Och-Ziff To Exit Foreclosed Home Business

Oct 18 2012 | 8:43am ET

Och-Ziff Capital Management has apparently decided that being a landlord is not all it's cracked up to be.

The $31 billion New York-based hedge fund has told its investment partner, 643 Capital Management, that it wants out of the foreclosed home space, reports Reuters, citing people familiar with the matter.

Och-Ziff has a portfolio of about 300 foreclosed homes in northern California which it purchased, renovated and turned into rental properties, said the sources. Returns have not been as good as projected, and the company hopes now to cash in on a recent rebound in northern California housing prices.

The median price for a new or resale house in the San Francisco Bay Area in August was up 10.8% year on year at $410,000 according to DataQuick.

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