Two local real estate firmsmerge, creating four offices
Scott Shaheen says deal will help firm continue growing
Two Richmond-area real estate agencies are merging in a deal that will create a firm with four combined locations in central and eastern Virginia.
The firm of Shaheen, Ruth, Martin & Fonville Real Estate announced on Thursday that is had acquired Select Properties of Virginia, a real estate firm owned by Doug Dorsey.
Both firms are privately owned, so financial terms of the deal were not disclosed.
Shaheen, Ruth, Martin & Fonville was founded by four managing brokers: Scott Shaheen, Scott Ruth, John Martin and Mahood Fonville. The firm has 145 agents and three offices in the Richmond area.
Select Properties has 21 agents at an office in Richmond along with an office in Irvington. The company’s Richmond office will combine with Shaheen, Ruth, Martin & Fonville, while its Irvington office will become part of the merged firm.
“It was a good fit for our agents and for Doug’s agents,” said Scott Shaheen, the co-owner and a broker for Shaheen, Ruth, Martin & Fonville.
“This will give us our fourth location down at the [ Rappahannock] River, which is a natural progression for us as many of our clients and customers purchase homes and second homes somewhere at the river. We have had a good relationship of referring business to Doug’s office [ in Irvington] for the past 3 ½ years.”
Dorsey said the combination of the firms will give Select Properties,
which has roots dating to 1954, the technology tools and resources to grow.
“I have admired what Scott and his three partners have done,” said
Dorsey. “They have a good model and a good vision and that has served them well and will serve us well.”
Shaheen said the merger will help propel the growth of his firm, which was founded a little more than three years ago but already ranks among the top 10 of more than 500 real estate firms in central Virginia based on units sold.
The company has had 1,511 closed transactions so far in 2020 valued at about $630 million with an average sales price of $416,000.