US Masters Residential Property Fund Buys Historic Church on Mercer Street

According to US Masters Residential Property Fund's most recent investment update they have acquired Bethesda Baptist Church at 158 Mercer Street in an "off the market deal".  The church had been damaged in a fire in 2007, but the fund plans to "subdivide the current deed and create two separate residential buildings".

US Masters Residential Property Fund is a realty trust that is listed on the Australian Securities Exchange (ASX:URF). They have amassed a huge portfolio of real estate in Jersey City as well as Brooklyn, Manhattan and throughout the NYC metro area.

For more information about the fund, check out this recent article in the New York Times about their strategy to renovate and rent their properties: G'Day From Brooklyn.