The Long and Foster Companies — which owns Long and Foster Real Estate, among other mortgage, settlement and insurance businesses — has invested in Urban Pace, a D.C.-based marketing, sales and consulting firm.
“Long and Foster identified the growing demand for urban vertical living as an enormous opportunity, and decided that they want to be part of that evolution,” said Urban Pace founder Lynn Hackney in a press release on Thursday.
“Investing in the Urban Pace brand, systems, and team allows this to happen quickly and powerfully. Urban Pace services, operations, staff and relationships with our developer clients will remain exactly the same.”
Urban Pace recently worked with Perseus Realty to sell out the luxury condo development Adamo in Washington, D.C.
Hackney also commented on how the expansion of Urban Pace into New York and Philadelphia will only strengthen the brand.
“We’ve noticed that several successful firms using our business model — working directly with real estate developers — have been strengthened substantially by their affiliations with large residential real estate brokerage firms. Examples include Corcoran Sunshine Marketing Group, Douglas Elliman, and Halstead Property,” she said.
“Working with Urban Pace, we’ll not only increase our leading presence in the urban markets, but also better serve the D.C. area’s home buyers and sellers with added knowledge and insight into new construction opportunities,” said Jeffrey S. Detwiler, president and COO of The Long and Foster Companies in a separate press release.
To speak to the power The Long and Foster companies bring to Urban Pace, Real Trends recently listed The Long and Foster Companies, Inc. as the third highest selling brokerage by volume in the United States. The company did $29,104,165,420 last year.
Some of the personnel changes that will take place at the Urban Pace include Hackney moving from the position of president, overseeing the direction of the company. Urban Pace’s Matt Dewey will step in as the new president, and Jennifer Harper will continue as senior director.
