ALEXANDRIA, Va. – Pentagon FCU said its wholly owned Prudential PenFed Realty CUSO has acquired another full service realtor, Prudential Coastal Properties, a Florida-based agency serving the Panhandle from Pensacola to Panama City.
Prudential Coastal Properties offers buying and selling services for residential and commercial properties. After the merger, the agency will be renamed as Prudential PenFed Realty and plans to expand from its current staff of 32 agents to as many as 50 by the end of 2013.
Financial terms of the deal were not disclosed.
The region it serves was hit by the current recession, but it has seen more sales recently in the higher end of the market as buyers take advantage of lower prices, especially for second homes. Recently, the firm has also seen younger families moving to the area as well.
The $15 billion credit union, one of the biggest mortgage lenders in the D.C., metropolitan area, has built the CUSO over the last three years into a full-service real estate company with an annual sales volume over $1.7 billion at 40 offices. Since 2010 it has acquired Exit Slater Realtors in San Antonio, Prudential Carruthers Realtors in Washington, D.C., and Prudential Professional Realty in Tennessee. The company’s 1,000 professionals offer services in the Maryland, Northern Virginia, West Virginia, Pennsylvania, Delaware and Washington, D.C. markets as well as parts of Tennessee, Kentucky, North Carolina, Texas and Florida.