Vulcan plans $150 million on distressed South Florida properties

Vulcan Investment Partners is planning an investment of $150 million on the purchase of 1,200 distressed single-family homes in South Florida, the company said. The company, which was founded by a group of Mexican investors, administers Vulcan Dynamic Realty Fund, which buys and renovates distressed properties. The firm said it would rent 70 percent of the properties and sell the remaining 30 percent. “The residential home market in South Florida is definitely on teh rise, but at the same time we still see about 700 single-family homes come out of foreclosure every week in Broward and Miami-Dade counties,” said Inaki Negrete, CEO of Vulcan Investment Partners. Vulcan will liquidate the fund in 2017, it said. — Alexander Britell