The Seller had an exceptional property in Eastlake and we had just begun to prepare our marketing strategy for a full fledged campaign highlighting the A+ location and value-add story. However, as we were preparing to launch the listing, a 1031 exchange Buyer approached us with significant interest and an above market offer.
We advised the Seller that if the Buyer didn’t perform, the property could still go to market, yet may not garner the same level of interest or pricing. We agreed to continue finalizing our property marketing materials while the Buyer completed their 14-day due diligence period. If the Buyer decided to seek another opportunity, we would be ready to broadly launch to our investor network immediately.
The Buyer performed and waived due diligence, leading to a smooth transaction without taking the property to market. The pricing for 2338 Franklin set a record for non-renovated product in Eastlake at $496,000 per unit.