Kensington was a unique off market deal where Scott represented the Buyer. Scott was actively tracking this property, it was under contract for $2.2 million, the sellers broker reached out when their previous buyer backed out of the contract. The seller was in the middle of a reverse 1031 Exchange and needed to close by April 23rd. Because of Scott’s relationship we were able to identify the sellers minimum price and went under contract for that amount. The buyers were able to secure this property at a significant discount to other comparable properties, with lots of upside, the in place rents are currently more than 20% below market rents. Results were that we closed on time for a significant discount. The Buyer plans to renovate units as residents move out and will be upgrading the common areas and exterior to increase rents. The Buyers got a solid property with room to grow rents in the very stable Garden Grove market.
