William Orange Realty has been acquired by Coldwell Banker Residential Brokerage in Connecticut and Westchester County, N.Y., marking the latter’s fourth acquisition of 2005.
Coldwell Banker Residential Brokerage in Connecticut and Westchester County, N.Y., continues to expand with its fourth acquisition of 2005. The firm last week acquired Orange-based William Orange Realty, which also has offices in New Haven and Woodbridge.
The firm made a flurry of acquisitions over the summer, adding Woodbridge-based Harriet Cooper Assoc. and Newtown-based Curtiss & Crandon Realtors to its list. It also acquired Rochelle, N.Y.-based Marjorie Wohl-Town & Country. Overall, the acquisition of William Orange is the firm’s 23rd such deal since 1998.
But Coldwell Banker has not been the only firm seeking to grow through acquisitions. In August, Prudential Connecticut Realty acquired the 16-office, New Haven-based William T. Beazley Co.
Acquisitions are becoming frequent because of the market’s reactions to interest rate changes, said Coldwell Banker Residential Brokerage President and Chief Operating Officer Peggy Doepper.
“The market is adjusting,” she noted.
When that happens, business owners often start to analyze their companies and look for opportunities with larger companies that have more marketing resources and more advanced technology, according to Doepper. So far, the integration of the companies that Coldwell Banker has acquired this year has gone well, she said.
“[The employees of those firms] seem to be very pleased,” Doepper said.
‘A Good Marriage’
For Coldwell Banker, acquiring other companies has been a good way to grow.
“It’s been a very successful way of affecting growth for us,” Doepper said.
She added that she also expects the integration of William Orange to go well.
“I think it’s going to be a good marriage,” she said.
As a result of the new acquisition, Coldwell Banker Residential Brokerage now has eight offices in New Haven County. They are located in Madison, Woodbridge, Cheshire, Orange, North Haven, Milford, Westville/Woodbridge and Oxford.
Additionally, Coldwell Banker now claims to hold the No. 1 market share in New Haven County and to be the state’s top residential real estate brokerage, with more than $5.8 billion in closed sales volume last year. Including the William Orange deal, it has 40 offices and more than 1,600 sales associates in Connecticut.
“This represents one of our larger acquisitions and expands our presence in the growing Greater New Haven region,” Doepper said in a prepared statement. “We are delighted to welcome the talented real estate professionals of William Orange Realty into the Coldwell Banker Residential Brokerage family.”
William Orange Realty has 57 sales associates, who accounted for a total closed sales volume of approximately $220 million during the past 12 months. Frank D’Ostilio Jr., the company’s president and broker-in-charge, will become a vice president for Coldwell Banker Residential Brokerage.
D’Ostilio acquired the firm in 1989. It was then called Orange Agency, which was originally established in 1959. Since D’Ostilio bought the firm, it has expanded into three locations.
D’Ostilio has 20 years of experience in real estate and is well known in New Haven, where he has served as president of the Greater New Haven Association of Realtors. He lives in Woodbridge and is an active member of the Connecticut Association of Realtors. D’Ostilio also serves on the board of directors of the Greater New Haven Chamber of Commerce.
“Coldwell Banker Residential Brokerage in Connecticut and Westchester County is a great fit for our agents and management team,” he said in a prepared statement. “The Coldwell Banker Previews International marketing program for exceptional properties, its New Homes division, and its relationship with its sister company, Cendant Mobility, will enhance the services our agents deliver to our loyal clients.”
The firm’s last acquisition, that of the assets of The Four Star Corp. – which operated as Curtiss & Crandon of Newtown – added one office to Coldwell Banker Residential Brokerage. The acquisition of Harriet Cooper Assoc. added another office.
