Bridgecreek Terrace - $13,150,000 Built: 1989 - 200 Units
Challenges:
HFO was engaged to sell this 200 Unit property in Vancouver, Washington. The apartment complex was well located but had a combination of some deferred maintenance including deteriorating siding and polybutilene piping. The challenge -- obtaining a top-of-market price in its current condition. Seller had received an unsolicited offer and was looking to HFO for advice as to whether or not the offer represented a good value.
Solution:
HFO conducted a thorough analysis. It was determined the unsolicited offer was sub-par in price and terms and that aggressive marketing of the property would return a much better net profit to the owner. HFO implemented its recommended marketing plan for the property.
Result:
Within 48 hours of going to market, HFO had received eight offers, and the subject property sold for nearly $1.5 million over the unsolicited bid to a buyer who had no financing contingency, a healthy non-refundable earnest money deposit and a short closing timeline.
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