SACRAMENTO Calif. – NRT, the nation’s leading residential real estate brokerage company, announced the acquisition of Pacific Preferred Properties, Inc., which previously operated offices under the name Prudential California Realty in the greater Sacramento and Lake Tahoe areas.
The company will be merged into NRT’s Coldwell Banker Residential Brokerage of Northern California, already the market leader in Northern California real estate.
”We are extremely pleased to add the proven, professional expertise of Pacific Preferred Properties, Inc., which previously operated offices under the name Prudential California Realty in Sacramento and Lake Tahoe, to our national family of companies,” said Bob Becker, president and chief executive officer of NRT. ”We are proud of the fact that they are the 15th firm with an annual sales volume greater than $1 billion to join NRT in the past three and a half years.”
The acquisition includes 19 offices in Sacramento, Placer, El Dorado and Nevada counties, including the Lake Tahoe area. Pacific Preferred Properties, Inc., which previously operated offices under the name Prudential California Realty, has 400 sales associates in the greater Sacramento-Lake Tahoe area and last year recorded sales volume of $1.09 billion, making it the third-largest brokerage in the region. No other Prudential California Realty offices were included in the transaction.
”With this addition, we now have a company with unequalled resources to serve homebuyers and sellers in Northern California,” said Avram Goldman, president and chief operating officer of Coldwell Banker Residential Brokerage of Northern California. ”Combining the talented sales forces of these two companies will enable Coldwell Banker Northern California to grow our presence as the market leader.”
During the past several years, Coldwell Banker Residential Brokerage of Northern California has joined forces with some of the most prestigious real estate companies in California, including Fox & Carskadon, Del Monte Realty, Cornish & Carey Residential Real Estate, Coker & Cook and Jon Douglas.
This acquisition makes Coldwell Banker Residential Brokerage of Northern California the market leader in Sacramento, El Dorado, Placer and Nevada counties, particularly in the high-end market. In 2000, three out of every four $1 million-plus homes in California were sold through Coldwell Banker Previews International, the estates division of Coldwell Banker.
Coldwell Banker Northern California and Pacific Preferred Properties, Inc., which previously operated offices under the name Prudential California Realty in Sacramento and Lake Tahoe, ranked second and third, respectively, in Sacramento for closed sales volume and transaction sides in 2000. This acquisition marks the first Coldwell Banker Northern California expansion into the Lake Tahoe area, and its ninth acquisition within the last three years.
With reported 2000 sales volume of better than $20.3 billion, Coldwell Banker Residential Brokerage of Northern California is not only the leading residential real estate firm in Northern California but in the entire worldwide network of Coldwell Banker affiliates. In the Sacramento metropolitan area alone, Coldwell Banker Northern California and its 450 sales associates recorded sales volume of $1.5 billion in 2000. Following the acquisition, Coldwell Banker Northern California will have 850 sales associates in the Sacramento metropolitan and Lake Tahoe areas. Those sales associates accounted for sales of $2.6 billion last year.
Joseph Balla, Elaine Bertolina, Steve Carpenter and Dan Delaney, the four co-owners of Pacific Preferred Properties, Inc., which previously operated offices under the name Prudential California Realty in the greater Sacramento-Lake Tahoe areas, will remain with the company as part of Coldwell Banker Northern California’s senior management team.
”This is an exciting milestone in the history of our company,” said Balla. ”We are proud that our team is joining Coldwell Banker Northern California’s elite group of real estate professionals.”
”For years, our company and Coldwell Banker have set the standards for quality in Northern California,” added Bertolina. ”Both firms are known for professionalism and integrity. By coming together, our combined resources and outstanding group of sales associates allow us to give an extraordinary level of service to our clients.”
Carpenter and Delaney noted that the partnership benefits their sales associates and customers by enhancing the firm’s range of capabilities and national resources. ”Coldwell Banker’s network of buyers and sellers across the country and around the world is simply unparalleled, and it possesses the marketing and technological capabilities that will help our sales associates achieve even greater results on behalf of our customers,” they said.
Now with 90 offices and more than 3,400 sales associates, Coldwell Banker Residential Brokerage of Northern California is the leading residential real estate firm in Northern California.
NRT is the nation’s largest residential real estate brokerage company. With more than 650 offices and 32,000 sales associates, NRT independently owns and operates companies in 22 of the nation’s largest metropolitan areas. NRT’s family of companies do business under the COLDWELL BANKER, ERA and CENTURY 21 brand names. NRT is a joint venture between Cendant (NYSE: CD) and Apollo Management L.P.
