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Foreclosure Watch

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In a sign that national investors may start flocking to Chicago for juicy foreclosure-to-rental acquisitions, Donald Cogsville of New York-based Cogsville Group LLC is moving aggressively toward the purchase of up to 3,000 foreclosed area homes. Cogsville just completed an initial purchase of 94 homes last month, investing $2.1M in equity according to Crain's. And this isn't a phony affair: the company intends to reach its target in 12 to 18 months. Why Chicago? Because we've got the perfect storm of distressed properties and rising rents. The for-profit plan calls for snatching up habitable homes priced between $80,000 and $300,000 mostly in working-class neighborhoods. At the end of its life cycle, some properties may be sold to renters and/or released in a public offering. [Crain's]