Earl M. Jackson, president of PSJR, will lead the new organization.

"We view this as a great opportunity for our sales professionals and employees to be part of a dynamic growth organization,'" Jackson said in a prepared statement.

"PenFed Realty will deliver valuable resources and services to our agents, and like the Berkshire Hathaway name, it projects trust, integrity, and success to our clients," he added. "We believe the power of the brand will resonate with consumers across all market segments from first time homebuyers to sellers of high-end luxury properties."

With more than 50 employees, PSJR is part of the Richmond Association of Realtors Broker Council, which is made up of the Top 10 Firms in the Richmond Metropolitan Area, according to PenFed Realty.

The firm is among the top 1% of all real estate brokerages nationwide and was the ninth largest affiliate among all Berkshire Hathaway HomeServices and Prudential Real Estate affiliates in 2013.

With annual sales of $2.8 billion, PenFed Realty said it employs 1,700 sales professionals who work at more than 50 offices across the nation.

"PenFed Realty is excited to expand its market presence into Richmond under the leadership of Earl Jackson and his team," Kevin Wiles, president of PenFed Realty in the Mid-Atlantic region, said. "Our rapid growth in other markets across the country has been fueled by our ability to deliver unique value to our clients and sales professionals."