Class Valuation, an appraisal management company (AMC) based in Troy, Mich., said Thursday it has acquired PropertyVal, an AMC based in Freeport, Maine.
Terms of the deal were not disclosed.
Founded in 2006 by Robert and Amy Strong, PropertyVal is one of the largest independent residential appraisal firms in Maine and has a strong reputation in the New England market, Class Valuation said.
“We are a regional AMC with a strong network across New England, but our stronghold has been in the Maine and New Hampshire markets,” said Robert Strong, PropertyVal’s CEO. “To partner with an industry leader like Class Valuation will benefit both our lending and appraisal partners.”
Strong added that, “With the industry moving towards faster technology-driven solutions and Class’s innovations leading the way, it is clear Class Valuation has positioned itself to thrive in the years to come. We are excited to join their journey.”
With more than 2 million appraisals completed, Class Valuation's innovation focus has fostered the development of some of the fastest digital appraisal solutions, process automation, and data science in the industry, the company said.
“One of the most significant things about this acquisition is the exceptional service level PropertyVal offers in the state of Maine and New England,” said John Fraas, CEO of Class Valuation. “As everybody in the industry knows, Maine is a very challenging market for appraisals. We will now have a big leg up and be able lean heavily on the PropertyVal team to assist Class with all Maine orders. We are also culturally aligned; Bob and Amy share the same core values we thrive on at Class Valuation.”
The acquisition is Class Valuation’s second this year; it acquired AppraisalTek (ATek), a nationwide AMC with a large footprint in the Western region of the United States, in August.
Class Valuation said the acquisitions add strength in a specific regions of focus around the country, helping to build a robust national appraisal panel, leveraging a staff appraiser model, and gaining superior market data analysis capabilities.
