HYDE PARK — Out-of-state investors have increased their bet on housing in South Shore, buying three more buildings and spending a total of $13 million to buy seven properties in one month.
Broker Jeff Baasch of Sperry Van Ness said Wednesday that a group of Florida-based investors have paid nearly $3.5 million to purchase 136 units across three buildings near the Jackson Highlands area of South Shore.
In early December, the same group paid $9.5 million for four buildings, also near the Jackson Highlands.
Baasch said the new buildings, 6750 S. Merill Ave. and 6952 S. Paxton Ave., will be renovated. He said a vacant building at 7270 S. South Shore Drive will get a major overhaul.
The properties in the earlier purchase include 6715 and 6755 S. Paxton Ave., 6701 S. Merrill Ave. and 6920 S. Ogelsby Ave.
Baasch said he couldn’t provide details on plans for any of the buildings beyond that they would continue to be rental properties.
Nancy Rodriguez of Tailor Made Properties Services, who also represents the investors, said the group was considering converting some of the units to housing for veterans, but could not provide more detail.
Attempts to reach a representative for the investors were unsuccessful.
The identity of the investment group remains largely unknown, except that Florida-based real estate investor Alan Kuatt, president and CEO of the Firestart Group, has acted as on behalf of the group in the purchases, according to state and county records.
Baasch said out-of-state investors have now bought about 65 percent of the properties sold in South Shore in the last year.
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