HousingWireHousingWire
Lamacchia Realty is continuing its acquisition spree. On Tuesday, the New England-based firm announced its acquisition of Massachusetts-based Stone Ridge Properties.
The financial terms of the deal were not disclosed. Founded in 1990, Stone Ridge Properties has offices in Amesbury and Newburyport, Massachusetts. It is owned by Cathy Toomey, Celine Muldowney, Erica Puorro, Marc Ouellet, Nick Motsis and Sandy Berkenbush. Its agents serve clients on the North Shore of Massachusetts and in southern Maine and New Hampshire.
“I’m extremely excited to finally substantially grow our presence on the North Shore, and up the New England coast. This merger will also add significantly to our luxury sales. The owners of Stone Ridge Properties have created a tremendous company that happens to be a seamless cultural fit for us,” Anthony Lamacchia, the broker-owner of Lamacchia Realty, said in a statement.
The owners of Stone Ridge noted that part of their decision to move to Lamacchia Realty was the desire to have better tools for serving their clients.
“Many of us owners have spent our entire careers with Stone Ridge Properties, and we are all incredibly proud of that. With the rapidly changing landscape of business today and the clear direction it is heading in the future, partnering with Lamacchia felt like a natural fit and something we wanted to be a part of,” Motsis said in a statement.
Through the acquisition, Lamacchia Realty gains 33 new agents. This is the firm’s 10th acquisition in Massachusetts in the past 16 months. Prior acquisitions include Shrewsbury-based Thrive Real Estate, Falmouth-based Foley Real Estate and Springfield-based Sears Real Estate.
