Case Studies / Valle Vista
Heavy value-add property sold without historicals
- 50+ year ownership with significant deferred maintenance
- Value-add upside and location adjacency marketing strategy
- Buyer with day-one non-refundable earnest money
The Seller had inherited Valle Vista with no historical property information, including past financials. The property had been in the owner’s family for over 50-years and had significant deferred maintenance requiring a full renovation.
What we did
We broadly marketed the property unpriced, focusing on the property’s potential. In-Place Rents were nearly half of Market Rent, with a renovation, a Buyer could expect to increase rents over 50%. Additionally, the property’s location in Renton was extremely attractive and in demand. Renton’s low supply of apartments and its adjacency to Seattle and Bellevue job centers makes the area extremely attractive. We hosted two open houses and toured 20 groups during the first two weeks of marketing. We targeted experienced investors who we knew could perform on an asset requiring a heavy lift to maximize the property’s potential.
At the close of our marketing process, the Seller had eight offers in-hand, allowing them to select an offer from an experienced group with strong pricing and a 60-day closing with non-contingent Earnest Money.