New Vista Asset Management, a San Diego, Calif.-based real estate-owned (REO) asset management firm, has acquired the REO asset management business unit of REDC Default Solutions LLC (REDC). Terms of the transaction were not disclosed. The asset management unit previously operated within REDC, which is a wholly-owned subsidiary of Irvine, Calif.-based Auction.com LLC (formerly Real Estate Disposition LLC), and offers outsourced residential asset management services for banks and other financial institutions. Widely recognized for consistently outstanding client results and nationwide real estate market expertise, the unit expands New Vista’s strong client portfolio and deepens the company’s commitment to providing solutions that propel America’s housing recovery.
REDC’s asset management unit’s managers, employees, technology and client engagements transferred to New Vista as a result of the transaction, and become part of the Southern California company’s first full-scale, self-operated platform.
“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,” said Brian Hurley, president of New Vista. “Through our results-driven platform, we will broaden our market impact to achieve even better results for clients and communities alike.”
“Our team is excited to join New Vista,” said Donita Thompson, former senior vice president of REDC, who became senior VP of REO operations for New Vista at the closing of the transaction. “We believe strongly in the company’s mission and are eager to focus our energies on driving the company’s REO performance and growth.”
For more information, visit www.newvistareo.com.