Beacon Redevelopment Industrial Corporation (BCND)

[inforcash]

Good point...

Distressed Asset Acquisition Group Amassing Up to $100M for 2012

Posted December 28, 2011

NEW YORK - Distressed Asset Acquisition Group Inc. is arming itself with $50 million to $100 million to acquire distressed residential and apartment real estate in 2012.

The all-encompassing scope hits core-plus, value-add, short sales and loan-to-own acquisitions. The play also includes recapitalization for properties, fee-simple transactions and debt purchases with multifamily assets as collateral. The New York-based company and several financial partners will kick in the capital to get the ball rolling.

"Even though apartment rents are currently down and vacancies and concessions are higher than in recent years, we strongly believe the apartment sector will recover nicely by 2012 and beyond," said Frank Castellano, president of Distressed Asset Acquisition Group.