Video: Closing Announcement 3648-3652 Empire Dr

10.20.2020

CLOSING HIGHLIGHTS

  • Launched our marketing campaign at the peak of the pandemic, working throughout the stay-at-home-order
  • Positioned the offering as both a development opportunity and a multifamily investment to provide comprehensive exposure to all potential buyers in the market
  • Uncovered possible objections related to the redevelopment of the site before coming to market, allowing us to effectively communicate our due diligence findings to developers for their underwriting before offers were submitted
  • Due to the pandemic, we had been restricted from showing the single family or apartment units, yet still generated six offers within the first three weeks of launch including two investors and four developers
  • Accepted an offer at a significantly higher price and short due diligence periodĀ from an investor who provided proof of funds sufficient to buy both properties, engaged their lender to provide assurance that we chose the right buyer, who ultimately purchased the property as an investment with a plan for long term redevelopment

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