Lennar sells brokerage to Warren Buffett’s Home Services of America
Deal for Berkshire Hathaway HomeServices Florida Realty adds 40 offices with 1,750 agents in Florida
Warren Buffett’s HomeServices of America just acquired Berkshire Hathaway HomeServices Florida Realty, adding 40 offices with about 1,750 agents in Florida. About 15 locations are in South Florida.
Financial terms of the acquisition were not disclosed.
The deal includes its affiliate title company, Florida Title and Guarantee Agency. HomeServices, which is owned by Berkshire Hathaway subsidiary Berkshire Hathaway Energy, already had a presence in Florida: it acquired Coral Gables-based EWM Realty International in 2003 and Jacksonville-based Berkshire Hathaway HomeServices Florida Network Realty in 2016, according to a release.
Lennar picked up Berkshire Hathaway HomeServices Florida Realty in February 2017 as part of its $643 million acquisition of WCI Communities.
The full-service brokerage offers residential and commercial services, title and settlement, rental and property management services, REO and foreclosures, corporate relocations, referral assistance and home service plans, according to a release.
Rei Mesa, president and CEO Berkshire Hathaway HomeServices Florida Realty, will continue to lead the company.
The acquisition was announced on Wednesday, the same day Lennar released its first quarter earnings. The country’s biggest homebuilder saw its stock jump on Wednesday despite missing analysts’ expectations for sales and new home orders in the fourth quarter. Lennar’s stock price climbed 7.3 percent after the call, rising to $46.29 from $43.14.