Douglas Elliman acquires Pink Palm Properties in Boca
Rochelle LeCavalier’s firm closed about $100M in sales over the past four years
Douglas Elliman just closed on the acquisition of Pink Palm Properties, a brokerage in Boca Raton.
Rochelle LeCavalier and her team are joining Elliman’s office at 444 East Palmetto Park Road. The firm closed about $100 million in sales over the past four years and about $30 million in 2017, according to a spokesperson.
LeCavalier focuses on properties within the Royal Palm Yacht & Country Club in Boca. Pink Palm Properties was based out of a building at 276 Yamato Road until it was demolished last year.
Engel & Völkers Miami, Compass, RelatedISG and the Keyes Company have all made acquisitions recently. Keyes CEO Mike Pappas and Compass CEO and founder Robert Reffkin both have said they typically pay between two and six times a firm’s EBITDA, or earnings before interest, tax, depreciation and amortization, for a brokerage.
In South Florida, Elliman last acquired Tauriello & Co. Real Estate, a Delray Beach firm led by Sue Tauriello, in 2016. And last year, Elliman opened an office within the Mizner Country Club in Delray Beach, expanding its footprint further in Palm Beach County.