Now, the LA Lakers superstar is teaming up with Urban Inc., headed by Steve Shrairberg, and Liberty, of American Housing Preservation Corp. in Portland, ME, to buy affordable housing units across the country.
Urban and American Housing each will have a 40% interest in the new venture and Shaq will have a 20% interest."No, Shaq probably won't put any real money into the deal," Shrairberg tells GlobeSt.com.
But he also will do more than just collect his share.The basketball star will attend meetings, and help open doors, Shrairberg says.
"He's learning the real estate business," Shrairberg says.
Shaq's foundation also might buy some tax credits associated with the purchases, he says.
Shrairberg says his earlier deal with Shaq and Liberty will serve as a model. That is, they'll buy affordable housing communities, fix them up and continue to operate them as affordable housing units for a profit.
He expects they could buy 2,000 to 5,000 unit each year, at a gross cost of $100 million to $500 million.Shrairberg tells GlobeSt.com they already have their eyes on some properties in Colorado, as well as an affordable housing development in New Jersey that is in bankruptcy.
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