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Insignia Financial Sells Realty One for $33-Mil

NEW YORK CITY-The firm sheds its single-family home brokerage business to a pair of Ohio firms. The deal includes a performance-based earn-out of up to $3 million to be paid over the next two years.

By Glen Thompson | Updated on February 04, 2002

NEW YORK CITY-Insignia Financial Group Inc. has sold its Realty One single-family home brokerage business to Real Living Inc., a privately held company formed by Columbus-based HER Realtors and Huff Realty, headquartered in Cincinnati. The $33-million sale includes a performance-based earn-out of roughly $3 million to be paid over the next two years.

Realty One affiliated businesses, also part of the sale, include First Ohio Mortgage Corp., which originated roughly $410 million in home loans last year. Realty One last year generated approximately $102.8 million in revenue and EBIDTA earnings of about $5.1 million. In 2001, the company sold homes valued at more than $3 billion. The sale of Realty One, which Insignia acquired in 1997, will result in a pre-tax loss of approximately $20 million.

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