[Correction: A previous version of this article referenced incorrect information provided to HousingWire. The contract between MMREM and the Texas Department of Housing and Community Affairs is two years, not three. Also, the Texas Department of Housing and Community Affairs did not reference RealtyBid and its capabilities as a reason for selecting MMREM for the contract. The Texas Department of Housing & Community Affairs did not state its reasoning for selection other than it utilized a thorough, fair, and balanced request for proposals process. The article is now updated to reflect the correct information.]
The Texas Department of Housing and Community Affairs selected Matt Martin Real Estate Management to manage the sale of real estate assets acquired by the TDHCA through its housing finance support programs.
MMREM was selected for a two-year contract to participate in the program after participating in a thorough “request for proposal” process. During the RFP process, MMREM provided detailed information on its experience in asset disposition, title, closings, property valuations and field services.
Additionally, MMREM shared the capabilities of its online auction platform, RealtyBid, which MMREM acquired in December 2014, during the RFP process.
In a release, MMREM said that during the RFP process, it drew upon its experience with managing portfolios of real estate within Texas for the U.S. Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the United States Marshals Service and private sector/commercial clients, as well similar experience outside of Texas for the same clients and for state housing finance agencies and municipalities as enticements for the TDHCA.
The Texas Department of Housing & Community Affairs did not state its reasoning for selection other than it utilized a thorough, fair, and balanced request for proposals process.
“We look forward to outperforming every expectation and bringing world-class service to each transaction,” said Tony Isbell, founder and president of RealtyBid. “We’re proud to assist our home state and this important agency in its critical work to benefit housing in Texas.”