Insignia Financial Group Inc. has agreed to buy Realty One of Cleveland for $39 million of cash and stock.
Insignia, an apartment management firm, said the acquisition would be a platform for national expansion into the single-family brokerage and mortgage businesses.
Insignia is the largest manager of apartment complexes in the United States, with about 2,600 properties in 48 states. It hopes to become a fully integrated real estate services firm by adding the single-family and mortgage origination capabilities.
Realty One is the 10th-largest residential real estate broker in the nation and is known for a technology-based marketing system that identifies potential homebuyers.
Its mortgage unit originates single-family loans for both Realty One clients and third parties.