Realogy Brokerage Group recently announced the completed sale of its Property Frameworks residential property management company to HomeRiver Group (HRG), a nationwide provider of property management services for single-family and small multifamily properties. HRG will continue to offer property management and related services to the clients of Realogy Brokerage Group-affiliated agents.
According to the company, the acquisition creates the largest third-party property management company of its type in the United States, with approximately 25,000 homes under management, and increases HRG’s operations from 14 to 22 states, expanding the service market areas for Realogy Brokerage Group-affiliated agents.
“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,” said M. Ryan Gorman, president and CEO of Realogy Brokerage Group. “This transaction allows us to both simplify our core business and continue delivering high-quality services to the affiliated agents of Realogy Brokerage Group.”
Realogy Brokerage Group is a subsidiary of Realogy Holdings Corp. For more information, please visit www.realogy.com.