Hammond Residential GMAC Real Estate, a Massachusetts residential real estate firm, has been sold to local real estate industry veteran Saul B. Cohen. As a result, Cohen is buying back the firm he started in 1991 and later sold to GMAC Home Services in 2001.
According to the company, Hammond Residential GMAC Real Estate is poised to take advantage of the down market as demonstrated by Cohen’s purchase of the four offices located in Boston proper (South End, Charlestown, Beacon Hill, Back Bay), and eight in Boston’s western suburbs (Brookline, Newton, Wellesley, Weston, Framingham, Concord, Winchester, and Lexington).
All 12 offices, staffed by more than 400 sales associates and employees, will continue to operate as Hammond Residential GMAC Real Estate. In 2008 the company had sales of more than $1 billion.