Austin, Texas-based Thrive FP will buy distressed California homes

LIVE NOW: Inman Connect San Francisco
Tune-in now to catch the livestream. Don't miss this chance to see real estate leaders tackle the industry's top problems.

Two Austin-based real estate firms with a $140 million portfolio that includes 3,000 apartment units in Texas and Arizona are combining as Thrive FP, which will launch a new fund to buy $10 million in distressed properties in California, mostly single-family homes, the Austin Business Journal reports.

J.P. Newman, a former Sony Home Entertainment executive, will serve as CEO, and Adrian Lufschanowski as president, when their firms rebrand as Thrive FP Oct. 22. Source: bizjournals.com