New Western, a national private source of distressed residential investment properties, announced the opening of new offices in Orlando, Fla. and Pittsburgh. The expansions are part of its plan to help address the affordable housing shortage by revitalizing distressed homes across the U.S.
The company connects local investors looking to rehab houses with sellers. New Western brings market insight and its exclusive marketplace of distressed investment property inventory to help real estate investors acquire fixer-upper properties.
A recent report analyzing U.S. Census data shows there are 16 million vacant homes across the U.S., according to New Western. There are more than 1.4 million aged properties in the Orlando metropolitan area alone, and just over 65% built before 2002. In Pittsburgh, that number is 991,000 aged properties, with just over 91% built before 2002.
The company has committed to revitalizing $639 million in residential properties in the Orlando area over the next five years, and $385 million in residential properties in the Pittsburgh area over the next five years.