Real estate investment company Conix Inc. completed a record second quarter by acquiring $112 million worth of distressed real estate.
The Tucson, Ariz.-based company, which acquires REO and nonperforming loans from banks and financial institutions, obtained 542 residential properties in the quarter. These acquisitions totaled more than 1.4 million square feet of multifamily living and commercial self-storage space. (This represents a 26% quarter-over-quarter increase. The first quarter was subsequently the previous all-time high for the firm.)
“Even in a distressed market, there are key opportunities available for people with a system for finding them,” said Court Gettel, chairman of Conix. “Our proprietary technology system provides us a way to locate these opportunities in high volume.”
After Conix purchases distressed properties—primarily single-family residential, multifamily and self-storage assets—from financial institutions across the nation, the assets are then put through a revitalization process that restores them to usable condition. The properties are then resold or held and managed for positive cash flow.
“We focus on opportunities that make a difference in their communities, while also making significant return on investments,” said Cash Doye, managing director of Conix Capital Markets in a press statement.
“We use a range of fully compliant programs, funds and partnerships that work with high net worth individuals, family offices and institutional investors.”
