Keystone Property Group broker Jodi Hedrick (left) and Lamacchia Realty broker/owner Anthony Lamacchia pose for a photo while signing documents for Keystone's sale to Lamacchia Sept. 18, 2023. Photo courtesy of Lamacchia Realty
Waltham-based Lamacchia Realty has expanded its footprint into Bristol County and the Providence, Rhode Island metro with two brokerage acquisitions that add nearly 80 agents to its roster.
The company announced this week it had acquired the 52-agent Keystone Property Group, located in Seekonk, for an undisclosed sum. The brokerage is located just over 5 miles from downtown Providence.
“While the decision to let go of a company I built from the ground up was not entirely easy, I am excited for this transition and certain that my agents will continue to thrive under this new ownership. The tools and technology that the agents will receive from Lamacchia Realty are unsurpassed, in my opinion. I am grateful for this opportunity and thankful to all who have been a part of our success over the years,” Keystone founder and broker Jodi Hedrick said in a statement provided by Lamacchia Realty.
Hedrick will be joining Lamaccia as a Realtor along with Keystone’s other agents, the company said. Going forward, Keystone will now be known as
Lamacchia Realty broker/owner Anthony Lamachia said he was “excited to welcome” the brokerage to his company.
“I have been impressed with Keystone for years and to now have them as a part of Lamacchia is an absolute honor that I am grateful for. Jodi has worked so incredibly hard for the last decade to build Keystone and now we will work together to take things to the next level,” Lamacchia said in a statement.
The Keystone acquisition comes less than two months after Lamacchia also bought Fall River brokerage Right Choice Real Estate and 13-agent Falmouth brokerage Foley Real Estate.
The 25-year-old company was one of the top three brokerages in Fall River for the last 20 years, Lamacchia Realty said. The brokerage had previously been affiliated with RE/MAX until going independent in 2022 and lists 27 agents on its website. Co-founder Ron Rusin was the 2004 Massachusetts Association of Realtors Realtor of the Year and is the recipient of its 2021 Milton Shaw Award, among other honors.
“I realized for us and our agents [Lamacchia Realty] is the office of the future,” Rusin said in a statement provided by Lamacchia Realty. “Right Choice has been my baby for over 30 years, and I am looking forward to seeing Anthony and his team grow this into the #1 office in Bristol County. Anthony and I had spoken earlier this year and he said to me, ‘I’d rather us join together than compete’. I agreed, time for me to Let GO…. just like the Top Gun movie. We are excited for the opportunity and for Anthony’s energy to propel us even further in Bristol County. We are by NO means retiring, I will still be building, selling and flipping, while spending more time with family and traveling.”
Lamacchia Realty was the top brokerage in Massachusetts by transaction sides in 2022, narrowly beating out Berkshire Hathaway HomeServices Commonwealth Real Estate/Robert Paul Properties, according to RealTrends. The latter also made a strategic move into Bristol County this summer, buying New Bedford’s 28-agent BHHS affiliate Mel Antionio Real Estate.
Since last year’s rapid rise in mortgage rates sent a chill through the state’s housing market, smaller brokerages have been under pressure as transaction volumes and commission revenue dwindled, with many real estate market observers predicting a wave of consolidation.
