Real Estate Sector
Major consolidation swept the real estate sector as Real Brokerage completed its $880 million purchase of RE/MAX, and CrossCountry Mortgage closed a $1.2 billion acquisition of Two Harbors. Meanwhile, residential price growth dragged behind inflation for a 13th straight month at 1.5% as high mortgage rates continued to stifle transaction momentum. In commercial markets, institutional capital surged into senior housing and select urban redevelopments despite persistent seller hesitation.
The Real Brokerage completed its $880 million acquisition of RE/MAX Holdings on Monday, August 24, 2026, creating Real REMAX Group with more than 180,000 agents across 120 countries. The deal closed in a series of steps, with the final merger effective at 4:30 p.m. ET; roughly $80 million in cash went to former RE/MAX shareholders at $4.33 per share plus 0.3535 shares of Real REMAX Group stock, while Real shareholders received one share of the combined company for each Real share held after a 10-for-1 consolidation. Real REMAX Group began trading on Nasdaq under ticker REAX on Tuesday, August 25, replacing RE/MAX's NYSE listing and Real's Nasdaq listing. The combined company brings together Real's cloud-based brokerage platform and AI tools with RE/MAX's global franchise network and 120-country footprint, including more than 100,000 agents in the U.S. and Canada. Both brands will operate independently: RE/MAX retains its franchise model and Real keeps its brokerage structure and agent economics, though Real's technology—including its reZEN dashboard, Leo AI tools, and Real Wallet—will be available on an opt-in basis to RE/MAX franchisees. The company projects at least $30 million in annual cost savings and identified additional revenue from mortgage, title, and ancillary services across the combined network. Real CEO Tamir Poleg will lead the combined company as chairman and CEO; RE/MAX CEO Erik Carlson will join the board, while RE/MAX President Chris Lim and EVP of Strategy Travis Saxton will depart. The board will have 10 members, including 3 from RE/MAX's former board. Real REMAX Group also authorized a $450 million share repurchase program covering up to 25 million shares. The transaction, first announced April 27, was approved by shareholders of both companies on August 14, with roughly 99 percent of Real votes and an overwhelming majority of RE/MAX votes in favor. The company will be headquartered in Miami with significant operations in Denver.
Zillow and Redfin settled an FTC antitrust lawsuit over an illegal 2025 deal that paid Redfin $100 million to shut down its standalone rental listings business and feature exclusively Zillow apartment inventory. The settlement removes an unpredictable legal overhang for Zillow while keeping its multifamily distribution partnership in place through at least 2030 across a network that includes Trulia, HotPads, Rent.com, ApartmentGuide, and Realtor.com. Under the proposed order, Redfin must relaunch its own rental advertising business and hire dedicated staff within six months, while Zillow must waive noncompete restrictions to allow Redfin to interview its employees. In the second quarter of 2026, Zillow hit a record 79,000 multifamily properties and averaged 2.8 million monthly active rental listings, pushing quarterly rental revenue up 31% year over year to $209 million. The unbundling of standalone tiers alongside the shared syndication network creates an additional revenue lane for Zillow to capture ad spend from property managers while preserving its competitive posture against CoStar Group's Apartments.com.
Hawkins Way Capital acquired Loeb Hall from The New School for $51.5 million. The Los Angeles-based investor teamed up with Värde Partners to purchase the 15-story, 268-bed dormitory at 135 E. 12th St., marking the buyer's third Manhattan student housing addition this year. The New School originally developed the property in 1988 for $13 million as its first residence hall before removing it from undergraduate housing options this spring. Hawkins Way will incorporate the building into its Found Study portfolio following renovations. The transaction follows previous acquisitions by the firm, including a $30 million purchase of a New School student housing building at 300 W. 20th St. in 2024.