NewswireToday - /newswire/ -
Pleasanton, CA, United States, 2015/01/21 - Quest Equity Partners,a powerful Silicon Valley private equity fund, announced it has acquired equity in Boca Executive Realty - KatieLance.com / BocaExecutiveRealty.com.
Underscoring the critical nature of technology in today’s business climate, Quest Equity Partners has acquired equity in Boca Executive Realty. The move unites Florida’s leading technology-enabled real estate brokerage with a powerful Silicon Valley private equity fund.
“We’re very excited about Boca Executive Realty’s unique value proposition to its agents and see this as an invest-and-grow strategy,” Quest managing partner Jay Mehta said. “Our vision is to take the company’s exceptional model and grow the business throughout Florida and then nationwide. Everything is currently in place: technology, business practices and reputation. The company already attracts the best agents in the markets it currently serves."
One of the company’s top agents, Bonnie Heatzig, Realtor®, who produced $30m in transaction volume in 2014 alone said,“It is with great excitement that the agents at BER welcome the firm’s recent infusion of expertise, capital and global relationships. It will only serve to bolster the firm’s unparalleled technological capabilities and enable the agents with the tools they need to provide their respective clients with marketing and professional services beyond compare.”
With offices across the state, Boca’s immediate goals include expansion of its market share throughout Florida, both by growing in the markets it currently serves while also expanding its territory into new markets; ultimately, the firm wishes to expand nationwide.
“This investment represents the ultimate endorsement of our business model, our mission and our core values,” Boca founder Zev Freidus said. “This is an opportunity to build a broader regional footprint and ultimately a national footprint while at the same time increasing opportunities for our existing agents and increasing our internal referral network.”
Freidus founded Boca in 2006 in order to combine innovative technology with superior agents in providing an unparalleled real estate experience. Voted number-one broker website by the Florida Association of Realtors, Boca is also a premier full-service residential real estate brokerage specializing in luxury residential properties, country-club communities and waterfront condominiums throughout Florida. The company averaged 38% year over year growth from 2009 through 2013.
For its part, Quest is thrilled to find a real estate brokerage that not only meets its minimum investment criteria, but also owns technology and intellectual property worth millions. “We have strict valuation and investment parameters; finding a well-managed and fast-growing independent real estate brokerage worth at least $20m is challenging enough, but finding one with proprietary technology, including world class lead generation coupled with a sophisticated agent management platform and an unparalleled database of buyers worth millions more is exciting,” said Quest partner, Stephen Stanton.
Freidus will continue as broker of record, while Mehta will join Boca as president and CEO and Stanton will join Boca as director of operations.