Casa Nita had been held by the Seller’s family for over 50 years. The property had significant outstanding deferred maintenance and ownership had no property financials (current or historical), making the property very difficult to underwrite for marketing and finance.
We broadly marketed Casa Nita as part of a portfolio with two other apartment buildings on Capitol Hill, focusing our marketing strategy on the property’s upside and prime location.
After hosting tours and an open house, we sourced seven offers. We worked with the Seller to select a Buyer who was in search of a similar type property and who offered 100% non-refundable with a 30-day all cash close. Casa Nita sold separately from the rest of the portfolio.