Warren Buffett is planting his flag in Denver’s hot real estate market.
HomeServices of America, a Berkshire Hathaway affiliate, announced on Thursday it has acquired Kentwood Real Estate.
Legendary investor Buffett is the CEO of Berkshire Hathaway.
The terms of the purchase were not disclosed.
The purchase includes Kentwood’s residential real estate brokerage firms and its affiliated rental and commercial businesses.
Kentwood has more than 200 agents. It has offices in the Denver Tech Center, Cherry Creek and Kentwood City Properties near Union Station in downtown Denver.
Last year, Kentwood was ranked No.1 in Colorado and the No.3 nationally for the highest average volume sold per agent.
In 2015, Kentwood closed 4,500 transactions for almost $2.4 billion of volume.
Founded in 1981, Kentwood is one of Denver’s largest independent brokerage firms.
Peter Niederman, CEO of Kentwood, along with his executive and sales-management team of Dee Chirafisi, Jim Theye, Gretchen Rosenberg, and Luisa Staerkel, will continue to lead the firm’s growth initiatives and manage day-to-day operations.
“We’ve been the leading brokerage in the Denver market for many years and this transaction makes us an even stronger organization,” Niederman said.
“Joining the HomeServices family of companies creates exciting opportunities for continued growth as we serve the real estate needs of new and existing clients throughout Denver,” Niederman continued.
Ron Peltier, the chairman and CEO of HomeServices, was thrilled to make its Denver-area debut by buying Kentwood.
“Kentwood Real Estate is a trusted resource in the communities it serves and to its buyers and sellers,” Peltier said.
“Kentwood’s culture of service, integrity, and community involvement closely aligns with our corporate vision and emphasis on customer value and results,” he said.
The purchase, he said is an “important transaction” for HomeServices.
“We are very proud to have Kentwood Real Estate join the HomeServices family,” Peltier said.
The acquisition represents HomeServices’ entry not only into the Denver-area market, but Colorado.
With this transaction, HomeServices has more than 27,000 real estate professionals operating in almost 500 offices across 28 states.
In 2015, the company’s associates facilitated more than $81 billion in residential real estate sales and more than 233,000 transactions.