Sign up to receive our listings
Let’s talk about apartments
Case Studies / 101 Broadway
sold
101 Broadway
Our Team Closed a Trophy Asset in the Heart of Capitol Hill After a Competitive Marketing Campaign
- Performance Before Launch: Spent several months holding weekly calls with ownership and property management, focusing on leasing and financials after heavy spring turnover cut into occupancy.
- Turning Rates Into an Advantage: Positioned the attractive existing loan as a way for buyers to assume favorable debt and sidestep a rising rate environment.
- Expansive Investor Outreach: Sent 15,000+ emails and made 200+ investor calls, highlighting a trailing-12 NOI that was trending up substantially and continuing to climb.
Executive Summary
THE CHALLENGE
Our client engaged us to sell a 44-unit mixed use asset in the heart of Capitol Hill that they originally developed in 2017.
Prior to going to market, interest rates continued to rise substantially and the property’s occupancy fell due to substantial spring turnover.
We set out to achieve strong pricing for the Seller by instilling Buyer confidence in asset performance and overcoming interest rate concerns.
WHAT WE DID
We took several months to partner with our client and their property manager, holding weekly calls to focus on leasing and financial performance of the asset.
We then launched to market and conducted an expansive marketing campaign with 15,000+ emails sent and 200+ investor phone calls made by our team.
Through our marketing we highlighted the opportunity for a Buyer to avoid a challenging rate environment by assuming the attractive existing loan. We also focused on the property fundamentals, with an NOI that was trending up substantially over the trailing 12-months and continuing to do so.
THE RESULT
An institutional developer waived diligence in 15 days and closed 84 days from executed LOI.
Our client got the speed and certainty they wanted, and Juanita gets new multifamily housing on a rare waterfront-adjacent site.
Site Details
Exclusive Listing Brokers
