Inlet View Apartments

CHALLENGE

We were tasked with selling Inlet View Apartments, a family-owned property self-managed for decades. The owner had concerns about the impact of a marketing and sales process on residents and the management staff alike. Furthermore, we discovered extremely limited documentation (no leases, scant financial records) and significant deferred maintenance issues.  A potential sale was further complicated by the onset of the COVID-19 pandemic.

WHAT WE DID

Dylan Simon, the Lead Broker, identified an ideal buyer early in the process: an experienced investor who was comfortable navigating the property’s challenges and willing to proceed on an ultra-fast timeline. Recognizing the owner’s concerns, we arranged a pre-emptive sale process, expediting the and prioritizing a smooth transition and minimizing resident disruption. With limited financial documentation, we worked closely with the buyer to address unknowns and facilitated a seamless due diligence process—even as COVID-19 restrictions complicated access to the property.

RESULT

Through careful buyer selection and negotiating an iron-clad purchase contract, we closed the sale in a remarkable 50 days.  Our process impressed the seller with a price well-above their goal, navigated the poor physical and financial condition of the property, and overcame all issues with no reduction in price.