Realty Executives Phoenix has been bought by the Phoenix-based investment firm Kinetic Cos., in a deal that merges Realty Executives' metro Phoenix, Tucson and Yuma operations.
Jeff Murtaugh, a partner with Kinetic and president of Tucson Realty Executives, will become CEO of the brokerage.
Under Murtaugh, the Tucson franchise grew from approximately 50 agents to more than 250 in two years, Realty Executives said in a news release Thursday. Murtaugh was named "Most Valuable Broker Owner" at the International Franchise Awards in 2013.
Realty Executives, founded in 1965 by Dale and June Rector, is one of the Phoenix Valley of the Sun's largest residential brokerages. The couple's son Rich Rector was CEO of the brokerage before the deal. He retains ownership in Realty Executives International