Radar Logic Inc., a data and analytics company that created a home-price index used for derivatives trading, is acquiring residential real estate appraisal firm Miller Samuel Inc., according to an announcement today. Terms of the transaction were not disclosed.
In April, the companies formed Radar Logic Research LLC to publish real estate research and offer consulting services.
“The acquisition will strengthen both companies’ insight into the residential real estate market while opening new lines of business, including monthly commentary and analysis of the metropolitan statistical areas for which Radar Logic publishes data,” according to the announcement.
Jonathan Miller, co-founder and current president/CEO of Miller Samuel, will serve as executive vice president of Radar Logic Inc. while Miller Samuel co-founder Dina Miller will become CEO of Miller Samuel and oversee its continuing operations, according to the announcement. The first metro-area reports are scheduled for release next month.
Miller said in a statement that the combination of Miller Samuel’s valuation and market-reporting experience and Radar Logic’s data analytics will be “a perfect fit.”
Radar Logic has created a daily price index for residential real estate in U.S. metro areas that is based on real estate transaction data captured from public sources. The daily prices power a Residential Property Index market, in which derivatives and other financial instruments are offered and traded.
Miller Samuel will continue to serve as a real estate appraisal and consulting firm and will continue to prepare market reports for Prudential Douglas Elliman, a Manhattan-based real estate brokerage company.