HOUSTON – (Realty News Report) – Douglas Elliman, Texas, a newly minted and strategic joint venture between New York-based residential real estate brokerage Douglas Elliman and Houston-based Sudhoff Companies, pairs the former’s national reach of integrated services with the latter’s Texas condominium market expertise.
In an announcement, details of the partnership indicate Sudhoff will operate “under the umbrella” of Douglas Elliman, giving the firm an 85 percent market share in Houston’s new development condo market.
Under the joint venture, the company will represent an estimated $500 million in current new condo development. Examples include Giorgetti Houston, The River Oaks and The Sophie. An additional $1.4 billion is reportedly in the pipeline for the next 12 months.
Texas native Jacob Sudhoff, who founded his namesake company in 2010 to specialize in the then-nascent condo market, will serve as CEO of Douglas Elliman, Texas. Sudhoff partner Catherine Lee will also retain a role.
Houston will become headquarters for Douglas Elliman, Texas.
With Houston experiencing “more vertical living” and with clients in Colorado, California and Florida coming from Houston, entering the Texas market was a strategic move, Howard M. Lorber, executive chairman of Douglas Elliman Realty LLC, noted in the announcement, adding that Sudhoff’s integrated approach to real estate development mirrors that of the company, and was a good fit for partnership.
Sudhoff, who also lists new upscale single-family homes, stated that having partnered with more than 60 builders and developers over nearly a decade, the new alliance delivers greater exposure and expanded value to the integrated services and “is going to make an even bigger impact on the Texas development landscape.”
Douglas Elliman is considered the largest brokerage in metropolitan New York and ranks nationally as the second largest independent residential real estate brokerage by sales volume, according to the announcement. The company spans 120 offices in the U.S. and has more than 7,000 sales associates. In addition to its portfolio of related real estate services, the company also has a strategic alliance with London-based Knight Frank Residential, with a reach into 60 countries and six continents.
Aug. 20, 2019 Realty News Report Copyright 2019
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