Lloyd Place is a 48-unit property built in 1969 and located directly next to Bellevue University. Lloyd Place was a unique deal, the seller purchased the property in December of 2015 for $33,646 per unit, the property had a ton of differed maintenance and occupancy issues. He quickly improved and stabilized the property. Scott had recently sold other multi-family properties for the Lloyd ownership group and brought them a strong off market offer on Lloyd Place. The seller was interested but needed a higher price to sell. In order to create some competition, Scott reached out to several probable buyers including the direct neighbor, Bellevue University. Bellevue University was interested and we had two solid buyers bidding each other up in price and terms. Results were that we closed on time, and for top dollar. Bellevue University plans to operate the property as is for a few years and then tear it down and build new student housing next to campus.
