Real estate firm raises $8 million to buy distressed Ann Arbor area properties
Ann Arbor-based commercial real estate firm Oxford Companies said today that it had raised close to $8 million to invest in distressed properties throughout the Ann Arbor region.
Oxford, calling the investment fund the Ann Arbor Opportunity Fund 1, said it raised cash from 40 different investors. The firm owns and manages properties totaling 1 million square feet.
Oxford said it would use the cash to acquire properties and "turn them around."
"We have been pursuing various opportunities for a long time now, and having cash on hand so we can offer sellers a fast closing is a big advantage over potential buyers who have to go raise money,” said Jeff Hauptman, president of Oxford Companies, in a statement. “We have already signed a purchase agreement for two Ann Arbor office properties and we are looking for more.”
Oxford, which has raised nearly $30 million from more than 100 investors since its founding in 1998, owns several major properties in the Ann Arbor area, including South University Galleria and the Burlington Office Center on Eisenhower Parkway.
Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.
Comments
Jack Gladney
Sun, Jul 31, 2011 : 7:28 a.m.
Reads like a press release.
say it plain
Sat, Jul 30, 2011 : 1:37 a.m.
Slow business-news day, yeesh, or just 'free' advertising for these investors?
Townie
Fri, Jul 29, 2011 : 8:24 p.m.
Wait until they discover that the titles are a mess and no one knows who owns the properties (and that there was robo signing along the way). Good luck!
1bit
Fri, Jul 29, 2011 : 10:44 p.m.
It appears that they are looking to buy distressed commercial properties, not single-home residences.
nowayjose
Fri, Jul 29, 2011 : 7:51 p.m.
Nice then they can turn around and make a nice profit when Uofm buys it from them.
grye
Fri, Jul 29, 2011 : 7:23 p.m.
I hope there won't be any whiny posts about people making money from these properties. It appears in the past that many think making a profit is evil.
CynicA2
Fri, Jul 29, 2011 : 6:47 p.m.
Better them than me... the real estate debacle isn't over. All those dogs have been busy laying eggs for the unwary to step in. I just say good luck.
xmo
Fri, Jul 29, 2011 : 6:32 p.m.
Yea, Capitalism is still alive and kicking in Ann Arbor!