New Western Enters Chicago Market with Eye on Revitalizing $543M Affordable Homes

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May 23, 2022, 09:07 ET

Company Strategically Expands to One of Realtor.com's Top Housing Markets for 2022

CHICAGO, May 23, 2022 /PRNewswire/ -- New Western, the largest national private source of distressed residential investment properties, announced today the opening of its first office in Illinois. This most recent geographic expansion to the Windy City is New Western's 43rd office location and its 19th state. Realtor.com lists Chicago as one of the Top Housing Markets Positioned for Growth in 2022.

"Chicago is the third-largest city in America and is a rapidly growing market. This is a big milestone and important market in our nationwide expansion with our latest office opening in the Prairie State," said Kurt Carlton, co-founder and president of New Western. "Providing affordable housing, especially in large markets like Chicago, is vital. When we help bring distressed properties back to the market, it's up to 31% less expensive than a new construction home. We pride ourselves on being specialists in providing exclusive inventory for real estate investors to evaluate and purchase in a matter of days and believe our presence in Chicago will positively impact the community."

New Western brings market insight and an exclusive marketplace with distressed investment property inventory to help real estate investors acquire fixer-upper properties. The company's agents are helping to address the affordable housing crisis by revitalizing distressed homes across the U.S., with nearly three million aged properties in the Chicago area alone, and 87.7% of them built before 2001.

Richard Randall is the general manager (GM) and managing broker leading the new Chicago office, located at 1 Westbrook Corporate Center, Suite 300, in Westchester. As GM, Randall is responsible for recruiting, hiring, training and leading his team to revitalize $543 million in residential properties in the Chicago market over the next five years.

"There is a disconnection in Chicago between what investors need and the properties that are available. Our business model works incredibly well in this environment," said Randall. "Investors are hungry for properties that are ideal for fixing and flipping, and our agents are the conduit that uncovers these gems."

Randall began his career with New Western in 2015 in its Fort Worth office as a sales agent and quickly moved his way up, becoming an acquisition agent, then sales manager. In 2019 the company asked him to open its new Kansas City office and serve as its GM and managing broker.

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.

About New Western

New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers a new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers. For more information, visit www.newwestern.com.

SOURCE New Western