Ondina Development Site

Challenge:

The seller, a national apartment development company, received an off-market offer that prompted them to consider selling instead of developing the site. They sought to maximize their return by selling at a premium price, but required an exceptional pricing and ultra-fast closing timeline to justify not developing the property themselves.

What we did:

We developed a customized marketing strategy and designed a limited marketing campaign targeting only the most qualified apartment developers, fostering a sense of exclusivity and competition. This strategic focus enabled us to engage four exceptional buyers with multiple rounds of bids in a blind auction process. During this process each of the top groups outbid the original off-market offer, and pushed competition to a new pricing level.

Result:

This approach resulted in a record-setting sale, achieving a closing price of $22 million and nearly $90,000 per unit – establishing a new pricing benchmark for the region at the time. Additionally, we closed the sale in only 70 days from contract to close, meeting the seller’s goals of both maximizing pricing and exceptional speed to close.