Keyes doubles down on Aventura with acquisition of Rickenback Realty

25-agent firm closed $25M in sales last year

TRD MIAMI /
Feb.February 01, 2018 10:30 AM

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.


Related Articles

arrow_forward_ios
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Adam Henick, Stefano Santoro, and Brandon Charnas

Instagram ready: Current Real Estate Advisors expands to Miami

Instagram ready: Current Real Estate Advisors expands to Miami
Cervera's new office at Murano at Portofino and Alicia Cervera Lamadrid (Cervera)

Cervera opens new Miami Beach office in South-of-Fifth

Cervera opens new Miami Beach office in South-of-Fifth
From left: David Koster, Gabriel Markovich, Seth Kaufman and Daniel de la Vega

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach
From left: Developer Jesus Quintero, Chad Carroll, and the Quint Collection

Chad Carroll takes over sales of waterfront Hollywood townhomes

Chad Carroll takes over sales of waterfront Hollywood townhomes
1889 Sabal Palm Drive and Dr. Lawrence “Scott” and Donna Ennis

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M
J. Eddy Martinez, Roland Ortiz, and Daniel de la Vega

One Sotheby’s acquires Worldwide Properties

One Sotheby’s acquires Worldwide Properties
Seth Cohen and Phil Gutman

Brown Harris Stevens Miami launches sports and entertainment division

Brown Harris Stevens Miami launches sports and entertainment division
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...