The Real Deal Miami

Keyes grows Wellington market share with latest acquisition

Realty Elite closed on $92M in sales volume in 2016

Mike Pappas and David Lopez

The Keyes Company is continuing its acquisition spending spree.

The brokerage just closed on the purchase of Realty Elite The Palm Beaches in Wellington, following a string of deals over the past two years. Realty Elite, founded by David Lopez in 2007, closed on $92 million in sales volume in 2016, according to a press release. It adds 64 agents to Keyes.

In recent months, Keyes has closed on the acquisition of Jupiter-based Bluffs Real Estate and Investment Properties, and two South Florida offices of Greenwood Village, Colorado-based Shorewood Real Estate. Illustrated Properties Real Estate merged with Keyes last year, propelling Keyes to the top in Palm Beach County.

Realty Elite’s agents will work of out Keyes’ Wellington office at 13920 Wellington Trace, eliminating overhead costs associated with operating an additional Wellington office.

As of mid-August, Keyes had 3,300 agents and 58 offices in Florida, a spokesperson said. Steve Reibel, senior vice president, attributed the growth to tightening profit margins in the residential brokerage industry. Firms like One Sotheby’s International Realty have also been purchasing firms. Last month, One Sotheby’s closed on the acquisition of Coastal Sotheby’s International Realty, which added 65 agents and three offices in Palm Beach Gardens, Jupiter and Stuart.