Carter Fund Makes First Acquisition from FDIC, Looks for Other Opportunities

ATLANTA (Dec. 10, 2009) – We’ve had a pretty cool development here at Carter. We have acquired a portfolio of single-family homes in our hometown of Atlanta. This transaction represents our first acquisition from the Federal Insurance Deposit Corp. “We hope to have more to come,” Executive Vice President and principal Jim Shelton says.

IMG_0911  Here’s the scoop on the acquisition, which our chairman and CEO, Bob Peterson, announced recently in a live interview with Bloomberg TV. (See a screen shot of Bob’s appearance at left and the video here.)

The Carter Real Estate Fund II has acquired 271 single-family homes in the city of Atlanta. CREF II acquired the homes from the Federal Deposit Insurance Corp.

The FDIC had served as the receiver of the properties since March 2009, when the Office of the Comptroller of the Currency seized Omni National Bank of Atlanta. Terms of the transaction are not being disclosed.

The transaction marks the eighth by the fund. To check out a listing of FDIC properties available in Georgia, click here.

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