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Opteon, an international provider of valuation, advisory, and property services, has acquired Northeastern Appraisal Associates Residential (NEA), a Buffalo, N.Y.-based appraisal management company (AMC) and staff appraisal firm.
Terms of the transaction were not disclosed.
This partnership expands Opteon's presence in the Northeast, strengthening its nationwide service offerings and faster turn times in the fourth largest U.S. real estate market, the company said.
NEA has delivered appraisal reports to the New York community since its inception in 1972. It has staff and panel appraisers throughout the New York region, servicing some of the nation's top mortgage lenders and originators.
The acquisition by Opteon, according to a July 1 announcement, will also provide new benefits for current NEA clients, such as extended business hours, a multi-level 200-point QC process, and coverage in all 50 states with over 13,000 panel appraisers and more than 250 staff appraisers.
"We have always focused on providing high-quality appraisals to our clients. With the market rapidly changing in recent years, we must remain at the forefront of change to continue providing such excellent service,” said Salvatore Vacanti, vice president of operations for NEA. “Partnering with Opteon guarantees we are able to provide our clients with an industry-leading experience."
Vacanti will continue to lead the appraisal team as operations manager of New York, while working with the AMC division to integrate clients, Opteon said.
"Northeastern Appraisal Associates Residential has always strived to innovate and lead within the industry. We do so by keeping the appraiser at the center of everything we do,” added Robert Vacanti, NEA president. “The Opteon vision of empowering appraisers through technology aligns with our goals, and we're excited to bring this partnership to our clients,"
Robert Vacanti will join the Opteon USA’s Growth and Expansion team to help grow national clients.
Founded in Australia in 2005, Opteon developed technology that decreased turn times and revision rates, the company said. In Australia and New Zealand, Opteon delivers the majority of appraisal reports within two days, with less than a 1% rework rate. By partnering with world-class appraisal firms like NEA, Opteon said, it aims to bring this technology to the United States.
“Our technology works hand-in-hand with appraisers,” said Chris Knight, Group CEO of Opteon. “By equipping exceptional staff appraisers with our technology, Opteon streamlines the appraisal process. Northeastern Appraisal Associates Residential is comprised of an incredible team that will be able to implement our technology across the Northeastern U.S."
Opteon has experienced substantial growth since the company expanded into the U.S. in 2019 and is one of the fastest-growing nationwide appraisal firms. This is the fourth acquisition Opteon has made in the last 12 months.
Through its strategic acquisitions, Opteon said, it has built a robust national staff appraiser model, allowing it to utilize innovative technology to deliver drastically shorter turn times across the U.S.
Opteon's U.S. sector is one of the fastest-growing nationwide appraisal firms and consists of more than 400 employees.