Pretium nears $1b for new residential acquisition fund
Pretium, the specialized investment manager focused on real estate, mortgage finance and corporate debt, with $51.8 billion of assets under management, has raised almost $1 billion for a new fund to buy rental homes from builders, according to Bloomberg.
The fund correlates with a research report published by Pretium in spring 2023 titled Long-Term Bullish Outlook for the Housing Rehabilitation Industry in which the manager outlined the dearth of modern housing in the United States and the important possibilities that housing could offer for society.
According to a Harvard study, 49 percent of owner-occupied housing was built before 1980. Pretium believes that modernization and rehabilitation are an integral part of keeping U.S. housing stock viable. The report states, “Further, it is likely that the extensive amount of modernization for many homes will be difficult for typical homeowners to manage and finance; rather, such extensive rehabilitation will ofte