After the real estate market crashed last decade, investors swooped in for the leftovers. They bought cheap houses in bulk to turn into rentals and snapped up abandoned projects at steep discounts.
The bargain hunters included Ofir Hagay, who, with partners, bought partially built projects in Las Vegas, finished construction and signed tenants.
Today, beat-up, discounted properties are largely gone from the valley, but Hagay is still going after distressed real estate.
The 52-year-old Israeli native bought two office buildings out of bankruptcy in September for $24.8 million, property records show. He acquired the buildings, 8912 and 8918 Spanish Ridge Ave., in the southwest valley, through a new fund at his firm Moonwater Capital.
According to listing brokerage Sun Commercial Real Estate, 8912 Spanish Ridge, a three-story, 71,000 square-foot building, was fully occupied at the time of sale, and 8918, a two-story, 41,400-square-foot building, was 50 percent occupied.