Private equity firms and hedge funds are snapping up cheap land in markets where real estate has gone from boom to bust. Fortune's Katie Benner reports.
By Katie Benner, Fortune reporter
September 17 2007: 10:00 AM EDT
September 17 2007: 10:00 AM EDT
(Fortune Magazine) -- Picking off land from over-leveraged homebuilders during crashing real estate markets was once the purview of local developers. This time, however, global players, including D.E. Shaw, Apollo Real Estate Advisors, and the Rockefeller Group, are eyeing land in Florida, Colorado, California, and other subprime-ravaged states.
Their plan is obvious in the wake of the real estate meltdown: buy these hard assets and wait until the markets bounce back. "The Rockefeller Group is actively researching Florida properties that may become available for purchase," a spokesman for the New York-based investment and real estate firm told Fortune. "There are definitely opportunities for homebuilders to sell some of the land they acquired when the residential market was very strong."
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