Redbrick Launches 1st U.S. SF Equity Fund

Redbrick Partners LP, New York, has launched what it says is the first professionally managed U.S. single-family housing equity fund, opening up a "massive new asset class" to investors.Redbrick said it has developed processes that make the acquisition, financing, and renting of individual homes cost-effective. "It's surprising that there has not been more professional ownership of single-family housing in the U.S.," said Jonas Lee, a managing director at Redbrick. "After all, a vast number of individuals have seen huge gains in the value of their own home. .... But the commercial real estate world has focused on large multifamily buildings due to the perceived difficulty of buying and managing a large number of homes one by one." The company said there are more than a dozen established real estate funds in Europe that buy and rent single-family housing. Redbrick can be found on the Web at http://www.redbrickpartners.com.