Alta Communications, a Boston-based private equity firm formed in 1996 to focus exclusively on the media and telecommunications industries, has acquired New Homes Realty Inc., the companies announced last week.
Clearwater, Fla.-based New Homes Realty provides buyer’s agent services for new and resale homes in 38 states through a network of more than 400 licensed real estate agents and brokers.
The New Homes Realty family of Web sites generates home buyer leads for its broker and agent network. The company was founded by Richard J. Davis in 1992 as New Homes Advisory in Clearwater, Fla., and specialized in finding new homes for buyers.
“This acquisition is the next logical step in the evolution of New Homes Realty Inc. Alta Communications’ 20 years of investment experience and its successful track record in media and telecommunications companies truly enhances New Homes Realty Inc.’s potential for outstanding growth,” Davis said in a statement.
Alta has approximately $1.5 billion of capital under management in five limited partnerships, which consist primarily of large pension funds and university endowments.
Valeri Marks will join New Homes Realty as president and CEO and Dave Zynn will become chief financial and operating officer.
“The departing New Homes Realty management team has done a fantastic job positioning the company to be a leader in the residential real estate buy-side brokerage business. We are very excited to provide the necessary resources to continue the company’s growth and further enhance services to our clients,” states Tim Dibble, managing general partner at Alta Communications.