Wednesday, May 27, 2015

Philly real estate firm adds mutual fund

Resource America's Cohen family starts yet another public company

Philly real estate firm adds mutual fund

Real estate investor Jonathan Cohen's Philadelphia-based Resource America Inc. is hoping to cash in on retail investors' hunger for property market profits by setting up a new real estate mutual fund, Resource Real Estate Diversified Income Fund, run by Scott Crowe, formerly real estate portfolio manager at Cohen & Steers funds. (More on a Resource unit's middle-American apartments strategy here.)

For a minimum investment of $2,500, the fund buys other real estate funds managed by, for example, Inland America and American Realty Capital. The fund says it "targets a dividend yield in excess of 5%," though that's not guaranteed. 

Resource boss Cohen is a son of the husband-and-wife team of Philadelphia energy investor and high-wire financier Edward Cohen, who bought into Pennsylvania and Ohio oil and gas fields and pipelines before anyone heard of fracking, and banker Betsy Zubrow Cohen, who started the former Jefferson Bank and Bancorp Bank.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Joseph N. DiStefano