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SOURCE Cornerstone Realty Group, Inc.
COSTA MESA, Calif., June 18, 2014 /PRNewswire/ -- John Itzel, President of Cornerstone Realty Group, Inc. (CRG) is pleased to announce the participation of TGG Realty, an affiliate, in a joint venture with American Spectrum Realty Group to acquire discounted single family trust deed notes. The initial capitalization of the venture is $1 million. TGG will manage the acquisition and disposition of the notes. The joint venture partners expect to expand the investment to several million dollars over the next twelve months. The business plan calls for the completion of the foreclosure process on the loans and then offer the properties for lease to the former borrowers or list the properties for sale.
"We see a slow decline in the foreclosure of single family loans over the next 24 months, however, with an estimated 4 million home loans still underwater in the U.S. we see tremendous opportunity to acquire defaulted notes at a significant discount" says Itzel.
TGG Realty/ CRG entered into this partnership with American Spectrum Realty Group (a NYSE listed company) to bolster the national presence of CRG and allow American Spectrum Realty Group to take advantage of Cornerstone's expert management and acquisition team with over a century of combined experience.
"The strategic alignment of Cornerstone with a company such as American Spectrum is a huge benefit to all of our endeavors moving forward," stated CEO Rourke Oakland, "their national presence and proven track record makes them a great partner for the immediate and distant future."
ABOUT CORNERSTONE REALTY GROUP, INC. CRG is a privately held real estate investment firm located in Costa Mesa, California which specializes in the acquisition of value-added commercial properties as well as fractal interests in tenancies-in-common purchased at discounted prices. Additionally, CRG owns and operates 1031NetEx.com, a subscription based national platform used to facilitate 1031 exchanges. For more information, please call 855-764-1031 or visit us online at www.CornerstoneRealtyGroupInc.com.
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