Douglas Elliman, the nation’s fourth largest residential real estate broker, recently agreed to buy Los Angeles-based Teles Properties. Terms of the deal, expected to close this week, were not disclosed. The consolidation will make Elliman the second largest non-franchise broker in California, with 21 offices and 630 sales associates from Coronado to Carmel, says a company statement. Teles partners Peter Loewy, Sharran Srivatsaa, Peter Hernandez and Evan Ageloff will continue with Elliman. The deal will also add a Boulder, Colo., location to Douglas Elliman’s existing four locations in Aspen and Snowmass Village. In 2016, the combined organization accounted for more than $27.4 billion in sales volume nationwide, the statement says.
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