Not wishing to sit out future opportunities to buy distressed residential assets, public home builder Ryland has partnered with Oaktree Capital. From a BuilderOnline.com story:
The Ryland Group, Inc. (NYSE: RYL) and Oaktree Capital have formed a venture to acquire and develop distressed residential real estate projects, Ryland announced Monday.
"We are excited about the opportunities that will arise as a result of this partnership," said Chad Dreier, Ryland's chairman and CEO. "With more than $55 billion in assets under management, Oaktree is one of the premier investment managers in the country. Their considerable capital base and strong track record as an investor in distressed assets make Oaktree an ideal partner for us."
An Executive Committee, comprised of representatives from both firms, will make purchase decisions. The Company will then provide the necessary improvements and permits with the intent to ultimately sell the projects as finished lots. The Ryland Group will have the right to option all lots sold by the partnership.
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