sold

Bayside Gardens

60 Days from Signing to Closing

  • Prior to us bringing in a winning offer, the Seller was not prepared for a sale, nor the due diligence process.
  • We handpicked a select group of aggressive local investors
  • Our offer beat-out dozens of other offers

Success among uncertainty

CHALLENGE
Owner held the property for 30+ years with no intention of selling. Having fielded dozens of offers, they found none compelling. Once under contract it was discovered that many leases dated back to previous ownership and many books and records were missing. Prior to us bringing in a winning offer, the Seller was not prepared for a sale, nor the due diligence process.

SOLUTION
Our Team recognized at the very beginning that only 2 factors mattered to the Seller: price and certainty. Accordingly, we handpicked a select group of aggressive local investors that fit the bill for this discerning and circumspect ownership group. Through our extensive database and deep experience in the market, we determined the best buyer who was both experienced in the Tacoma market and recognized the intrinsic value in Bayside Garden. This buyer was able to offer extremely compelling price and terms, as well as work alongside an inexperienced seller.

RESULT
We submitted a purchase and sale agreement to the ownership group on behalf of our client, beating-out dozens of other offers the ownership group recently received. Sellers, buyers, and brokers all met in person at a local Tacoma bar for an old-school in-person signing. Despite extreme market uncertainty in Fall of 2020, the sale process took a total of 60 days from signing to closing and closed on November 2, 2020 for $11,900,000.

Site Details

Address
15 North E Street, Tacoma, WA 98403
Transaction Timeline
60 days
Sale Price
$11,900,000
Price Per Unit
$188,888
Price per square foot
$225
Units
63
NRSF
52,960