Almost 12 months to the day after announcing they would merge — and soon thereafter placing that effort on hold due to the coronavirus pandemic — officials with Parks Realty and Village Real Estate announced Thursday the union has been made official.
According to a release, the two entities will operate with their respective brands via an LLC that will serve as the parent company.
The combination (first announced in January 2020) creates what is billed as Tennessee’s largest residential real estate brokerage. The new company is represented by more than 1,100 agents who in 2020 completed approximately 10,000 transactions with about $5 billion in sales volume.
Terms of the agreement are not being disclosed.
“This is a monumental day in the life of our two companies, our agents, and for the Middle Tennessee real estate market,” Bob Parks, Parks Realty founder who will become chairman of the combined company, 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.”
Hunter Connelly, who will serve as CEO of the combined company, said Village and Parks will be “better together.”
“As we began to understand each other’s core strengths, it became clear that we could complement one another and better serve our agents as one company,” Connelly said. “But more than that, we share a similar philosophy that empowers our agents to add the most value to their clients and their communities. ”
Marie Parks serves as president of Parks, with Zach Goodyear president of Village.
Mark Deutschmann founded Village and sold a major percentage of his ownership in the business in January 2019. Deutschmann continues to serve as chairman emeritus and as leader of the City Living Group sales and marketing team.
Parks and Village maintain offices in Green Hills, West Nashville, East Nashville, The Gulch, Franklin, Brentwood, Cool Springs, Mt. Juliet, Smyrna, Murfreesboro, Shelbyville and Hendersonville.