The Real Deal Miami

Berkshire Hathaway Florida acquires South Miami firm

Deal adds 24 agents to the Lennar subsidiary
By Katherine Kallergis | April 05, 2018 11:30AM

From left: Ody Sierra, Pat Dahne, Rei Mesa, Rafael and Teresita Rodriguez

Berkshire Hathaway HomeServices Florida Realty is expanding its reach in Miami-Dade.

The brokerage, a subsidiary of Lennar Corp., just closed on the acquisition of Foster & Clark Real Estate, adding 24 agents to the company. In Florida, Berkshire Hathaway HomeServices has more than 40 locations, 1,800 agents and has a presence in 20 counties, according to a release. It’s led by President and CEO Rei Masa.

Foster & Clark agents, based in South Miami, will work out of the Berkshire office at 135 San Lorenzo Avenue in Coral Gables. Previous owners Rafael Rodriguez and Terry Rodriguez will stay on as team leaders of Foster & Clark Group, according to the release.

South Florida’s bigger brokerages are still buying smaller firms, albeit at a slower pace than in recent years. Keyes Company and One Sotheby’s International Realty have been especially active.

Keyes CEO Mike Pappas has 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.

A spokesperson for Berkshire Hathaway HomeServices Florida Realty declined to provide Foster & Clark’s sales volume for 2017, citing a confidentiality agreement.

HomeServices of America, is now the second-largest real estate brokerage in the country, with $125.4 billion in transaction volume closed in 2017, according to Real Trends. Warren Buffett’s residential brokerage trails only Realogy Holding’s NRT unit.