Parks Realty and Village Real Estate — two locally based heavyweights focused on the residential sector — announced Monday they have merged.
Terms of the deal were not disclosed in a release but the combination creates what is being billed as Tennessee’s largest residential real estate brokerage. The new company is home to more than 1,100 agents who in 2019 completed roughly 10,000 transactions and had a part in $4 billion in collective sales volume.
In early 2019, Parks reported having 870 agents while Village was home to roughly 290. That ranked them third and seventh, respectively, in Middle Tennessee, according to Business Journal research.
The company will be led by co-CEOs Hunter Connelly and Bob Parks, who will also serve as co-chairmen. Mark Deutschmann, who founded Village more than 20 years ago, and Marie Parks will serve on the combined company’s board of directors.
The newly formed firm will continue to operate under the two long-standing brands, the release notes.
The merger comes about one year after the then-recently created Central Real Estate Partners acquired Village. For that deal, Deutschmann sold a major percentage of his ownership in the business. The entity continued to operate with the Village moniker throughout 2019, with Deutschmann serving as chairman emeritus and as leader of his City Living Group sales and marketing team.
“This is a monumental day in the life of our two companies, our agents, and for the Middle Tennessee real estate market,” Parks, founder and CEO of Parks Realty, said in the release. “For years, Parks and Village have competed throughout Middle Tennessee with a strong mutual respect. Today we’ve become one team as we serve our agents and their clients throughout the region.”
Connelly said that, as the two companies assessed each other’s core strengths, “it became clear that we could complement one another and better serve our agents as one company.”
Parks and Village will maintain offices throughout Middle Tennessee, including in Green Hills, West Nashville, East Nashville, the Gulch, Franklin, Brentwood, Cool Springs, Mt. Juliet, Smyrna, Murfreesboro, Shelbyville and Hendersonville.