ASPEN - Local private investment holding company Ajax Holdings soon will acquire Coldwell Banker Mason Morse Real Estate, the longest-standing real estate brokerage in Aspen and the Roaring Fork Valley, the companies announced Wednesday.
In addition, Ajax Holdings will acquire Coldwell Banker Mason Morse's office building at 514 E. Hyman Ave. in Aspen.
Other terms of the deal, which is expected to close in early 2013, were not disclosed.
Coldwell Banker Mason Morse's current management team will continue to run the company with support from Ajax Holdings. The acquisition strengthens the real estate firm's financial position and allows it to expand and pursue strategic opportunities, according to a statement.
"This relationship marks the beginning of an outstanding opportunity for Coldwell Banker Mason Morse Real Estate," said Brooke Peterson, principal of Ajax Holdings, in the statement. "We have worked with and long admired Mason Morse's history and success over the past several decades."
After 50 years as an independent firm in the Roaring Fork Valley, Mason Morse Real Estate affiliated with the Coldwell Banker franchise in November 2011 to build one of the largest firms in the region. In 2012, the company grew with the addition of vacation rental services and the opening of a sales gallery in the Hyatt Grand Aspen.
With the acquisition by Ajax Holdings, Coldwell Banker Mason Morse will expand immediately by providing property-management services in Aspen, the statement said.
Bob Starodoj, owner of Coldwell Banker Mason Morse, will remain with the company as a broker associate and resource for the new ownership. Peterson will assume the position of CEO.
"As long as I have been in Aspen, this company and the people who work there have set the bar for excellence in real estate and business," said Peterson, a longtime local attorney and municipal judge.
"I couldn't have found a better group more committed to carry our legacy into the future, and I look forward to our new journey together," Starodoj said.
Ajax Holdings has investments in commercial real estate and property-management services. Coldwell Banker Mason Morse has four offices - in Aspen, Carbondale, Redstone and Glenwood Springs - as well as the location in the Grand Hyatt Aspen.
In 2012 so far, Coldwell Banker Mason Morse has participated in more than 500 closed transactions with a combined market value of more than $360 million.