Altsuler-Led JV Acquires Yancey-Hausman's Firm

Altsuler most recently was CEO of Coldwell Banker Commercial Uptown in Houston. When his company was sold to Coldwell Banker United in late 2007, he sought a new acquisition opportunity.

"When I learned that Bill Yancey was trying to retire, I made the call. We went in and ultimately bought the company," Altsuler says. His partners are from Eastern Europe and the UK and are involved in oil and gas. "We have significant resources and a lot of options to move ahead," he says.

William C. Yancey Jr., who co-founded the firm in 1971 with Craig R. Hausman, will be a consultant for the company. Hausman will remain as the company's president.

Although his path never crossed with Altsuler's in the past, Yancey tells GlobeSt.com that he felt comfortable with him from the start. "We felt after meeting him and talking with him that Arnie had a similar approach to the company and a personality that would match," he says.

Altsuler says expansions will take place in both the Houston and Austin offices as needed. He is also seeking expansion outside Texas. "We're looking at other companies throughout the country, companies in major cities in which ownership might be thinking of retiring without an heir apparent," he explains. "We're looking at national affiliations, but no franchises." He adds it's also important that the firms are leading brokerage and development companies in their respective cities.

Altsuler says acquired companies will retain their local brand identities, much like Yancey-Hausman will do. "It's important for the brand to be identified in the local markets and we'd want existing ownership to remain for a period of time during the transition," he says.