Case Studies / Yakima 28
Record-Setting Price per Unit Sale in Yakima
- Off-market Buyer dropped the sale
- Identified new 1031 exchange Buyer under pressure to identify their exchange property
Our off-market Buyer decided to drop the transaction.
What we did
Once we determined the Buyer’s intention of dropping the sale, we began calling active investors in the Eastern Washington market with whom we have relationships. We constantly communicate with the market’s most active apartment investors which allowed us to to identify a new Buyer who was under pressure to identify a property of their own in the Yakima market.
The new Buyer assumed the Purchase and Sale Agreement with five days remaining in the inspection. The new Buyer waived the inspection contingency and the transaction closed on the original timeline without any extensions. The sale of Yakima 28 set a price per unit record in the Yakima apartment investment market at $134,000 per unit.