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Case Studies / Northgate Apartments
sold
Northgate Apartments
Marketing a Decommissioned Senior Housing Facility
- 100% vacant senior living facility, and had never been used as market rate apartments
- We hosted 45 tours, presented 19 offers to our client & interviewed 10 buyers
- We selected a group with non-refundable earnest money at contract execution and closed the sale 22 days after the contract was signed
Executive Summary
The Challenge
Our client presented us with a unique challenge: a decommissioned senior housing facility located in an up-and-coming market just outside of Seattle. This property posed several significant hurdles. Firstly, it had no existing income stream, making it a financial blank slate. Additionally, the facility suffered from inadequate parking provisions, a crucial factor in attracting tenants and ensuring their convenience. Moreover, the property had never before been utilized for market-rate apartments. This meant that our team would need to develop a comprehensive strategy to not only transform the facility but also market it effectively to potential investors and tenants.
What we did
Our goal was to cast a wide net, appealing to various segments of the real estate market, including senior housing operators, non-profit organizations, traditional apartment owners, and forward-thinking ground-up developers. To achieve this, we strategically designed a marketing campaign that showcased the property’s unique attributes and potential. We recognized the importance of not only highlighting the physical aspects of the facility but also conveying its untapped opportunities. Our open houses became pivotal events, where we not only provided a close look at the property’s assets but also orchestrated a competitive bidding process that ignited investor interest.
Result
Through these efforts, we assembled a substantial and enthusiastic pool of potential buyers, each eager to secure this promising property. Our approach allowed us to create an environment where competition thrived, ultimately ensuring that our client had a variety of offers to choose from, ranging from senior housing specialists to profit-driven developers.
This comprehensive strategy not only highlighted the property’s immense potential but also maximized its market value. We organized an impressive total of 45 property tours, creating a dynamic and engaging experience for prospective investors. To sweeten the deal, we served 4 dozen donuts.
As a testament to the success of our approach, our client received a total of 19 offers. The winning offer not only showcased a commitment to the property but also reflected the seriousness of the bidder’s intentions, as they provided non-refundable earnest money upon contract execution. The entire process from contract to close was completed in just 22 days.
Site Details
“We hired Dylan, Matt & JD to sell a 121-unit building in Seattle that came with numerous complexities. Dylan and his team were hands on from the start in identifying the market for our property, providing solutions to some of the problems we encountered, and helping us to identify and address potential buyer concerns. We could have not asked for a better set of experts to help guide us through a difficult sale in a very challenging market environment. I am extremely pleased with their high level of expertise and integrity; I’d highly recommend them, especially in a high-stakes or complicated situation.”
Seller
“We purchased a 121-unit apartment building from Dylan, Matt, and JD. From submitting our initial offer to the closing, they were great to work with, responsive and extremely professional. They knew the property well, had clearly taken the time to understand what they were selling, and were very helpful navigating the complex contract and financing process. They made the entire transaction go smoothy, kept us all on schedule, and gave us confidence that we were working with pros!”
Buyer
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