DeLuca Enterprises and Berwind Property Group acquired Realen Homes, based in Ambler, Pa., in June for an undisclosed amount.
Realen, PB’s 1992 Builder of the Year, ranked No. 149 in this year’s Giants report, with estimated housing revenue of $89,851,200 and 336 closings. DeLuca, which has developed and built commercial and residential properties in partnership with Berwind for more than five years, ranked No. 227 with $54,963,635 in housing revenue and 293 closings.
"Alliances such as these improve the ability of privately held companies to compete," says Vincent DeLuca, executive vice president of Newtown, Pa.-based DeLuca Enterprises.
DeLuca will own Realen in partnership with Berwind, a privately held real estate company with a portfolio of approximately 10 million square feet of office, retail, industrial and hotel space throughout the United States. Berwind also owns more than 6,000 apartments.
Realen will continue to be operated as a separate company, maintaining its identity and employees. DeLuca will take over as CEO of Realen while his brothers, James and Joseph, run the daily operations of DeLuca Enterprises. Combined, the two firms will be the second-largest home builder in metropolitan Philadelphia. They also have operations in New Jersey, Delaware, Maryland, Virginia, Illinois and Florida.
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