Multi Distressed Asset, a part of The Multi Group of Companies (Multi), has acquired Texas-based DiscountedProperties.com, a portal for bank owned real estate and REO properties. DiscountedProperties.com is into the distressed real estate industry. However, the financial terms of the agreement are undisclosed.
Reportedly, this acquisition adds to the strategically aligned businesses that make up The Multi Group of Companies portfolio, which also includes Multi Capital Group, Multi Investment, and Multi Development.
The company claimed that it has launched Multi Distressed Asset Co. to leverage its operational experience in the distressed real estate market. Additionally, Multi Distressed Asset Co. has acquired REO properties nationwide from lenders and servicers alike. Multi’s assets are focused on supporting the financial health of financial institutions by assisting investors, lenders and servicers to proactively address and resolve the challenges they face in the current economic crisis.
The company plans to further expand into the REO and distressed real estate segment by organically developing and acquiring organizations that service and dispose of these types of assets.
