New Western, a national private source of distressed residential investment properties, announced the opening of a new office in Orlando, its third Florida location. The company said it plans to revitalize $639 million in residential properties in the Orlando area over the next five years.
New Western buys and sells distressed residential properties to local real estate investors who will rehab the property and return it back to the local community.
“We’re incredibly excited to extend our footprint in the Florida market with the opening of the Orlando office,” said Kurt Carlton, co-founder and president of New Western. “New Western partners with local real estate investors to help facilitate the revitalization of aged and vacant properties. The success we’ve experienced in St. Petersburg and Tampa is a testament to the value our resources and expertise bring to local real estate investors.”
New Western brings market insight and its exclusive marketplace of distressed investment property inventory to help real estate investors acquire fixer-upper properties. The company’s agents are helping to address the affordable housing shortage by revitalizing distressed homes across the U.S., with more than 1.4 million aged properties in the Orlando metropolitan area alone and just over 65% built before 2002. A recent report analyzing U.S. Census data shows there are 16 million vacant homes across the U.S.
Chad Ellis is the general manager leading the company’s Orlando office, alongside regional director Mike Valerio. As GM, Ellis is responsible for recruiting, hiring, training and leading his team with the Orlando efforts.
“After a successful few years in the Dallas area, I’m looking forward to becoming a part of the Orlando community and helping provide much-needed housing inventory to local investors,” said Ellis. “With median home prices in the metropolitan area trending up year-over-year, my team will have the unique opportunity to help revitalize Orlando’s distressed housing inventory and return affordable housing options to the market.”
Ellis began his career with New Western in 2017 in its Dallas office and served as the general manager, where he successfully led market sales totaling more than $850 million for the past five years. In 2022, New Western asked Ellis to open its Orlando office. The new office is located at 300 South Orange Avenue, Suite 1000, Orlando, Florida.
New Western is the largest private source of investment properties in the nation. Since 2008, New Western has bought and sold nearly $12 billion in residential real estate. This is the 46th office opening for the real estate marketplace connecting local investors looking to rehab houses with sellers.