ReMax Results of Eden Prairie is ending a buying spree with the acquisition of ReMax Advisors, a Burnsville-based franchisee in the ReMax network of real estate firms.
Terms of the deal, which closed on Friday, weren't disclosed.
The acquisition was the sixth — and final this year — for ReMax Results, which in 2017 has added capacity to its Austin, Minn., office and expanded into several new areas including Mendota Heights, Duluth and Mankato.
"We are always looking for good opportunities to serve the community and are pleased to join together with such a hardworking group of people," said Lynn Foulke, CEO of ReMax Results.
With the acquisition, ReMax Results has 39 offices with more than 1,100 sales agents in Minnesota and Wisconsin. Foulke said the deal solidifies the company's presence in the Interstate 35E and Cedar Avenue corridor.
A representative for the company said there are 23 agents in the ReMax Advisors office, including co-brokers Elie and Deborah Safi. They will work for ReMax Results but not have a corporate leadership role.
ReMax Advisors annually sells more than 300 properties with a cumulative value of around $80 million. The firm has been named "single broker owner of the year" by the regional ReMax office.
The office was established in 1995 by Ray Droege, who has since retired. In a statement, Deborah Safi said she was attracted to ReMax Results because if offers "agents a great product powered by a business model that works.
"We like the fact that they are technology-driven but also follow a hands-on management system," she said.
Burnsville has been a particularly stable market. So far this year, there have been 1,224 new listings, five fewer than last year, and 10 more closings compared with last year, according to the Minneapolis Association of Realtors. The average price per square foot for those closings was $119, a 6 percent increase over last year. Across the 13-county metro, the average price per square foot was $143, a 7.3 percent increase.
"Adding Burnsville to our office locations has extended our services south of the river," John Collopy of ReMax Results said in a statement. "Burnsville is known for being a consistent, stable, and mature market and is appealing due to its affordability aspect. And as the suburbs continue to grow, Burnsville is a great option as a close-in suburb of Minneapolis."