SCOTTSDALE, Ariz., March 10, 2016 /PRNewswire/ -- Property Frameworks LLC, the national property management division of NRT LLC, has acquired Southwest Realty & Property Management in Scottsdale, Arizona. With 1,200 residential units currently under management, the addition of Southwest Realty & Property Management strengthens Property Frameworks' national footprint and provides NRT with a strong foundation on which to grow its existing property management operations in Arizona and the Southwest. Financial terms of the transaction were not disclosed.
Southwest Realty & Property Management will now do business as Property Frameworks and will be an affiliated business partner with Coldwell Banker Residential Brokerage in Arizona, also an NRT subsidiary. Royce Munroe and Nathan Reid, co-founders of Southwest Realty & Property Management, both will continue in a business development role for Property Frameworks.
"Southwest Realty & Property Management has been a prominent property management firm in the Phoenix metropolitan area for the past seven years, and we are pleased to welcome Royce Munroe, Nathan Reid and their team as part of our national property management services company," said Robert Way, president of Property Frameworks. "Arizona and the Southwest are key growth markets for our company."
"We are excited to be joining forces with an industry leader like Property Frameworks and to be part of their national growth in property management services," said Reid.
Property Frameworks is currently in the process of consolidating NRT's local property management operations around the country into a single organization, which will accelerate the company's strategic objective of growing its leadership position in residential property management services on a national basis.
About Property Frameworks
Property Frameworks (www.propertyframeworks.com) is one of the largest property management companies in the country. As a member of the NRT family of companies, Property Frameworks is backed by the strength and resources of the nation's leading real estate brokerage company. NRT is the nation's largest owner and operator of residential real estate brokerages. With more approximately 790 offices and 47,000 independent sales associates, NRT operates in more than 50 of the 100 largest metropolitan areas in the United States. NRT is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY).
SOURCE Property Frameworks LLC