NEWS

Grubb Properties is starting a boutique residential brokerage division that will specialize in infill developments and in-town housing.

The real estate firm is starting with two brokers but could grow to as many as 10, says Jonathan Nance, vice president of residential at Grubb.

Kristi Brannon, who has been at Grubb for six years, and Tiffany Van Every, a veteran broker who recently joined Grubb, will represent buyers and sellers.

Nance says the firm has been looking at getting into third-party brokerage for several years.

“At this time, we’re going to stick with what we know, which is infill and in-town neighborhoods,” he says. “It’s a logical next step for us.”

Brannon has sold properties at Grubb’s condominium developments, including 1315 East on East Boulevard and Morrison in SouthPark.

Before joining Grubb, Van Every was an independent broker who previously spent more than 10 years with Dickens-Mitchener & Associates.

In addition to the firm’s experience in listing and selling condos, Grubb launched a $3 million fund last year to buy distressed residential properties. The Carolinas Home Opportunity Fund has purchased about 25 single-family properties ranging from $100,000 to $200,000 in the Charlotte and Raleigh markets, both from banks and through foreclosure sales.

To date, the fund has improved and resold about half of those, and the process rekindled the company’s idea of getting into third-party brokerage, Nance says.

He says Grubb will evaluate the new brokerage division after six months and then consider whether to add brokers.

Outside of Grubb’s listings, Brannon and Van Every already are working with four buyers and have one property listing, Nance says. “They have torn it up so far.”

Grubb Properties’ local development projects include the Morrison development at Sharon and Colony Roads, Latta Pavilion on East Boulevard and The Ratcliffe on South Tryon Street in uptown.

Clay Grubb heads the company as president.