OLD GREENWICH, Conn.
April 1, 2013
/PRNewswire/ -- Ellington Housing Inc. ("EHI"), a private REIT formed to invest in residential real estate assets, today announced that it has completed an initial and add-on round of fundraising. EHI raised approximately
following closings in January and
from institutions and other qualified investors, including an approximately
investment by management.
Ellington Housing Inc. invests in single- and multi-family residential real estate assets that it believes will benefit from a housing recovery. It invests in two primary strategies: buying, renovating and renting single-family houses, and acquiring and resolving sub-performing small-balance multi-family mortgages. Currently, it owns or has under contract approximately 550 houses.
EHI is an affiliate of Ellington Management Group LLC ("EMG"), a private investment management firm founded in 1994 as an investor in the mortgage-backed securities market. As of
, EMG and its affiliates employed 123 professionals, managed several hedge funds and private accounts, and had aggregate net assets under management of approximately
. EHI utilizes the capabilities of EMG as well as its proprietary analytics relating to the US housing and mortgage markets in identifying and evaluating investment opportunities.
"We are excited about the housing recovery investment opportunity," said
, Chief Executive Officer of EHI. "We see an attractive opportunity for Ellington Housing in single- and multi-family housing and believe our mortgage expertise will help us to target and time markets."
SOURCE Ellington Housing Inc.