The Keyes Company, one of South Florida’s largest independent brokerages, scooped up another boutique firm.
The Fort Lauderdale-based, family owned brokerage, led by CEO Mike Pappas, bought Novus Realty, a 30-person operation in Miramar with $40 million in annual sales volume, according to a release. Keyes declined to disclose the terms of the deal.
Founded by Victor Taurizano in 2011, Novus has both brokerage and property management arms. Keyes Property Management is set to take over administration of Novus’ management portfolio.
Novus will continue to operate in its existing office at 12280 Miramar Boulevard, under Keyes’ district sales manager, Maria Elena Arias, the release says.
Keyes has been on a growth path, acquiring smaller firms across South Florida, ever since its 2016 merger with Illustrated Properties. Most recently, Keyes acquired Skye Louis Realty in Broward and Palm Beach counties. The firm had 140 agents with $200 million in annual sales when it was acquired by Keyes in June.
According to a spokesperson, Keyes is continuing on its expansion course, despite current economic uncertainty. The brokerage is in acquisition talks with firms in Fort Lauderdale, Martin County and Manatee County, the spokesperson said.
With 58 offices and more than 3,600 agents, Keyes closed more than $11.7 billion in sales last year, according to the release. An analysis by The Real Deal found that Keyes grew its broker headcount by 12 percent during the early part of the pandemic.