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Case Studies / Hudson Apartments
sold
Hudson Apartments
Unique Queen Anne Apartment Complex Sells at Premium Price
- Successfully marketed unique property conversion with significant upside potential
- Sourced §1031 buyer unaffected by rising interest rates, driving ulta-high sale price
- Closed sale at client’s target price despite shifting market conditions
Case Study
Challenge
Hudson Apartments, an older property recently converted from senior housing to market-rate apartments, offered a compelling but nuanced investment opportunity. The property’s untapped potential required a strategic marketing approach to attract the right buyers. During the marketing campaign, a sharp rise in interest rates resulted in plummeting pricing.
What we did
Dylan Simon, Lead Broker, led an expansive marketing effort focused on the property’s potential for further improvements and long-term value. Leveraging our large network of buyers, we identified a family seeking a §1031 exchange who fell in love with the property. Through a blind auction, we built competitive tension that drove the final offer to meet the client’s expectations, despite the sharp rise in interest rate.
Result
We closed Hudson Apartments at a sales price 15%+ beyond the market while still positioning the new owner for future value growth. Our process underscored our team’s ability to overcome challenges and achieve exceptional results in a shifting market.
Site Details
Despite the precipitous rise in interest rates during the sales process, we sourced the perfect buyer in a 1031 exchange and delivered the price our client wanted. It’s truly rewarding to deliver exceptional results!
Dylan Simon
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