HomeServices of America Inc. has acquired Prudential Northwest Realty Associates, a Seattle-based brokerage with more than 350 sales associates in six offices that handled more than $740 million in sales last year.
It’s the Berkshire Hathaway affiliate’s second foray into the Pacific Northwest, following on the heels of HomeServices’ acquisition of Portland, Ore.-based Prudential Northwest Properties in February.
"Prudential Northwest Realty is a strong company with an excellent reputation in a growth market," said Ron Peltier, chairman and CEO of HomeServices in a statement. "This aligns with our vision of acquiring distinguished companies in leading markets that share our core values."
Mike Gain, Prudential Northwest Realty’s president and CEO, will continue to manage the day-to-day operations, along with his sales management and leadership team.
Both the Portland and Seattle brokerages will retain their names and remain franchisees of Prudential’s U.S. real estate network, which was acquired by Canadian-based Brookfield Residential Property Services in December.
Minneapolis-based HomeServices is the nation’s second-largest brokerage firm, after Realogy Corp.’s NRT LLC. Although most of the two dozen brokerages it owns around the country are not affiliated with a franchise brand, the company now owns six that are affiliated with Prudential.
After acquiring Prudential Northwest Properties in February, Peltier told Inman News that the company is in "buying mode" and that "the next 12 to 24 months will be a very good time to grow our footprint."