Billionaire investor Warren Buffett made a big splash into the Dallas luxury real-estate market on Wednesday by acquiring local giant Allie Beth Allman & Associates.
HomeServices of America, which is an affiliate of Buffett’s Berkshire Hathaway Inc., completed its purchase this week, meaning Allie Beth Allman will now be a brand under the HomeServices umbrella. Terms of the purchase were not disclosed.
Allie Beth Allman, which was founded in 2003, has 335 brokers in the Dallas-Fort Worth area, and closed almost 2,100 units and $1.5 billion in volume last year, putting the firm near the top in terms of Dallas market share.
Allman, who serves as the company’s CEO, will continue to manage day-to-day operations from the company’s office on Tracy Street near Highland Park.
“We are proud to be part of HomeServices of America,” she said in a statement. “We are joining an organization known for its strength and stability; one that is consistent with our high standards of service, integrity and community involvement, making this a win-win for our clients and our agents.”
HomeServices has almost 26,500 agents operating in 480 offices across 27 states.