Foreign Buyers Hop on Rental Trend
JERSEY CITY, N.J. -- On a recent Tuesday morning, Alan Dixon, an investment manager originally from Canberra, Australia, stood in front of a four-story townhouse here, one of the latest assets he purchased for his company's shareholders.
Mr. Dixon's company, US Masters Residential Property Fund, bought the home on Erie Street in this city on the Hudson River waterfront for $830,000 in September. Inside, workmen installed subway tile in the bathrooms, preparing the three-bedroom home to be leased for $3,295 a month, "like something the people from "Friends' would rent," said Mr. Dixon, referring to the TV sitcom.
US Masters, a real-estate investment trust that has raised $276 million, primarily from Australian retirees, is one of a handful of foreign firms that are betting on the U.S. housing recovery by buying houses at discount prices.
Read the full article: Foreign Buyers Hop on Rental Trend