Property Frameworks, the national property management division of NRT and a subsidiary of Realogy Holdings, said that it has acquired Southwest Realty & Property Management, a property management firm in the Phoenix metropolitan area. Financial terms of the transaction were not disclosed.
With 1,200 residential units currently under management, the addition of Southwest Realty & Property Management strengthens Property Frameworks’ national footprint and provides NRT with a strong foundation on which to grow its existing property management operations in Arizona and the Southwest, the company said in a news release.
Southwest Realty & Property Management will do business as Property Frameworks and be an affiliated business partner with Coldwell Banker Residential Brokerage in Arizona, also an NRT subsidiary. Royce Munroe and Nathan Reid, co-founders of Southwest Realty & Property Management, both will continue in a business development role for Property Frameworks.
“Southwest Realty & Property Management has been a prominent property management firm in the Phoenix metropolitan area for the past seven years, and we are pleased to welcome Royce Munroe, Nathan Reid and their team as part of our national property management services company,” Property Frameworks President Robert Way said in the release. “Arizona and the Southwest are key growth markets for our company.”
“We are excited to be joining forces with an industry leader like Property Frameworks and to be part of their national growth in property management services,” Reid said.
Property Frameworks is currently in the process of consolidating NRT's local property management operations around the country into a single organization, which will accelerate the company's strategic objective of growing its leadership position in residential property management services on a national basis.
Realogy is the parent company of a variety of real estate companies, including Title Resource Group, which has more than 50 brands, 340 branches and 1,800 employees to handle title and settlement transactions.