"This acquisition is the next logical step in the evolution of New Homes Realty," Richard Rick J. Davis, New Homes' chairman and CEO, says in a prepared statement. "New Homes has successfully developed a highly scalable and profitable business model that leverages the strength of its proprietary, web-enabled technology platform to generate and distribute leads to its own real estate broker and agent network of more than 400 sales associates."

John M. McDonald III, senior managing director of Hyde Park Capital Partners LLC, calls the transaction "a good deal for former New Homes' shareholders and a good deal for Alta." McDonald calls New Homes Realty "a tremendously successful company."

In the same statement, Tim Dibble, Alta's managing general partner, commends the departing New Homes Realty management team for doing "a fantastic job, positioning the company to be a leader in the residential real estate buy-side brokerage business."