Deal Represents Value of $13.7 Million in Chicago-based Foreclosure and REO Properties
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- FirstService Residential Realty Inc. will manage the renovation, maintenance and rental management of The Cogsville Group, LLC’s acquisition of 94 single-family homes in Chicago, representing a third-party value of $13.7 million, and offered by Fannie Mae as part of the Federal Housing Finance Agency’s real estate owned (REO) pilot initiative.
FirstService Residential Realty, the largest, residential single-family property management company in North America, has entered into a property management agreement with The Cogsville Group, a private equity firm with a primary focus on distressed real estate.
“We saw this as a unique opportunity to partner with The Cogsville Group to have a significant impact, both socially and economically, for families in the Chicago community,” said Greg Tolander, CEO, FirstService Residential Realty. “Part of a growing trend, The Cogsville Group fully recognizes and has embraced the potential return investors can foresee from converting foreclosed and REO properties into rental opportunities.”
FirstService Residential Realty provides services to more than 50,000 properties nationwide. Its combined resources further enable the company to leverage and expand its local model to provide customized, on-the-ground service with standard operating procedures, centralized systems, oversight and reporting.
The Cogsville Group is a New York-based private equity real estate firm founded in 2007. The firm’s investment vehicle, Cogsville Capital Partners Fund I, L.P., makes debt and equity investments in distressed real estate.
“We are extremely excited to be working with FirstService Residential Realty. They’re a great fit for our investors based on their local experience in Chicago and their centralized management, billing and reporting systems,” said Don Cogsville, CEO of The Cogsville Group. “Our acquisition of these Chicago assets is a natural outgrowth of The Cogsville Group’s successful public-private investments in commercial real estate.”
On September 25, FirstService Residential Realty announced its merger with TenantAccess, Inc. and PropertyAccess. All three companies are subsidiaries of FirstService Corporation (NASDAQ: FSRV; TSX: FSV). Operating under the FirstService Residential Realty name provides a single-source property and asset management solution for property owners, government-sponsored enterprises (GSE), banks, institutional investors and residents.
About FirstService Residential Realty
Headquartered in Fort Lauderdale, FL, FirstService Residential Realty is the rental division of FirstService Corporation. FirstService Residential Realty manages residences at all price points, ranging from affordable housing to luxury high-rise multifamily communities. Its clients, including property owners, institutional investors and residents, are served by local market specialists in key markets across the U.S.
About FirstService Corporation
FirstService Corporation is a global leader in the rapidly growing real estate services sector, providing a variety of services in commercial real estate, residential property management and property services. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, one of the largest global players in commercial real estate; FirstService Residential Management, the largest manager of residential communities in North America; and Property Services, one of North America's largest providers of property-related services delivered through franchise and contractor networks.
FirstService generates over US$2.2 billion in annual revenues and has more than 23,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
About The Cogsville Group, LLC
The Cogsville Group, LLC is a New York-based private equity real estate firm founded in 2007. The firm’s investment vehicle, Cogsville Capital Partners Fund I, LP, makes debt and equity investments in distressed real estate.
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Darryl Frost, 512-329-1974
Source: FirstService Residential Realty