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G8 Capital Buys 70 Distressed Condos 

Aug 05, 2009By

G8 Capital purchased more than 70 units of the La Mirage condominium development located in Ridgecrest, Calif., allowing  tenants to remain in their homes. The development was originally military housing, which supported the China Lake Naval Base. However, after its conversion into investment properties under straw buyers that receive payment for the use of their credit score during a purchase, the value plummeted and the units began foreclosing.

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