WASHINGTON — Chantilly, Virginia-based Long & Foster Companies Inc., one of the largest residential real estate companies in the country, has been acquired by HomeServices of America Inc., a Berkshire Hathaway subsidiary that has been aggressively acquiring real estate companies.
The acquisition price was not disclosed. Warren Buffett is the CEO of Berkshire Hathaway.
HomeServices of America gets a company with a 50-year track record, $29 billion in sales volume last year, about 11,000 real estate agents and more than 230 offices across the mid-Atlantic, New Jersey and North Carolina.
Long & Foster’s Prosperity Mortgage business originated $3.3 billion in home loans last year.
Long & Foster will continue to be run by its existing management, with founder Wes Foster serving as chairman emeritus. Long & Foster president and chief operating officer Jeff Detwiler will become CEO.
“Finding the right partner to maintain the legacy, culture, and integrity of Long & Foster was of utmost importance to me,” said Foster. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands. Joining HomeServices ensures that our history of market leadership and industry expertise continues.”
Long & Foster will keep its Chantilly headquarters.
The acquisition makes HomeServices the biggest homeownership services provide in the country, based in transactions. It now has more than 41,000 real estate agents operating in 30 states and the District and expects more than $123 billion in residential real estate sales this year.
This content was republished with permission from CNN.