sold

Coventry Court IV & Annex

Location challenged portfolio met pricing guidance

  • Marketing strategy resulted in 10 offers
  • Additional loan assumption challenge

Case Study

Challenge

Goodman Real Estate hoped to dispose of two assets in a less desirable area of the Tacoma market, just as the financial markets started to shift. Furthermore, one of the properties required a loan assumption.

 

What we did

We ran our full marketing process and broadly marketed to the West Coast investment community. Our strategy focused on attractive pricing metrics and the ability to scale in the Puget Sound for below replacement costs – a rarity for this market.

 

The Result

Our process and strategy produced ten offers, of which one came from a known investor in our network, for whom we advocated. The Buyer had a 1031 exchange, met pricing guidance and could successfully assume the loan. This Buyer had been trying to break into the Puget Sound market and pricing had previously been a barrier. The transaction closed smoothly within 60-days of going under contract and allowed the Buyer to gain entrance to the market.

Site Details

Address
Tacoma, WA
Units
120
Sale Price
$24,600,000
Price per unit
$205,000
Price per Square foot
$224

“Working with Brandon and the rest of the Simon | Anderson Team is always a pleasure. Having worked with them on many successful closings over the years, both on the buy and sell side, they are always professional, responsive and very well connected. I can’t recommend working with them enough.”

Eric R.