Century 21 JWC Florida Realty acquired Pembroke Pines brokerage Cooperative Real Estate Group, marking another sign of increased consolidation within the industry.
Co-owners Ray Anastas and Scott Kasten and their 54 agents are joining the Century 21 franchise, which will rebrand as Century 21 Keystone Realty. Cooperative Real Estate Group will keep its office on the corner of Taft Street and Douglas Road in Pembroke Pines. It will offer both residential and commercial real estate services, according to a press release.
Terms of the deal were not disclosed. Anastas and Kasten could not immediately be reached for comment.
The combined company, based in Pembroke Pines, is an independently owned and operated franchise affiliate of Century 21 Real Estate LLC, which has about 8,000 franchised broker offices around the world and more than 2,200 in the U.S. Century 21 is a subsidiary of Realogy, the $6.1 billion parent company of Coldwell Banker, Sotheby’s International Realty and Corcoran Group.
Residential brokerages in South Florida and across the country have been consolidating due to tighter margins, low interest rates and a lack of demand. Earlier this month, Coral Gables-based Berkshire Hathaway HomeServices Florida Realty closed on the acquisition of Foster & Clark Real Estate, adding 24 agents to the company. Within South Florida, firms like Keyes Company and One Sotheby’s International Realty have also been picking up smaller brokerages.
Brokerages can sell for between two and six times a firm’s EBITDA, or earnings before interest, tax, depreciation and amortization, experts say.