The Real Deal Miami

NY-based firm picks up massive Broward foreclosure portfolio

Company paid $29M for 174 properties

May 12, 2015 04:30PM

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A foreclosure sign

A foreclosure sign

A New York-based private investment firm just inked a deal for a bulk purchase of foreclosed properties in Broward County.

An affiliate of Cerberus Capital Management paid $29 million for a total of 174 properties throughout the county, according to county property records.

The properties were sold by the Florida branch of Five Ten, a Salt Lake City-based rental company.

Five Ten began buying foreclosed properties in 2012 and planned to use them as rentals while property values bounced back, the South Florida Business Journal reported.

Cerberus is acquiring all 1,500 homes from Five Ten’s rental portfolio, spread throughout Florida, Illinois and Texas, Bloomberg reported in February. [South Florida Business Journal] — Sean Stewart-Muniz