William Raveis Real Estate has acquired Niantic-based Heritage Properties, a leading agency in New London County with more than $150 million in sales volume and close to 60 employees, effective today. Financial terms were not disclosed.
The acquisition by Raveis, whose corporate headquarters is in Shelton, strengthens the company’s position on the Connecticut shoreline. The company claims the combined firms obtain No. 1 market share in New London County, based on both 2017 closed volume and closed units – which Raveis said is approximately 40 percent higher than the nearest competitor.
Raveis will also acquire Heritage’s real estate training school, The Academy of Professional Education in Niantic.
“We are thrilled to welcome these talented Heritage agents led by co-owners Ann Carpenter, Bill Heenan and Mary Poola, who are reputable experts in their market and region, to our growing Raveis family,” said Chairman and CEO Bill Raveis. “This is a natural fit: Our business cultures and philosophies are very much aligned.”
Raveis Real Estate employs over 4,000 people in 130 offices across nine states, resulting in $10.2 billion in real estate sales in 2017. William Raveis Mortgage Co. has financed almost $11 billion of residential mortgages since its inception, and its insurance company represents approximately 8,200 clients consisting of approximately 13,000 current policies with 26 major carriers.