N.Y. private equity firm buys 94 bank-owned homes in Chicago

A New York-based private equity firm has purchased 94 homes in the Chicago area from Fannie Mae as part of a pilot program to sell foreclosed properties in bulk in hard-hit housing markets. The Cogsville Group LLC, which focuses primarily on distressed real estate, paid approximately $2.1 million for its equity interest in the homes under a joint venture with the Federal Housing Finance Agency. The 94 properties include 111 rental units, 68 of which are occupied and the remainder are vacant. The total value of the joint-venture transaction with the FHFA is estimated at $11.8 million, or 86.2 percent of the appraised market value of the properties.

Chicago Tribune

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