Staff Reports | Real Property & Homes
The Brokery, a locally owned residential real estate brokerage, has acquired the Arizona division of Kenneth James Realty, effective Nov. 1.Co-founders Tucker Blalock and Oleg Bortman will retain ownership of The Brokery.
Karl Freund, founder of Kenneth James Realty, will join the company as director of agent development, according to a press release.
Following the acquisition, The Brokery will expand from 110 to 160 agents.
The combined brokerages are expected to generate an annual sales volume of approximately $650 million. Kenneth James Realty has completed more than 2,300 transactions and surpassed $1 billion in sales, a press release states.
The Brokery will maintain its five offices in Arcadia, Biltmore, Scottsdale and North Central Phoenix. Kenneth James Realty’s Phoenix office will close this month.
“We have been looking to grow,” Mr. Blalock said. “But it has been an intentional process to find a brokerage that shares our culture and core values. When a mutual friend introduced us to Karl, we quickly recognized the synergies between Kenneth James Realty and The Brokery.”
Mr. Freund, who founded Kenneth James Realty in 2014, brings more than 25 years of experience in the real estate industry.
“I’m excited to join The Brokery and implement our proven training program,” Mr. Freund said. “I’ve seen how this experiential approach builds the skills and confidence agents need to achieve long-term success.”
At a time when many independent brokerages are being acquired by national firms, Mr. Blalock and Mr. Bortman said they remain committed to offering a local experience, where agents work closely with brokerage owners and clients are served by professionals who live and work in the communities they represent.
“In addition to enhancing The Brokery with best-in-class training, our expanded team will bring our “Relentlessly Local” service to a wider geographic area, particularly in the East Valley,” Mr. Bortman said. “We’re excited about the momentum and the opportunity to welcome new agents who want to grow with us.”
