On Thursday, Silicon Valley-based Sereno Group announced the acquisition of East Bay brokerage J. Rockcliff.
The move allows Sereno Group, the largest independently owned and locally operated residential real estate brokerage in Silicon Valley and the Santa Cruz Coast, to expand its coverage in the Bay Area even further.
Together, the two brokerages will make up a team of over 500 agents with almost $5 billion in annual sales.
“What’s clear to me is that there is a great void and opportunity for quality, independent, like-minded firms to come together and focus on what’s best for the agents and clients in the long run,” Jeff Sposito, president and CEO of J. Rockcliff, said in a statement. “We view this collaboration with Sereno Group as the perfect platform to build our momentum from here.”
In a press release issued by Sereno Group, the brokerage framed the acquisition as a potential first move in “[uniting] several of the remaining independent brokerages across California and the Western United States.”
“There has been a glaring void created by mass consolidation, and driven largely by venture capital-backed firms who ultimately have a different priority aim,” Chris Trapani, co-founder and CEO of Sereno Group, said in a statement. “We are convinced it is not in a real estate agent’s or customers’ best interest, whether they recognize this reality yet, or not.”
Sereno Group said the deal will be finalized this week with more details of the acquisition to come in the next few weeks.
Sereno Group has seven offices across Silicon Valley and the Santa Cruz Coast. The company supports a program called “1% for Good,” an agent-driven initiative that’s generated over $3.1 million in charitable donations to date.