Firm Readies Calif. Property Hedge Fund

Jun 4 2008 | 11:27am ET

One hedge fund is looking to take advantage of plummeting property values in the U.S., specifically California.

Three Arch Investors is reportedly planning a hedge fund to buy land in California, where the price of homes have fallen by about 20%, and that of land by about 80%, according to Financial News. The firm plans to raise as much as $250 million for its California Distressed Land Fund, managed by David Michelson.

The firm has already begun buying tracts of developable land in the state.


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