The Great Recession proved to be one of the greatest economic disasters that our nation has ever endured. However, it also represented one of the greatest investment opportunities of our lifetime – a chance to purchase high-quality, hard assets for cents on the dollar. Such was the case in the metropolitan Phoenix residential housing market.


The Empire team, recognizing the significant buying opportunity created by the foreclosure crisis, was one of the first large-scale buyers of distressed homes in Phoenix. Between mid-2009 and early 2013, the Empire Residential Opportunity Funds raised over $125 MM and purchased over 1500 single-family foreclosures and short sales. These homes were transformed into single-family rentals, thus generating rental income that not only covered holding costs such as property taxes, insurance, maintenance, etc., but also generated net income that could be distributed to the Funds’ investors. Today, many of these assets have doubled in value, creating the backdrop for strong investment returns.