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Case Studies / Heartwood
sold
Heartwood
“Best-in-Nation” property set a new pricing record for Seattle’s Eastside.
- Proved uniqueness of property to create intense buyer competition.
- Set benchmark pricing despite challenging capital market conditions.
Case Study
CHALLENGE:
Our Team was tasked with bringing Alexan Heartwood to market in the Spring of 2022. Despite improved market fundamentals post-COVID, we marketed the property at the exact timing of the largest interest rate hike in several decades, amidst a tidal change in buyer underwriting.
WHAT WE DID:
We developed a broad marketing campaign to build a massive buyer pool. We focused on the property’s unique and desirable features, highlighting its location in a burgeoning suburb, large modern units, and best-in-class outdoor recreational activities. As our campaign progressed, our marketing segmented buyers, creating individualized campaigns to each top buyer, maintaining momentum and competitiveness despite eroding capital markets.
RESULT:
Our broad marketing campaign produced 15 highly competitive offers from a buyer pool willing to overcome capital market challenges. After multiple rounds of bidding, we helped our client work with the most competitive buyer to craft a transaction at record pricing with an ultra-short timeline, 51 days from contract execution to closing. Despite the market volatility, the Heartwood sale set a new record for Seattle’s Eastside, beating market pricing by over 7% and a new benchmark price-per-unit of nearly $800,000/unit.
Site Details
"Dylan, Matt, and the Kidder Team’s marketing of our property was fantastic. The Kidder team navigated a turbulent market environment and we are very pleased with the execution on the disposition.”
Mark H.
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