Bluestone helped a buyer close a distressed multi-unit property below market value
Challenge:
An apartment owner who is a value investor and willing to take on challenging properties wanted to find the best buys in a slow-moving market.
Solution:
Through Bluestone & Hockley’s Receivership Management Group, we discovered a 20-unit failed condo conversion that had been foreclosed. Exteriors were in good condition with new vinyl windows, however, interiors were only sheetrock, subfloor and without fixtures. The apartment sales group went through their database and located several potential buyers with the wherewithal to bring this property to a rentable state. More importantly, they assessed the current market condition and translated this into a value proposition for the buyers to make an excellent return on their investment.
Result:
We determined price and terms and won over 6 other bidders at a price of only $20,000/unit – well below current resale prices for 3 bed units.
Tags: 20 unit, apartment, below market, best buys, challenging, condo conversion, current market, distressed property, foreclosed, investor, slow-moving market
This entry was posted on Thursday, October 22nd, 2009 at 11:37 am and is filed under Sales & Leasing Success Stories, Success Stories. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
