Fathom Holdings Acquires Leading Utah Brokerage, iPro Realty Network

Fathom Holdings Inc. | February 11, 2022

Fathom Holdings Inc. (NASDAQ: FTHM), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced that it has acquired Utah-based iPro Realty Network, a full-service residential real estate brokerage company. The acquisition is expected to be immediately accretive. Other terms of the transaction were not disclosed.

iPro Realty Network is an award-winning real estate brokerage with approximately 435 agents that provides a full range of services for buyers and sellers throughout the state of Utah with market dominance in St. George, Cedar City, Orem, Salt Lake City, Clearfield, and Midway. The company was ranked #94 among independent brokerages according to the 2021 RealTrends 500.

I could not be prouder to have the iPro Realty family join our Fathom family, Utah boasts one of the country's fast-growing real estate markets, and we are pleased to be expanding our geographic presence through iPro, a company that values and strives for excellence. We are also proud to serve alongside iPro's leadership team, who shares our commitment to servant leadership as we build critical mass in existing local markets and expand into new markets across Utah. When we took Fathom public, we made a promise to strategically grow across all 50 states, and we continue to take steps to deliver on that promise."

Josh Harley, Fathom Holdings' Founder and CEO.

Our new Utah agents will have full access to Fathom's proprietary cloud-based software, intelliAgent, along with our powerful LiveBy platform, and will also benefit from having additional Fathom services to offer their clients, including mortgage, title, and insurance services, as we continue to help all our agents grow their businesses." 

Samantha Giuggio, Chief Operating Officer for Fathom Realty.

iPro Realty Network generated more than $1.25 billion in residential sales volume in 2021 across more than 2,900 transactions. Like Fathom, iPro Realty Network offered a scalable, flat-fee, 100 percent commission structure.

Our agent-centric philosophy aligns very well with Fathom's servant-leadership culture, putting agents first so they can better serve their communities and clients, We are beyond thrilled to join the Fathom team and are committed to maximizing value by giving agents all the tools and resources they need to help them be more successful, from a feature-rich technology platform, to unbridled training and support, to a very attractive commission structure. It's these attributes that make Fathom a sought-after industry leader that not only helps retain agents but enables them to keep more of their hard-earned commissions, and ultimately continue to drive transactions in the Utah market."

Bill Telford, Founder of iPro Realty Network.

About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title.


Some investors are worried that Brexit will prompt a global selloff in real estate, but it may not be all bad news for some US markets. Jim Costello, senior vice president at data firm Real Capital Analytics, tells Yahoo Finance's Seana Smith where investors will be putting their money.


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Capital Square | June 07, 2022

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The 28.2-acre luxury multifamily community sits on the shore of scenic Fort Loudoun Lake. It offers one-, two- and three-bedroom units averaging 1,147 square feet with best-in-class amenities. The community features include a state-of-the-art fitness center, Amazon lockers and coolers for grocery deliveries, car care center, two pet play areas, coffee bar, business center, food truck nights, gaming patio with bocce ball court, outdoor firepit, outdoor kitchen, club house, swimming pool, kayaks available to residents, as well as lake access via a resident dock. Village at Westland Cove is located within close proximity of The Pinnacle at Turkey Creek, a 650,000-square-foot shopping center that includes more than 65 retail stores and restaurants. The property is in the 10th hottest housing market in the country for 2021,1 with a 5-year value increase of 55%, according to Zillow Group. Turkey Creek Medical Center, a Level III trauma center that is part of Tennova Healthcare, lies within two miles of the property. Situated further along the I-140 and I-40 are attractions such as Knoxville Museum of Art, Market Square and Zoo Knoxville. The Oak Ridge Reservation, operated by the U.S. Department of Energy and home to Oak Ridge National Laboratory, is approximately 19 miles from the Village at Westland Cove and is the largest employer in the area. According to the East Tennessee Economic Council, approximately 14,667 full-time jobs were directly provided by the DOE and its major contractors within Tennessee in 2020, with annual wages and salaries totaling nearly $1.311 billion.2 reports that Bill Lee, Tennessee's governor, recently announced a $72 million budget for the UT-Oak Ridge Innovation Institute, a collaboration between the University of Tennessee and Oak Ridge National Laboratory, in a bid to attract and maintain science, technology, engineering and mathematics (STEM) talent in the Knoxville area.3 "Village at Westland Cove is an exceptional multifamily property located in an idyllic setting with luxury amenities throughout," said Whitson Huffman, chief strategy and investment officer. "The local economy is thriving, with low unemployment, high average household income and growing demand for high-end apartment living such as that provided to the residents of Village at Westland Cove." Data from Esri shows the average household income within a three-mile radius of the property reaches approximately $130,000. According to Yardi Matrix, Knoxville's rental rates are rising along with demand, with 18% year-over-year rent growth and 98.1% average occupancy as of March 31, 2022. The Bureau of Labor Statistics reports that Knoxville witnessed an increase of over 19,000 job opportunities since February 2021, with unemployment rates reaching 2.8%. According to the BLS, job opportunities in the area should continue to grow with 3M Company announcing plans to invest approximately $470 million to expand their manufacturing facility in the Knoxville MSA, creating 600 new jobs by 2025.4 Taylor Bird, Nelson Abels, Robert Stickel, and Alex Brown of Cushman & Wakefield represented the seller. 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In recent years the company has become an active developer of multifamily properties in the southeastern US, with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $5.6 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. 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