Keyes doubles down on Aventura with acquisition of Rickenback Realty

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

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

Henry Torres and Merrick Manor

Merrick Manor hires Berkshire EWM to take over sales

Maria Penaloza

So Flo Real Estate Group sued over spam text messages

André Duek and Carolina Lara with Daniel de la Vega

One Sotheby’s acquires brokerage with Brazilian reach

Jay Parker and a rendering of CocoWalk

Douglas Elliman, Bluemercury among new tenants at CocoWalk

Illustrated Properties acquires Jupiter Hills Village Realty

Illustrated Properties acquires Jupiter Hills Village Realty

21440 Biscayne Boulevard and listing broker Jonathan Molano

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

John Gallant and the Florida Keys

Engel & Völkers expands to the Florida Keys

Home 61's Olivier Grinda

Home61 shuts down, to reopen as 100% commission brokerage