The Housing Recovery Fund of America has been formed to establish a real estate investment fund that invests in single and multifamily residential real estate across the US.

The fund will target undervalued and/or financially distressed single-family and multi-family properties, at or below replacement cost, through “short sales”, bank owned real estate in prime locations in the southeast and southwest US.

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owned on the property’s loan that results in the voluntary sale of the property at a loss to avoid foreclosure or default. In many cases, the lender participates in the short sale strategy to achieve the most economic solution for real estate mortgage portfolio loss mitigation.

The fund’s manager is Alexander-Borden Manager, which is owned by principals of Avalon Investment & Securities Group and Alexander Properties Group.

The principals of the manager are Das A. Borden, Andrew C. (Andy) Alexander, Maurice Mitchell, James R. (Jim) Shields, III, and D. M. (Rusty) Moore, Jr. Moore (pictured) will serve as chairman of the board, and Alexander will serve as president.

Alexander is president of Alexander Properties Group, which he formed in 1988 after more than ten years as a real estate broker and developer. He has been responsible for overseeing many real estate transactions totaling more than USD500m over the last 20 years.

Borden is an experienced real estate broker, real estate developer, syndicator and investment banker. During his career he built several hundred single family homes throughout the southeast and served as president of the Shoals Area Home Builders and the Home Builders Association of Alabama of which he is a life director. He is also the president and chief executive of Avalon Investment and Securities Group.

Mitchell has 24 years of experience in the real estate industry, including experience in finance, property management accounting, acquisitions, new construction, rehabilitation, securities offerings, appraisals, and asset management. He is president of Carmichael & Mitchell, a commercial real estate appraisal and business valuation firm.

Shields brings over 22 years of experience in the accounting, finance, real estate and construction industries. Currently, Shields is the principal of Shields & Associates, which serves as an independent accounting and business consulting firm. Shields has also served as the chief financial officer for a full-service real estate company that provided development, construction, and management services for multi-family and retail properties.

Moore is a 25-year-plus veteran of the investment and insurance industries. He presently serves as chairman and chief executive of Cherry, a family of financial services entities and platforms offering financial tools, investment management and advisory services. An affiliate of Cherry, Cherry Investment Advisors, also serves as an adviser to the fund.