The head of Morgan Stanley's U.S. housing strategy is leaving the firm to launch a fund that will buy foreclosed homes.
Oliver Chang, a prolific writer on the subject, resigned yesterday, Reuters reports. He and several "partners who are some of the most capable and experienced operators and managers of single-family rental homes in the business," will set up an asset management shop that will launch a buy-to-rent housing fund.
"Having followed this market for the past several years, I believe it represents one of the most compelling investment opportunities available across all asset classes today," he wrote in his resignation letter.
Chang and his partners are wasting no time; he wrote that the group is already managing a "considerable portfolio" of Southeastern U.S. properties, with plans to go national over the next year. He added that his effort is "seeing tremendous interest" from investors; he and his partners "expect to close on a significant allocation shortly," he wrote.