Texas Real Estate News: Compass acquires, United merges
Two major brokerages made big moves in Texas this week – one with a merger and the other with an acquisition.
United Real Estate Group of Dallas has announced its merger with Kansas-based Platinum Realty, Inman reported. United has 16,000 agents and claims to be the eighth largest broker in the country. Platinum, which operates 13 offices in five Midwestern states, will bring its 2,100 agents to the Texas-based company but will retain its brand and compensation structure.
The merger was part of a “strategy to attract regionally dominant independent brokerages in key markets”, according to a statement from United. RISMedia ranked the company seventh in its 2022 list of top brokerages by trade side. United has 110 US offices in 30 states.
The companies did not publicly disclose financial details of the deal.
Meanwhile, in Central Texas: Compass has acquired Austin-based real estate company Brandon Miller Group (BMG). The Texas-based company will be part of Compass’ development marketing group, the Austin Business Journal reported. The group is a new division of Compass and will oversee projects at all stages of development.
BMG, which has been operating out of Austin for 16 years, specializes in representing new developments for luxury residential properties. It has completed more than 50 residential developments in Texas and New York with sales totaling over $1 billion, according to its website. He recently partnered with Canadian firm Intracorp for the Congress Lofts at St. Elmo and One Oak condominiums.
Neither company disclosed details of the acquisition.
[Inman] [ABJ] —Cindy Widner