The strategy was to source a buyer who was looking for a value-add opportunity and willing to make some significant capital improvements.
We marketed the property to local investors, our database of pre-screened value-add buyers in the Los Angeles area, and nationally leveraging Marcus & Millichap’s network to find the right person for this property.
How did we do? Here are the results:
- After attracting significant attention and offer activity, we screened several of the more qualified candidates which led to the selection of a local buyer who owns several properties within walking distance of the property.
- The buyer paid eight percent more than all other offers due to the high offer activity and potential value they saw in the property.
- Upon close of the property, a desirable distressed asset located in Florida was sourced for the client after contacting several agents in offices around the nation.
- We guided our seller through the entire 1031 exchange process which led to a smooth close of the distressed asset well within the time allowed.