mortgage payment, says Christopher Thornberg, founding principal of Beacon Economics, a Los Angeles real estate and economic consulting firm.
Many families, not just those who have been through foreclosure, says Williams, find that renting is the only financially viable option for them — either because they can’t sell a former home, have poor credit or fear further home price declines.
Planning to Purchase?
When house prices stabilize, Gentry says, their firm and others might offer plans for renters to buy the houses they occupy.
One such method, called “lease option to buy,” involves charging a renter a premium on top of the regular rent rate. The premium, which may be $100 or more monthly, guarantees the renter can buy the home at a certain price at a certain date — for example, two years after the contract is signed.
Another method is the “contract purchase” whereby the renter pays the investor holding the house a mortgage payment for a few years, with the agreement that in a certain number of years, such as three or four, the renter will get a mortgage from a regular lender and be able to assume ownership from the investor. The mortgage payments paid during the contract period are used to reduce the purchase price when the renter gets regular financing.
“It depends on individual circumstances whether these plans will work for the family,” says Barry Zigas, housing analyst for the Consumer Federation of America.
For one thing, “people often misjudge that they’ll be in a house for a certain amount of time. In this volatile job market, you could find you need to move,” Zigas says. He believes individuals are in a poor position to predict what house prices will be.
Moreover, he likes to see part of the premium on a lease option contract to be put in escrow, allowing the money to be used toward the down payment on the purchase.
Individuals should call a housing counselor, says Fuhrman, to analyze whether these purchase plans are viable for them.
- G8 Capital Surpasses 3,000 Single-Family REO Acquisitions Since 2008;
- G8 Capital Has Completed More Than 30 Bulk REO Portfolio Acquisitions;
- G8 Capital Is Successfully Helping Financial Institutions and Government Agencies Get Fair Wholesale Value for Their REOs and Loans Despite the Economic Downturn
LADERA RANCH, CA – September 6, 2011 – G8 Capital announced today that it has surpassed 3,000 Single-Family REO properties acquired since 2008. Leveraging long-standing business relationships, G8 Capital continues to be one of the most active buyers of bulk single-family REO portfolios from banks and government agencies. The firm has completed more than 30 bulk REO portfolio acquisitions since 2008.
Although G8 Capital has successfully repaired and sold the large majority of REOs acquired, the firm has begun holding single-family properties in a growing rental portfolio. The firm has more than 350 single-family or condo properties being held as rentals today. G8 Capital’s long-term strategies include lease-to-own and contract sales to tenants desirous to own homes. The firm has successfully worked with communities to restore blighted properties and neighborhoods.
“The G8 Capital team has established itself as a partner with sellers of REO portfolios,” said Evan Gentry, president and CEO, G8 Capital. “The firm is well positioned to capitalize on the growing wave of REO properties and increased focus by banks and government agencies to move these REOs off their books.”
G8 Capital is actively acquiring portfolios with assets throughout the United States with an emphasis in the Western states, Texas and Florida. G8 Capital has proven a valuable partner for sellers seeking to get fair wholesale value for their REO portfolios, as well as their performing and non-performing loan portfolios. Once acquired, G8 Capital works hands-on with borrowers and tenants to jointly seek creative solutions that work for all.
G8 Capital is led by a professional, experienced team. The Company was founded in 2007 by Evan Gentry. Previously Mr. Gentry was the CEO of MoneyLine Lending Services. After co-founding MoneyLine in 1996, Mr. Gentry led MoneyLine’s outsourced services business to include 50 banks nationwide. Mr. Gentry also created and led a strategic alliance between Freddie Mac, the American Bankers Association and MoneyLine to provide outsourced mortgages services to community banks nationwide. Mr. Gentry led the sale of MoneyLine to Genpact, a spin-off of GE Capital, in mid-2006.
About G8 Capital
G8 Capital (www.g8cap.com)is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions, government agencies and other sellers that are looking to get fair value and timely execution.
By Robbie Whelan
The Wall Street Journal
August 4, 2011
VALLEJO, Calif.—Agustin Gutierrez, a construction worker from this town in the hills northeast of San Francisco Bay, lost his job in 2009, then, 10 months later, he lost ownership of his home.
Now, the husband and father of four rents the same five-bedroom ranch from McKinley Capital Partners, an investment company that’s at the forefront of a new breed of big-money landlords.
McKinley, which has acquired more than 300 foreclosed single-family homes in the Bay Area over the past two years, recently teamed up with Och-Ziff Capital Management Group LLC, a New York hedge fund, with plans to buy at least 500 more foreclosed homes in the next year. Those homes, too, will be rented to people like the Gutierrez family.
Buying foreclosed homes as investment properties has long been dominated by mom-and-pop investors. But now hedge funds, private-equity firms, pension funds and university endowments are dipping into that market. The attraction is double-digit returns at a time when most bonds and other income investments yield very little.
The most popular strategy is for a big investor to team up with a local company that scouts out houses and finds the renters. The hope is to flip the homes in the future when prices recover.
“It’s kind of the Wall Street meets Main Street phenomenon,” says John Burns, an Irvine, Calif.-based real-estate consultant who has discussed investing in single-family rentals with hedge funds. “The Main Street guys need the capital, and Wall Street needs the expertise.”
At the end of May, 3.5 million loans were at least 90 days delinquent or in foreclosure, according to investment bank Barclays Capital. At the same time, the country’s home ownership rate has fallen, to 65.9% in the second quarter of 2011 from its peak of 69.2% in 2004, according to figures released by the U.S. Census Bureau last month. That drop has produced millions of new renters and helped push the vacancy rate for rental housing down by about two percentage points, to 9.2%.
“The single-family rental market is actually quite large,” said Dennis McGill, director of research at Zelman & Associates, a research firm that follows the housing market. “The average American says, ‘If I’ve got two kids and a dog, I can’t live in a one-bedroom apartment.’”
Zelman recently issued a report saying that in Arizona, Florida and Nevada, states hard-hit by the foreclosure crisis, the number of families renting a single-family home increased 48% from 2005 to 2010.
Large institutional investors could eventually help stabilize the market by soaking up the huge overhang of foreclosures, which could allow housing to begin healing. However, the number of single-family homes being bought by institutional investors is still small compared to the millions of distressed properties. The biggest players in the market are deploying hundreds of millions of dollars, not the billions necessary to make a major dent.
The federal government has a large role as well. The Obama administration is currently considering ways of selling foreclosed homes to investors who agree to rent them out. Fannie Mae and Freddie Mac and the Federal Housing Administration own more than half of all unsold foreclosed homes.
Being a landlord can be a costly hassle for large investors. Unlike apartment complexes, which concentrate hundreds of rental units in one place, investors must buy hundreds of single-family houses that are miles apart, each with separate maintenance problems. Tenants can be troublesome.
“You could have a bad tenant who doesn’t want to pay their rent, or maintain the pool,” says Guy Johnson, an investor who buys foreclosed properties in Nevada, Arizona and California and rents some of them out. “A hedge fund manager doesn’t want to have to be their own plumber or electrician.”
Buying foreclosed properties isn’t easy either. Investors sometimes have to pay thousands of dollars in “cash for keys” payments to the previous homeowners in order to entice them to leave the property, and foreclosed homeowners often damage their homes before they are evicted.
Private-equity giant Carlyle Group LLC tried its luck with the single-family home market two years ago but abandoned the strategy late last year after concluding that the returns weren’t large enough. Carlyle’s strategy was different. The company formed partnerships with local asset managers in California that bought and flipped homes, rather than renting them.
For now, more investors are plunging into the single-family rental market. McKinley, the Oakland, Calif., company that owns Mr. Gutierrez’s house, has already begun to use Och-Ziff money to purchase houses. Its model is to buy homes at an average price of about $100,000 apiece, put between $10,000 and $25,000 in renovations into them, and set the rental rate of the house so that it produces a return of 8% to 12% annually. This often works out to a rent of roughly $1,200 per month.
McKinley and Och-Ziff could see additional returns from selling the houses at a higher price after a few years, once the market has improved. “Two years ago no one thought you could scale this business or that it could be institutionalized,” said Gregor Watson, a principal with McKinley. “Now, you can get very good yields. It’s a very good long-term strategy.” He declined to comment on the Och-Ziff investment. Och-Ziff also declined to comment.
Other large investors have formed rental-housing partnerships.
G8 Capital, a private-equity fund based in Ladera Ranch, Calif., has bought 3,000 homes across the country since 2008, mostly to flip them. It decided last year to begin pursuing a hold-and-rent strategy. It has since bought 250 foreclosed homes as rentals. Carrington Property Services LLC, a Santa Ana, Calif.-based property investment company that manages about 4,500 homes nationally, is in talks with investors to raise funds for a real-estate investment trust, to be called Residential National Trust, which would acquire foreclosed homes for rental. The company plans to buy as many as 5,000 more rental homes in markets including Chicago, Miami, Phoenix and Las Vegas.
Waypoint Real Estate Group, an Oakland, Calif.-based company, has bought 700 homes in the past two years as rental properties. Doug Brien, a former place kicker for the New York Jets who is now managing director of Waypoint, says that his company has approached pension funds, university endowments and large private investment groups about investing in his fund. In July, he says he closed on a financing deal from an Ivy League university endowment, but declined to name the university.
“At some point, there will be a shortage of housing,” Mr. Brien said. “Everyone is realizing that single-family buy-and-hold is the way to go.”
In November, hedge fund manager William Ackman’s Pershing Square Capital Management LP released a report arguing that single-family rental properties are an “under-owned asset class” that would make “an intelligent investment for institutional investors.” Pershing Square predicted that investing in single-family homes and holding them as rentals for 10 years could produce double-digit investment returns, even if U.S. home prices only improved marginally.
All the activity is fueling a renewed debate over whether investors are good or bad for the housing market. In the early days of the housing bust, some community groups discouraged banks from selling foreclosed homes to investors for fear they wouldn’t take proper care of the properties. Some communities riddled with foreclosed homes became slums.
Alan Mallach, a senior fellow with the Brookings Institution in Washington, argues that instead of running from investors, local governments should provide subsidies to investors who buy, rent out and are good landlords for foreclosed properties. “If a neighborhood has a high rate of home ownership, that’s obviously better,” he said. “But in some markets, there was so much inventory coming on the market that the sheer number of properties was destabilizing those markets.”
Mr. Gutierrez, the Vallejo construction worker, now pays $1,800 a month in rent, compared to the $2,500 per month he was paying to cover the cost of his mortgage when he owned the house. He says it bothers him that he no longer owns his home, but is happy to pay less and says his new landlords are good property managers.
He bought the house in 2003 for $340,000 using a $322,700 loan. He refinanced the home five times, driving up the total amount of debt on the house to $400,000. He lost the house to foreclosure in 2009. McKinley paid about $155,000 for the house that year.
“It’s confusing, because sometimes I think it’s my house, but I have to remind myself that it’s not,” said Mr. Gutierrez, who says he doesn’t plan to try to repurchase the house. “It’s sad, but it’s what happened to a lot of people.”
- Seasoned real estate professional, Aaron Murray, joins G8 Capital as VP, Acquisitions;
- G8 continues increased focus on commercial real estate NPLs and REO properties
LADERA RANCH, CA – June 20, 2011 – G8 Capital, LLC is pleased to announce the appointment of Aaron Murray as Vice President, Acquisitions. Murray is a seasoned commercial real estate professional. Murray’s commercial real estate experience will be a great benefit as G8 Capital increases its focus to acquire commercial real estate assets. G8 Capital helps financial institutions, loan servicing companies and other sellers get fair wholesale value for their distressed commercial loans and REO properties.
“We are excited to add Aaron to the team and recognize the value his commercial real estate experience brings to the firm,” said Evan Gentry, CEO of G8 Capital. “His knowledge and experience in this realm will be a great benefit as we increase our focus on acquiring commercial NPLs and properties.”
Prior to joining G8 Capital, Murray has worked in acquisitions, deal analysis and asset management roles at BH Properties and Western Development Partners. Murray also worked on the brokerage side of commercial real estate with both CBRE and Coldwell Banker. Murray holds a Master’s Degree in Real Estate Development from USC.
“I am glad to join a growing and entrepreneurial firm and look forward to using my experience to expand the commercial real estate acquisitions. G8 has a proven track record that is very easy to leverage in sourcing new acquisition opportunities,” said Murray.
G8 Capital continues to be successful in all asset classes, and has increased its focus on acquiring commercial real estate assets, with a primary focus on acquiring non-performing and sub-performing commercial loans and REO properties. The firm also continues to purchase single-family REO portfolios. G8 Capital employs numerous strategies with the loans and properties it acquires to accommodate the interest of borrowers where possible and to maximize returns.
About G8 Capital
G8 Capital (www.g8cap.com) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions and other sellers that are looking to get fair value and timely execution.
- G8 Capital has recently acquired two REO portfolios, representing 497 single-family properties across 24 states;
- G8 Capital closed one acquisition within three days after another buyer failed to perform, again demonstrating its ability to close quickly with all cash
LADERA RANCH, CA – October 8, 2010 – G8 Capital, a private equity real estate management company, announced today that it recently closed on two additional bulk REO portfolios. The nationwide portfolios consist of 497 single-family properties across 24 different states. The largest concentration of properties was in the Western States, with more than half of the properties located in California and Arizona.
G8 Capital purchases bulk portfolios from nearly all the major U.S. banks, as well as many loan servicers and other owners of REO properties who are looking to get properties off their books while receiving fair wholesale value in return. G8 Capital has purchased more than 2,500 REO properties during the current economic down-cycle, and has completed more than 30 portfolio acquisitions over the past three years.
Banks and other sellers continue to work with G8 Capital because of its proven track record and ability to close quickly and on-time. G8 Capital purchases bulk REO portfolios with cash and funds all its portfolio acquisitions with funds from local, high-net worth individuals.
“G8 Capital continues to be sought out by financial institutions throughout the United Sates because we are able to purchase bulk REO portfolios with cash and facilitate quick closings on residential and multifamily portfolios, including those that have challenges associated with them. We are often approached for quick closings after other firms have failed to perform,” said Evan Gentry, president and CEO of G8 Capital. “We are set apart from many other firms by our ability to consistently perform.”
G8 Capital is primarily focused on acquiring single-family and multi-family residential portfolios — purchasing both REO properties and non-performing loan portfolios. G8 Capital employs numerous strategies with the properties it acquires. The strategy varies based on property location, property size and seller requirements. Strategies include renovating properties to sell to retail buyers, selling to local investors and holding properties as rentals for longer-term cash flow.
About G8 Capital
G8 Capital (www.g8cap.com) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions and other sellers that are looking to get fair value and timely execution.
- The portfolio includes 13 performing loans and six non-performing loans;
- G8 Capital has extended its footprint through the Sun Belt states to South Florida
LADERA RANCH, CA – July 21, 2010 – G8 Capital announced today that it has acquired a loan portfolio of multi-family properties in South Florida. The Company closed the transaction with all-cash in less than two weeks. The acquisition extends G8 Capital’s footprint eastward within the Sun Belt states where the Company is actively acquiring residential REO properties and other multi-family loan portfolios. G8 Capital plans to invest another $100 million this year in “living component” assets, including residential and multi-family properties, condo developments and conversions, mobile home parks and senior living facilities.
“We are pleased to expand our footprint eastward within the Sun Belt states to South Florida,” said Evan Gentry, president and CEO. “Our firm’s reputation helped us to win the bid, and we will use our extensive expertise to manage these loans. We have already begun working closely with these borrowers and are confident we can achieve mutually beneficial outcomes.”
The portfolio includes 13 performing loans and six non-performing loans. G8 Capital’s approach with non-performing loans and underwater performing loans is to work closely with the borrower to assess their situation and identify their interests. Workout solutions may include a short sale, obtaining a deed in lieu of foreclosure, or restructuring the loan. If G8 Capital becomes the owner of the property through a foreclosure or negotiated workout, the firms seeks to make necessary physical improvements and put local property management in place to stabilize the property and improve the living condition for valued tenants. In some cases, G8 Capital will resell performing loans at discounted levels to firms looking for strong, long-term cash flows.
G8 Capital has now completed more than 30 bulk acquisitions since inception in 2007, and has purchased more than 2,000 REO properties and residential whole loans nationwide from nearly all of the major banks and top servicers in the United States. The company expects to continue actively acquiring properties and loans nationwide throughout 2010.
About G8 Capital
G8 Capital (www.g8cap.com) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions and other sellers that are looking to get fair value and timely execution.
- G8 Capital has acquired 700 multi-family property units in Q2 within DFW’s Metroplex — one of the country’s strongest apartment real estate markets;
- G8 Capital proves again it can quickly close with cash when sellers urgently need to liquidate
LADERA RANCH, CA – July 19, 2010 – G8 Capital announced today that it has acquired three more multi-family apartment complexes in the Dallas/Fort Worth Metroplex; all of which were private deals, two closing in just one week. G8 Capital has now purchased nearly 700 units in the 2nd quarter of 2010 and plans to invest another $100 million in residential and multifamily properties this year. G8 Capital plans to pursue additional investments in Sun Belt states, including the Texas real estate market which currently has the strongest economic climate in the country.
G8 Capital will renovate and improve the assets, enhance the property management strategies, and stabilize the properties to qualify for long-term debt.
“Our experienced team has proven time and again our ability to quickly and efficiently negotiate real estate closings to meet sellers’ needs, and which provide respectable returns for our investors,” said Evan Gentry, president and CEO. “We are successfully negotiating deals in real estate markets throughout the country from the West Coast to Florida, and we look forward to pursuing future acquisitions in the Texas real estate market which offers long-term sustainability and growth.”
In addition, G8 Capital has now completed more than 30 bulk acquisitions since inception in 2007, and has purchased more than 2,000 REO properties and residential whole loans nationwide from nearly all of the major banks and top servicers in the United States. G8 Capital is on track to invest more than $100 million during 2010 in “living component” assets, including residential and multifamily properties, condo developments and conversions, mobile home parks and senior living facilities.
About G8 Capital
G8 Capital (www.g8cap.com) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions and other sellers that are looking to get fair value and timely execution.
- G8 Capital proves again it can close a deal efficiently and quickly after the initial investor failed to perform;
- The 264-unit property is located in DFW’s Metroplex, one of the country’s strongest apartment real estate markets;
- G8 Capital plans to invest another $130 million in residential and multifamily properties this year, including prudent investments in the Texas real estate market.
LADERA RANCH, CA – May 6, 2010 – G8 Capital announced today that it has acquired a multi-family apartment complex in Ft. Worth, Texas which it was awarded as the initial buyer failed to perform after two months of lost time for the special servicer. G8 Capital came in and quickly closed the deal within 3 weeks. G8 Capital buys distressed mortgage loan portfolios, as well as other performing and non-performing loans and real estate (REOs), helping both property owners and their lenders.
“Banks and other sellers continue to reach out to G8 Capital because we have a proven track record of committing to and closing deals in a very timely manner, typically with all cash,” said Evan Gentry, president and CEO of G8 Capital.
“This is the second transaction in a row where G8 Capital closed very quickly after another investor could not perform, showing the importance of counter-party risk and transacting with buyers that can and will perform,” added Daryl Schwartz, Vice President of Acquisitions for G8 Capital.
The multifamily complex, with 264 units on 12.96 acres, is well located within “the Metroplex” which has experienced a large influx of residents in the past year, contributing to high city-wide occupancy rates. In fact, Fort Worth ranks as the 5th best apartment market in the country for 2010. The complex is also located near major area employers including DynCorp., Naval Air Station Joint Reserve Base Fort Worth, and Lockheed-Martin.
G8 Capital plans to completely renovate the complex, offer move-in incentives to tenants, and ultimately significantly increase the area’s tenant occupancy rate. The company also plans to invest at least another $130 million in residential and multifamily properties in 2010, including other investments in the Texas real estate market which currently has the strongest economic climate in the country.
“G8 Capital’s experienced team makes careful risk-adjusted investments in locations that show growth and opportunity, preserving the interest of investors,” said Gentry. “With a disciplined strategy and the relationships necessary to identify and secure attractive opportunities, we are able to consistently deliver exceptional returns to our investors.”
In addition to the recent investment, G8 Capital has now completed more than 30 bulk acquisitions since inception in 2007, and has purchased more than 2,000 REO properties and residential whole loans nationwide from nearly all of the major banks and top servicers in the United States. G8 Capital is planning to invest more than $130 million during 2010 in “living component” assets, including residential and multifamily properties, condo developments and conversions, mobile home parks and senior living facilities.
About G8 Capital
G8 Capital (www.g8cap.com) is a prudent and disciplined investment firm focused on opportunity-based acquisitions of both residential and commercial real estate assets. G8 Capital acquires real estate and loan portfolios from financial institutions and other sellers that are looking to get fair value and timely execution.
- G8 Capital has so far acquired 400 beds of a 720-bed senior living community and spearheaded multiple closings amongst several financial institutions within the project
- G8 Capital has completed more than 30 bulk acquisitions and purchased 1500+ REO properties and residential whole loans nationwide from major banks
- G8 Capital plans to invest more than $150 million in multifamily properties in the coming year
LADERA RANCH, CA – January 20, 2010 - G8 Capital announced today a multi-bank deal to acquire 400 beds of a 720-bed senior living community in Western Florida with 200 additional beds closing in the coming weeks. The property is a 55+ community developed as a shared living space for active seniors.
G8 Capital was sought to acquire a portion of the community by a bank who found themselves unable to sell the property through typical retail channels due to Home Owners Association and management challenges. G8 Capital was able to provide a quick closing for the bank, as well as facilitate multiple closings among the other bank-owned units with several other financial institutions.
In addition to the recent senior living acquisition in western Florida, G8 Capital has also purchased more than 200 units between two multifamily properties in Bakersfield and Ridgecrest, CA. G8 Capital has now completed more than 30 bulk acquisitions since inception in 2007, and has purchased more than 1,500 REO properties and residential whole loans nationwide from nearly all of the major banks and top servicers in the United States. G8 Capital is planning to invest more than $150 million during 2010 in “living component” assets, including multifamily properties, condo-conversions and senior living facilities.
“We were pleased to work with several financial institutions in our recent acquisition of the senior living community. Given our successful track record, we are now being sought out by financial institutions throughout the United Sates to facilitate quick closings on residential and multifamily portfolios, including properties and projects that have challenges associated with them,” said Evan Gentry, president and CEO of G8 Capital.
About G8 Capital
G8 Capital (www.g8cap.com) buys distressed mortgage loan portfolios, as well as other performing and non-performing loans and real estate (REOs). G8 Capital acquires both residential and commercial mortgage portfolios/properties from mortgage companies and financial institutions that are liquidating assets and looking to get fair wholesale value. The Company is currently bidding on mortgage and REO portfolios that are worth between $5 million and $500+ million.