sold

Belmont Court

"Needle in the haystack" investment uncovered through trusted owner relationship

  • Identified off-market investment opportunity
  • Competitive market on a tight timeline
  • Trusted relationship with owner results in success

Case Study

Situation

Our client, Trinity Real Estate, was in the process of disposing of a large development site and wanted to diversify into alternate investment properties. With 45-days to identify a replacement property, we were working on a tight timeline.

 

What we did

We closely monitored the progress of Trinity’s development site sale and once the closing date was determined, we began seeking off-market opportunities that met their investment criteria. Once properties were identified, Trinity made competitive offers.

 

The Result

Through our trusted relationships with property owners in the market, we knew an Owner who had wanted to sell off-market on a similar timeline, and the property happen to be a perfect fit for Trinity’s 1031 exchange. The combination of our relationship with the Seller and Trinity’s deal expertise, we were able to navigate a competitive market to complete a great 1031 purchase that meet both parties’ timelines and expectations.

Site Details

Address
424 Belmont Ave E, Seattle, WA
Units
32
Sale Price
$15,000,000
Price per Unit
$469,000
Price per Square foot
$487

We have completed several real estate transactions with the Simon | Anderson team and Belmont Court may have been our best one yet. We were on a tight timeline with a looming 1031 exchange deadline; however, we did not want to sacrifice the quality of the real estate. While off market, the Belmont Court purchase was competitive because several other brokers also submitted offers. We decided to work with Jerrid because he had a good relationship with the owner, made recommendations on how to make our offer competitive and helped us secure the purchase. Every transaction has its nuances but the Simon | Anderson team helped us to another smooth closing that met our tight timeline.

- Lex W.