New Western, the largest national private source of distressed residential investment properties, announced Monday that it will open its second Pennsylvania office in Pittsburgh.
The company’s 47th office for the real estate marketplace that connects local investors looking to rehab houses with sellers will use market insight and its marketplace of distressed investment inventory to help real estate investors acquire fixer-upper properties.
“Pittsburgh is a rapidly growing market with more affordable housing compared to other cities across the U.S., which is driving many young adults and investors to become a part of this booming city,” said Kurt Carlton, co-founder and president of New Western. “We are excited to have a presence in Pittsburgh and have the ability to bring potential opportunities to investors, sellers, and home buyers alike.”
The company said its agents are helping to address the affordable housing shortage by revitalizing distressed homes across the United States, with nearly 1 million properties in the Pittsburgh area. A recent report analyzing U.S. Census data shows there are 16 million vacant homes throughout the country.
New Western general manager Nasar Bhegani said the company will revitalize $385 million in residential properties in the Pittsburgh area over the next five years.
“After a successful track record in Austin, I’m looking forward to joining the Pittsburgh community and helping provide much-needed housing inventory to local investors,” said Bhegani. “With median home prices in the metropolitan area of Pittsburgh increasing year-over-year, my team will have the unique opportunity to help revitalize the city’s distressed housing inventory and return affordable housing options to the market.”
Previously, Bhegani served New Western in 2015 in its Austin office, where he successfully led market sales totaling more than $788 million for the past five years. In 2022, New Western asked Bhegani to open its Pittsburgh office. Since 2008, New Western has bought and sold nearly $12 billion in residential real estate.