TRURO - The single largest real estate operation in Colchester County has been sold.
Ron Wallace Realty Ltd., has been purchased by Truro lawyer and businessman Ron Chisholm and North River chartered accountant and businessman Greg Jones.
"It works well with my property practice," Chisholm, 52, told The Truro Daily News on Thursday. "I've been involved in the real estate side of the law business for 25 years. It's a compliment to that and it's something that I've always been interested in."
The transfer of ownership, which became effective Jan. 1, involves more than 600 residential and commercial rental units in Truro, Bible Hill and other parts of Colchester County. Two assisted living facilities, one on Munroe Court in Truro and another on Pictou Road in Bible Hill, are included in the deal.
Although Chisholm would not disclose the purchase figure, an industry insider who did not wish to be named, suggested that at an average market price of $60,000 per unit, the assets would be worth at least $36 million. Another insider, however, suggested that figure may be a tad on the high side.
And while there may be larger commercial-only operations in the area, Chisholm said the purchase definitely positions he and Jones, who are equal partners, as being the largest residential landlords in the region.
"I think on the residential side, certainly Ron Wallace Realty is probably the largest, single residential real estate rental company in the town and county," he said.
"So, occasionally an opportunity arises like this where you've got a business with a terrific reputation and it obviously was an interest to Greg and I and we're fortunate enough to have the ability to get it."
Jones is also owner of the Riverrun Golf Club in North River.
The real estate business, which employs more than 30 people, will continue to operate under its existing name.
"It's was a very well-run business. Everything was very well maintained and very well run," Chisholm said.
"Ron Wallace has built a large and successful real estate business through a combination of hard work, honesty and integrity. The business has an exceptional staff team and we look forward to working with them as we continue to offer our tenants high quality properties and prompt, efficient service."
Wallace could not be reached for comment.