Portland's top real estate firm that specializes in residential properties has been sold for $2.25 billion and is now owned by a father and son team from Colorado.
According to BizJournals, RE/MAX Equity Group, the number one residential real estate agency operating in Portland, is now under the ownership of Chuck Ochsner and his son Chad. The two are well-established real estate agents in Denver, operating the RE/MAX Alliance firm that has 21 offices in Colorado. With their acquisition of RE/MAX Equity Group, they add 12 offices in the Portland area to their list of assets plus a cadre of more than 600 agents.
Terms of the deal between the firm and the Ochsners were not made available as of press time but Alan Mehrwein, president of the RE/MAX Equity Group released a statement citing that the transaction will be beneficial to both parties and the company's business interests in Portland.
He said, "The Ochsners are accomplished brokers who know real estate very well. We've been friends for years and we're very lucky to have them as our new owners. Because Denver and Portland are very much alike, both brokerages have found ways to succeed in similar real estate markets. We think there are a lot of positive synergies that will benefit all our agents."
In a report by The Denver Post, Chad Ochsner commented on the merger and their latest acquisition, saying, "We feel that we know how to run a successful multiple-office Re/Max organization. The opportunity presented itself."
According to a report by S&P/Case-Schiller Home Price Indices, Denver and Portland along with San Francisco scored a three-way tie in value increase of their home prices in October with a notable jump of 10.9 percent. The Denver metro housing ended 2015 with a bang scoring a record $20.2 billion in sales of homes.
