Editor's note: This story has been updated. Inman News has confirmed a report that Real Living and Prudential Real Estate Relocation Services have been sold to HomeServices of America Inc.
Brookfield Residential Property Services has sold its U.S. franchise operations -- Real Living and Prudential Real Estate and Relocation Services -- to Berkshire Hathaway Inc. subsidiary HomeServices of America Inc.
Brookfield RPS, a Canadian-based franchisor that made a dramatic entry into the U.S. market in 2008 by acquiring GMAC Real Estate and merging the company into Real Living, acquired Prudential Real Estate in December for $110 million.
Minneapolis-based HomeServices is the nation's second-largest brokerage firm, after Realogy Corp.'s NRT LLC. Although most of the 26 brokerages it owns around the country are not affiliated with a franchise brand, the company owns nine brokerages that are affiliated with Prudential.
As first reported by the blog Columbus Biz Insider, Real Living founder and president Harley Rouda Jr. will take over as CEO of Trident Holdings Inc., the parent company of HER Realty, the brokerage founded by his late father, Harley Rouda Sr.
Rouda confirmed the details of that report, and told Inman News that HER Realty does not plan to be affiliated with Real Living or Prudential Real Estate in the future.
Representatives of Brookfield RPS did not respond to a request for comment. A spokesman for HomeServices said the company would provide information Tuesday morning.
HomeServices moved into the Pacific Northwest market in February by acquiring Portland, Ore.-based Prudential Northwest Properties, which has nearly 500 agents who handled nearly $900 million in sales in Oregon and Washington in 2011.
The company expanded its presence in the region in April by acquiring Prudential Northwest Realty Associates, a Seattle-based brokerage with more than 350 agents that handled more than $740 million in sales last year.
HomeServcies also established a foothold in the Northeast in April with the acquisition of Prudential Connecticut Realty, whose 1,400 sales associates handled more than $2.5 billion in sales in 2011, working out of 50 offices located in markets across the state.
The six other Home Services brokerages affiliated with Prudential are Prudential California Realty (Southern California), Prudential First Realty (Iowa), Prudential Rhode Island Realty, Prudential Carolinas Realty, Prudential York Simpson Underwood Realty (North Carolina) and Prudential Yost and Little Realty (North Carolina)
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