The asset management unit previously operated within REDC, which is a wholly-owned subsidiary of Irvine, California-based Auction.com, (formerly Real Estate Disposition), and offers outsourced residential asset management services for banks and other financial institutions.
As a result of the transaction, REDC’s asset management unit’s managers, employees, technology and client engagements transferred to New Vista, and become part of the Southern California company’s first full-scale, self-operated platform.
New Vista president Brian Hurley said New Vista has always stood for the proposition that outstanding REO asset management performance can be achieved through strategies that also sustain communities, support homeownership, and provide access and opportunity for minority homebuyers and real estate professionals.
"Through our results-driven platform, we will broaden our market impact to achieve even better results for clients and communities alike," Hurley said.
Terms of the transaction were not disclosed.
