DES PLAINES, Ill., July 2 /PRNewswire/ -- NRT Incorporated announced today the acquisition of Coldwell Banker Equitable Stefaniak and Federated Realty Group, residential real estate firms with a combined 400 sales associates and 10 offices throughout the Milwaukee area. Included in the deal was Coldwell Banker Lakeshore Partners, a Coldwell Banker Equitable Stefaniak company. The acquired companies will operate under the Coldwell Banker Residential Brokerage name, with current management continuing to play an active role. "NRT is creating a mosaic of real estate experts throughout the Midwest," said Ralph Burnet, senior vice president, NRT Incorporated. "Coldwell Banker Equitable Stefaniak and Federated Realty Group are both residential real estate leaders in the Milwaukee area. NRT is fortunate to have them on board, to draw upon their expertise and excellent reputation for customer service." Coldwell Banker Stefaniak and Federated Realty recorded a combined $938 million in closed sales volume in 1998. Gene Stefaniak, managing partner of Coldwell Banker Stefaniak, Gretchen Peck, vice president of Federated Realty Group, and Ted Purtell, president of Federated Realty Group, will continue to be responsible for the operation of the Milwaukee offices. "Day-to-day management will continue to be directed from Milwaukee," said Peck. "This acquisition, however, will provide us with new programs, resources and the support we need to continue to serve consumers as a Milwaukee area leader in residential real estate." With the acquisition of the Milwaukee companies, Coldwell Banker Residential Brokerage will operate 86 offices with over 4,100 sales associates throughout the Milwaukee, Chicagoland, Northwest Indiana and Southwest Michigan areas. Combined 1998 sales volume for the three companies would have totaled over $9 billion. "The real estate industry is rapidly consolidating," said Stefaniak. "Through acquisitions and growth, however, Coldwell Banker Residential Brokerage can provide even more programs and support for sales associates and serve customers as a marketplace leader in residential and commercial real estate." Burnet cited the company's ability to provide its clients with a multitude of options in marketing their homes, many made possible due to the company's continued growth and success. "Coldwell Banker Residential Brokerage has the clout and expertise needed to deliver outstanding support programs to our sales associates, from preferred alliances to advertising," said Burnet. "Our marketing systems, for example, provide access to more and better information, and allow our sales associates to more effectively partner home sellers and buyers." Coldwell Banker Residential Brokerage is the number one real estate services firm in the Midwest with 86 offices and over 4,100 sales associates. NRT, Inc., the parent company of Coldwell Banker Residential Brokerage, is a leading owner of residential real estate brokerages in the United States with over 550 offices and more than 30,000 sales associates.
SOURCE Coldwell Banker Residential Brokerage