VERUS is a partnership between Denton, Texas-based Elk River Real Estate and locally based Y Street Ventures, a family office investment company that focuses on venture capital and private equity investments. VERUS was created by combining the existing real estate service company of Elk River Real Estate and a capital investment from Y Street Ventures.

Bob and Bryan Korba of Y Street Ventures have assumed management roles within VERUS, alongside the Sparky Pearson of Elk River Real Estate. Prior to Elk River, Pearson was a founding partner with Staubach Capital Partners, where he was responsible for more than $8 billion in real estate transactions.

Bryan Korba, president of VERUS, tells GlobeSt. that the initial focus is to grow and expand the service business. "The principals of Elk River and Y Street both have real estate investments outside of VERUS but the future plan is to integrate and combine the investment activities of Elk River and Y Street under the VERUS platform," he says, adding that VERUS will provide services to both Y Street and Elk River throughout this transitional period.

"VERUS has many different clients and the Elk River Real Estate clients are moving under the VERUS umbrella," Bryan Korba explains. "Elk River Real Estate was an existing real estate service company with an existing book of business and clients. Our current and future clients will range from local real estate investors to private equity groups to major developers to financial institutions."

Bryan Korba says the real estate service industry has changed dramatically over the past two years. "When the market was hot, it was not difficult for a broker to close a deal," he notes. "In these challenging times, a service firm has to work twice as hard for half of the results. The old strategies just don't work in today's marketplace."

He says there is a lack of tactical and strategic planning before an engagement begins. "We strongly believe every asset is unique and this requires thoughtful evaluation, preparation, execution and review," Bryan Korba says. "We have to really understand our client's objectives and the fundamentals of the asset and market conditions."