DALLAS -- Billionaire Warren Buffett is getting in on the Dallas real estate market.

An affiliate of his firm Bershire Hathaway, HomeServices of America, Inc., has purchased Dallas-based Allie Beth Allman & Associates.

The real estate company specializes in luxury properties with $1.5 billion in sales last year.

"Allie Beth Allman & Associates is a strong company with an exceptional reputation in a growth market," said Ron Peltier, HomeServices' chairman and CEO. "This transaction aligns with our vision of acquiring distinguished companies in leading markets that share our core values."

Allie Beth Allman & Associates was founded in 2003 and is recognized as the "highest-grossing, single office residential real estate firm in Dallas," according to a press release.

"We are proud to be part of HomeServices of America," said Allman. "We are joining an organization known for its strength and stability; one that is consistent with our high standards of service, integrity and community involvement, making this a win/win for our clients and our agents."