The Real Deal Miami

Keyes doubles down on Aventura with acquisition of Rickenback Realty

25-agent firm closed $25M in sales last year
By Katherine Kallergis | February 01, 2018 10:30AM

Steve Reibel, Eric Rickenback, Tim Pappas and Marco Zarfati (Credit: Keyes Co.)

The Keyes Company closed on the acquisition of Rickenback Realty, a real estate brokerage based in Aventura.

Miami-based Keyes is gaining 25 agents who closed more than $25 million in sales volume last year, according to a press release. It’s the fifth acquisition in months for Keyes. In August, the brokerage closed on the acquisition of Shorewood Real Estate’s Aventura office.

Rickenback Realty will move to Keyes’ Aventura office at 2822 Northeast 187th Street. Its president and managing broker Eric Rickenback and co-founder Harriet Rickenback will stay on as Realtors, a spokesperson said. Keyes alumnus Marco Zarfati was also just appointed Aventura district manager.

More recently, Keyes acquired the Realty Pros, a 43-agent company that closed about $75 million in sales volume in 2017.

Keyes CEO Mike Pappas previously said the firm will pay between two and six times a firm’s EBITDA, or earnings before interest, tax, depreciation and amortization, for a brokerage.

In South Florida, firms like One Sotheby’s International and Brown Harris Stevens have also been active on the acquisition front over the past couple of years.