Scott was hired by the owner to market and sell Grandridge a 470-unit property built in 1974 and located on I-680 and Fort Street. Grandridge was a unique repositioning project, the sellers purchased the property in August of 2015 for $50,000 per unit. They quickly went to work on repositioning the property and cleaning up the resident mix. In June of 2016 the property was hit hard by a hail storm that did extensive damage to the exteriors and caused some flooding in 18 units due to debris back up in the city sewers. The ownership group made the insurance repairs including upgrading the 18 flood units. The repairs were complete in April of 2017 and getting a nice premium for the 18 upgraded units. We went to market in September of 2017 with only four months of stabilized income. Had to guide buyers to underwrite off of the T-3 income and see the full potential of the property, the financials continued to improve through closing. Scott was able to saturate the market and secure a strong, capable and top of the market buyer that executed on time and with zero drama. The marketing effort utilized all the traditional channels as well as the Cushman & Wakefield Multifamily Advisory Group’s national platform. The results were phenomenal, we had over 110 groups from throughout the country reviewing the deal and received 14 offers on the property. All of the offers received were from out of state buyers, this is a testament to the strength of the market as more capital looks to acquire in tertiary markets. Results were that we closed on time, and for top dollar.
