SANTA ANA, CA—As GlobeSt.com reported recently, locally based Carrington Real Estate Services has acquired Realty Direct's assets and operations in the Washington, DC, metro area. These include offices and staff in Largo, MD, as well as Ashburn and McLean, VA. Together, the acquisition adds approximately 230 agents to Carrington. GlobeSt.com spoke with Steve Ozonian, Carrington Holding Co.'s chief real estate officer, about the acquisition and what it means for his firm, as well as Carrington's growth strategy.

GlobeSt.com: What will this acquisition do for your firm on a day-to-day basis and as part of your overall strategy?

Ozonian: This was an important acquisition because it strengthens our company both nationally and locally. We started as a firm that was focused initially on the distressed market throughout the country, and our execution capabilities in terms of serving institutional clients is really good. We're converting some of those programs that provide more transparency and empowerment in an organization to the retail side. Our goal is to grow the retail side with the high-quality companies we can acquire. Realty Direct added 230 agents to our 60 to 70 agents in that market. So we get to grow through consolidation, and we get to take our institutional talent and push it into our retail arenas.

GlobeSt.com: Are you considering other acquisitions as part of your growth plan?

Ozonian: Yes, in various parts of the US we have discussions underway or are doing research. We look to grow in two ways: to expand in those markets where we already have a presence, and through strategic acquisitions that will have an exponential effect on what we're already doing.

GlobeSt.com: How important is the DC market to your firm, and why?

Ozonian: It's very important. The real estate market in the DC area has always been very active, in part due to the government being located there and many companies and other institutions that interface with the government. It's a great real estate market almost all the time. It took a hit during the Great Recession, but it bounced back nicely and should be vibrant for the foreseeable future. Values have increased, and it's sustainable.

GlobeSt.com: What other markets are you looking at for acquisitions/growth?

Ozonian: We categorize it more by region: both Northern and Southern California, Arizona (primarily the Phoenix area), Las Vegas, Texas (Dallas and Houston), Atlanta, South Florida, the Charlotte area, most of New England down through Philadelphia, and last but not least, key markets in the Midwest like Chicago, Minneapolis and St. Louis. It's a lot to be on top of, but if you're going to be a player, you have to be in those markets because people are moving from market to market quite a bit. We also have Carrington Mortgage Services, and people are getting to know us that way, and we have a separate mortgage-servicing operation that services origination and real estate. Those are the markets where we will have the deepest customer bases.