Carrington Enters REO Deal With Oaktree Capital

Santa Ana, Calif.-based Carrington Holding Co. LLC has announced an agreement with certain investment funds managed by Oaktree Capital Management LP that will fund an initial purchase of up to $450 million in distressed single-family homes on a national basis. The homes will be managed as rental properties by Carrington, which currently manages over 3,000 single-family rental homes under Fannie Mae's Tenant-in-Place and Deed-for-Lease programs.

‘We believe that re-deploying vacant real estate owned (REO) properties into rental homes is a way to help revitalize the housing market,’ says Bruce Rose, Carrington founder and CEO. ‘Reducing the number of distressed properties for sale can help stabilize home prices and putting families into currently vacant homes can begin the healing process for neighborhoods that have been damaged by foreclosures.’

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