Scott was hired by the owner to market and sell the 295 unit portfolio, consisting of Fireside Village Apartments (180 units) and Chateau Apartments (115 units). The ownership was under contract on a large office building in New Jersey and wanted to sell these two properties as the downleg of his 1031 transaction. We discussed his timing and thought we could make it work. The hard date was 103 days from the time of execution of the listing agreement, this placed a lot of urgency on the entire marketing and sales process as well as extra emphasis on buyer selection to assure timely execution of the sale. Scott was able to saturate the market and secure two unique, strong, capable and top of the market buyers that both executed on time. The way the deal worked out the combo of the two unique buyers netted the seller more proceeds, we did our background checks on the buyers and the ownership thought that the higher price was worth the risk and hassle of two transactions. The marketing effort utilized all the traditional channels as well as the Cushman & Wakefield Multifamily Advisory Group’s national platform. The results were phenomenal, the effort produced 103 CA’s, and 12 offers, a level of interest that is not typical for the Omaha market. Results were that we closed on time, and for top dollar.
