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.

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Alan Dixon

Chief Executive Officer, USA

Alan Dixon is Chief Executive Officer of Dixon Advisory USA, a leader in the US urban single-family home rental business. He was previously the Managing Director and CEO of Evans Dixon, a funds management and financial advisory firm established in February 2017 through the merger of Evans & Partners and Dixon Advisory. Evans Dixon has over $18 billion of assets under advice.

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