Realogy Brokerage Group, a Madison-based residential real estate brokerage company, announced on Thursday it has completed the sale of its Property Frameworks business unit to HomeRiver Group, a provider of property management services.
The deal will establish one of the largest third-party property management companies in the United States, Realogy said, having approximately 25,000 homes under management.
“The sale of Property Frameworks is a strategic move that allows us to further strengthen and hone the value proposition of our owned brokerage operations,” M. Ryan Gorman, CEO and president, Realogy Brokerage Group, said. “This transaction allows us to both simplify our core business and continue delivering high-quality services to the affiliated agents of Realogy Brokerage Group.”
Financial terms were not disclosed.