Friday, 22 May 2015
Last updated 8 hours ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…