NEW YORK CITY—BGC Partners is acquiring multifamily broker network Apartment Realty Advisors for $110 million in cash. Additional cash and equity based earn-outs may be paid to the companies within the ARA network if certain performance targets are met. In general, the ARA companies are expected to generate annual revenues of $100 million or more and pre-tax distributable earnings in excess of $20 million. A majority of the closings for these companies are expected to close during the fourth quarter of 2014.

ARA’s acquisition is another sign that the commercial real estate brokerage community views consolidation as a key growth strategy. In this case, bringing ARA under BGC’s corporate umbrella will give Newmark Grubb Knight Frank a sizeable leg up in the market. BGC acquired NGKF in 2011.

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