June 20 (Bloomberg) -- Gabor Futo, co-founder of the Budapest-based central European property group Futureal, plans to establish a U.S. company with initial funding of $15 million to build a residential-property portfolio of 500 homes.
The U.S.-based company, Cordia USA, will make its first acquisitions in the states of Georgia and Michigan with plans to renovate and rent the homes before selling them within five years, Futureal said in an e-mailed statement today.
“Houses are foreclosed on, U.S. residential-property prices are falling, which we see as a very attractive investment opportunity,” Futo said in the statement. “The company believes that a new asset class is emerging in the U.S., allowing for the financing and selling of its single family homes as income producing portfolios.”
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