Family-Owned Brokerage Eyes Small, High-End Brokerages with Large Impact on Community
November 1, 2021 (Naples, Fla./Shelton, Conn.) – William Raveis Real Estate, Mortgage & Insurance (WRRE), the top family-owned real estate company in Florida and the Northeast, is pleased to announce it has acquired Fenton & Lang, a leading luxury and family-owned brokerage with $300 million in 2020 production on Jupiter Island and Hobe Sound, Fla., effective today. Fenton & Lang’s two offices on the Treasure Coast, located 25 miles north of the Palm Beaches, will now operate under the WRRE luxury brand, marking WRRE’s entry into this market. Brother-and-sister duo and co-owners Adrian Reed and Lia Reed Bohannon have a long family history on Jupiter Island: The Reeds’ grandparents were integral in the preservation of the natural beauty and integrity of Jupiter Island, a barrier island nestled between the Atlantic Ocean and the Intracoastal Waterway, making it one of the most unique communities in the country.
“It is truly an honor to join forces with another family-owned firm that shares our commitment to reinvesting back into the community, compassionate family values and innovative business vision,” says William “Bill” Raveis, Chairman and CEO of WRRE, who founded the company 47 years ago and has grown it into a luxury real estate powerhouse with more than 4,300 agents in eight states. WRRE is projected to produce a record $20 billion in company sales for 2021, up 20 percent from 2020.
“I was impressed with William Raveis Real Estate from the very first time I spoke with Bill,” said Adrian Reed. “As a family owned and run company, they make decisions like Lia and I do: we come together as a family, talk it through and make the best possible choices. We share a supportive culture, and we look forward to building on that within the Raveis footprint.”
Since 1947, Fenton & Lang has built a strong reputation — and majority market share — for selling and renting luxury properties for discerning clients seeking privacy on pristine Jupiter Island. Jupiter Island offers spectacular vistas, flawless beaches and some of the country’s most uniquely styled estate homes. Many acres have been set aside as nature and wildlife preserves on both ends of the 17-mile long island, creating a serene environment that is secluded with accessibility to the nearby towns of Hobe Sound, Stuart, Tequesta, Jupiter and Palm Beach.
“My sister and I grew up here and have a long connection to this unique and special island,” said Reed. “Our grandparents had the foresight, courage and conviction to protect the development and preserve the sanctity of the pristine shoreline by creating the Hobe Sound Wildlife Refuge in the 1950s. In doing so, they created a unique community: The lack of commercial buildings and development affects every island residence in a positive way. We are honored to extend their legacy and help buyers discover a private oasis for their families.”
On the mainland, Hobe Sound is also renowned for unspoiled beaches, but also for being a mecca of high-end private golf clubs with championship courses attracting professionals, CEOs, celebrities and professional athletes, including NBA Hall of Famer Michael Jordan who recently bought and opened a club called the Grove XXIII. The area also benefits from the inland town of Jupiter, which is one of the fastest growing municipalities in all of South Florida, which offers high-end restaurants, shopping and health care.
Acquisition Expands WRRE’s Luxury Footprint Between Northeast and South Florida
This acquisition marks WRRE’s entry into the Jupiter Island and Hobe Sound market, bringing the current total of William Raveis offices in Florida to 16. This acquisition secures a competitive edge in the South Florida luxury markets by broadening WRRE’s high-end network of ultra-luxury markets from areas in the Northeast like Nantucket, Wellesley, Greenwich, Westchester and Manhattan to Naples, Palm Beach and now Jupiter Island. The family-owned company is actively seeking additional growth opportunities on both coasts of Florida. Since opening its first office in Naples just five years ago, and then expanding to Palm Beach and most recently Sarasota, WRRE is on track to close nearly $4 billion in sales in Florida alone.
“Jupiter Island further connects the dots between our strength in the Northeast to the luxury communities in South Florida. Slowly but surely we’re conquering the luxury market, one luxury community at a time,” said Raveis. He explains his strategy for entering these markets is to look for independently-owned, boutique companies, which are usually family-run or a partnership. “Unlike our competitors who just look at size, we are seeking out small brokerages with large impacts on the community and that command the luxury market.”