Rundown NY homes draw Aussie fund

Sydney

THE first listed Australian landlord of US housing is hunting for rundown properties in the New York City area as prices hit new highs.

The US Masters Residential Property Fund owns A$545 million (S$592 million) of single and multi-family properties in the New York metropolitan area, including in Brooklyn, New Jersey and Harlem, said Alan Dixon, chief executive officer of Sydney-based investment firm Dixon Advisory, which manages the fund. It buys only those properties that are located less than an hour by public transport from midtown Manhattan, he said.