Keyes acquires Boynton Beach brokerage

Miami /
Jun.June 14, 2018 08:45 AM

Mark Bardo, Joy Linet, Mary Prince, Robert Sauer Jr., Virginia Spencer and Steven Reibel

The Keyes Company is again expanding.

Keyes’ Illustrated Properties closed on the acquisition of Palm Beach County Realty Group of Boynton Beach, marking the seventh firm Keyes has acquired over the past year, according to a press release.

The deal adds 23 agents to Illustrated’s Manalapan office at 230 South Ocean Boulevard. The Boynton Beach firm, led by Robert Sauer Jr. and Mary Prince, was founded in 2011. It closed more than $20 million in sales last year.

Keyes typically pays between two and six times a firm’s EBITDA, or earnings before interest, tax, depreciation and amortization, for a brokerage, Keyes CEO Mike Pappas previously said. He attributes increased consolidation of real estate brokerages to tightening business margins.

Keyes purchased the Stuart-based The Real Estate Company Inc. in May, and Aventura-based Rickenback Realty and Boynton Beach-based The Realty Pros earlier this year. – Katherine Kallergis


Related Articles

arrow_forward_ios
Bill Morris of Southcoast, and a rendering of the project (Credit: RLC Architects)

Developers propose multifamily mixed-use project in Boynton Beach

Developers propose multifamily mixed-use project in Boynton Beach
Richr Founder and CEO Glenn Orgin

Home listings startup Richr launches title and insurance services

Home listings startup Richr launches title and insurance services
Lourdes Alatriste

Lourdes Alatriste leaves Engel & Völkers to join Douglas Elliman

Lourdes Alatriste leaves Engel & Völkers to join Douglas Elliman
ShareMD's John Bardis and Real Capital Partners' Otto Travieso with 7400 Southwest 87th Avenue, Miami (Linkedin, Google Maps)

Miami commercial brokerage alleges it was stiffed on medical office commission

Miami commercial brokerage alleges it was stiffed on medical office commission
Ron Shuffield and Alirio Torrealba with a rendering of Biltmore Row (EWM, Twitter/MG)

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables
Kenneth Brodlieb and 3050 South Ocean Boulevard, Manalapan (Realtor, Hofstra)

Auto group chairman buys oceanfront Manalapan lot for $8M

Auto group chairman buys oceanfront Manalapan lot for $8M
 Stefano Santoro, Miguel Pinto and Martin Bravo (Apex)

Stefano Santoro sues ex-brokerage over email list, alleges stolen trade secrets

Stefano Santoro sues ex-brokerage over email list, alleges stolen trade secrets
100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties
arrow_forward_ios

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

Loading...