REO-to-rental firm partners with real estate brokers

Company aims to raise $250 million to purchase distressed properties

Florida-based private equity firm Transcendent Investments Management (TIM) is partnering with brokers around the country to purchase bank-owned single-family properties as part of a new investment fund it’s raising.

The fund, which launched its capitalization campaign last year, will be the firm’s second distressed property-focused fund and is looking to raise $250 million, said Jordan Kavana, TIM’s director. The first fund, implemented in 2008 with a two-phase capitalization of $100 million, was involved with Freddie Mac’s HomeSteps program, he said.