Northgate Apartments

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.