Tina Tamboer knows Phoenix real estate. She is the senior housing analyst for the Cromford Report, a residential resale analytics firm in Phoenix. So when a company she had never heard of before started buying hundreds of homes in the Valley, she took notice.

Cerberus, a New York based investment firm named for the hellhound of Greek mythology, has bought nearly 600 homes in the entry-level price range in Phoenix, and they’re planning to buy thousands more. Adding to the mystery, the investment firm doesn’t seem to be reselling them.

Tamboer explores what effect this could have on our already competitive market for affordable Valley housing.