RISMEDIA, March 17, 2009-Hammond Residential GMAC Real Estate, a Massachusetts residential real estate firm, has been sold to local real estate industry veteran Saul B. Cohen. As a result, Cohen is buying back the firm he started in 1991 and later sold to GMAC Home Services in 2001.
According to the company, Hammond Residential GMAC Real Estate is poised to take advantage of the down market as demonstrated by Cohen’s purchase of the four offices located in Boston proper (South End, Charlestown, Beacon Hill, Back Bay), and eight in Boston’s western suburbs (Brookline, Newton, Wellesley, Weston, Framingham, Concord, Winchester, and Lexington).
All 12 offices, staffed by more than 400 sales associates and employees, will continue to operate as Hammond Residential GMAC Real Estate. In 2008 the company had sales of more than $1 billion.
This buy-back demonstrates Cohen’s firm belief in the company he started and its ability to grow and prosper, in partnership with its new parent company, Brookfield Residential Property Services and as a franchisee of GMAC Real Estate.
Separately, it was announced that two Carlson GMAC Real Estate offices in Chicopee and Wilbraham have been acquired by Robert Molta, a longtime real estate industry executive. A third Carlson GMAC Real Estate office, located in North Andover, has been sold to local entrepreneur and real estate veteran George Schruender.
As part of the agreements, each of the three Carlson offices will continue to operate as Carlson GMAC Real Estate and will become franchisees of GMAC Real Estate.
“When you look at the credentials of each of these company’s new owners, it’s obvious that this is truly a ‘win-win’ situation since each owner has decades of real estate experience within their respective markets,” said John Bearden, President and CEO of GMAC Real Estate.
“From our perspective, we now have offices locally owned by Strategic Partners with a shared vision for the company – which is a powerful combination that strengthens GMAC Real Estate under our new parent company, Brookfield Residential Property Services,” Bearden added.
For more information, visit http://www.GMACRealEstate.com.
