SOURCE: Carrington Property Services

Carrington Property Services

Carrington Property Services

November 07, 2013 14:01 ET

Carrington Property Services Awarded National Property Management Agreement With Gorelick Brothers Capital

Carrington Property Services Will Assume National Property Management Responsibilities on Existing and Newly Acquired Single Family Rental Assets Acquired by Gorelick Brothers Effective November 1, 2013

SANTA ANA, CA and CHARLOTTE, NC--(Marketwired - Nov 7, 2013) - Carrington Property Services (Carrington) and Gorelick Brothers Capital (Gorelick) today announced their partnership with Carrington providing national property management services for Gorelick's single family rental portfolio. Carrington will be managing Gorelick's existing rental portfolio located primarily in seven major urban centers.

Marc Silverstein, Director of Operations for GBC Residential Management, LLC led the search team for a nationwide property management partner. After an extensive review of property management companies, Gorelick selected Carrington based on the breadth of experience and infrastructure to provide exceptional management for the company's nationwide portfolio. Silverstein noted Carrington's existing management operations in several expansion target markets as an important factor.

Kevin Cloyd, President of Carrington Property Services, believes that the partnership with Gorelick Brothers Capital will only strengthen the diversity of their client base. "We are looking forward to partnering with Gorelick as they expand their portfolio over the next several years. Our partnership will assist Gorelick with meeting both their property management and financial objectives, while at the same time ensuring their tenants receive the very best of service."

"Understanding the growing need for a national property management solution that is both tailored to portfolio management and has the ability to manage multiple property managers, we designed Carrington Property Services to be a reliable platform for the institutional market place," said Renee Deane, executive vice president for Carrington Property Services. "Our partnership presents a win/win as it marries Carrington's operational expertise with Gorelick's reputation as a leading investment advisor for the housing industry. I'm confident that teaming up with them will result in a positive impact for both of our companies."

Owned by Carrington Holding Company, Carrington Property Services was built from the ground up to manage geographically-dispersed portfolios of single-family rental units. Over the past six years, the company has managed more than 30,000 U.S. properties, optimizing rental collections and providing in-depth analytics to its clients. Carrington's proprietary technology, RentPointe™, provides a fully scalable, internet-based technology to manage every aspect of a rental property's lifecycle -- from acquisition through rehabilitation and lease-up to ongoing management. Vendor management, reporting and business analytics modules are included along with electronic document upload capability to enable lease and rental agreements, invoices and vendor contracts to be securely stored and reviewed online as necessary.

About Gorelick Brothers Capital
Founded in 2003, Gorelick Brothers Capital is a leading investment advisor. Currently, their Access Fund strategies include a diversified portfolio of hedge funds with a wealth preservation mandate, and the Morrocroft funds target inefficiencies in the U.S. residential mortgage credit and housing markets. They presently have over $300 million in assets under management and the firm's principals/affiliates have substantial personal stakes in the investment partnerships. Specialties include: Distressed residential mortgages, Non-Agency RMBS, Residential real estate, Agency CMO, and Hedge Funds.

About Carrington Property Services (CPS)
Carrington Property Services, LLC is a national asset management company specializing in the assessment, management, rental and disposition of residential properties, with a focus in bank-owned properties. The company helps mortgage lenders, banks, credit unions, loan servicing companies and investors maximize the value of their single family residential real estate assets. Carrington Property Services is an indirect subsidiary of Carrington Holding Company, LLC and affiliated with an equal housing opportunity lender.

Carrington Property Services has grown its residential asset management capabilities since 2007, using skilled management and staff and significant investments in technology, with a strict focus on appropriate strategies for each individual asset. To learn more about Carrington Property Services, visit www.carringtonps.com.

About Carrington Holding Company
Carrington Holding Company, LLC (CHC) owns and operates multiple businesses that cover virtually every aspect of single family residential real estate transactions -- investments in U.S. real estate and mortgage markets, loan origination and servicing, asset management and property preservation, real estate sales and rental, title and escrow services.

Some of CHC's affiliate companies include Carrington Real Estate Services, LLC, Carrington Capital Management, LLC, Carrington Investment Services, LLC, Carrington Mortgage Services, LLC, Carrington Property Services, LLC, Carrington Home Solutions, L.P., Carrington Escrow, Inc., Carrington Title Services, LLC and Carrington Technology Solutions, LLC. Carrington Mortgage Services, LLC is an equal housing opportunity lender.

To learn more about Carrington Holding Company, visit our website at www.carringtonhc.com.

Editor's Note: RentPointe is a trademark of Carrington Technology Solutions, LLC. All other trademarks and trade names held within are the properties of their respective holders.

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