sold

Timberland Apartments

Identified 1031 exchange property in 30-days during seasonal slow down

  • Mid-December identification of 1031 exchange
  • Seller identified through our database of owners
  • Value-add opportunity

Case Study

Challenge

Our client, the Buyer, was beginning their 1031 exchange mid-December and had to identify a property in Snohomish County before the end of January. Not only was the client on a short timeline, they would also out of the country for the majority of the identification period. Contacting owners, let alone identifiying one willing to transact during the holiday months greatly limited the options available to our Buyer.

 

What we did

Using our database with all owners in Snohomish County, we placed hundreds of calls till we reached an owner in the process of liquidating their portfolio and had a single property left in Snohomish County that happen to fit the parameters of our Buyer’s exchange.

 

The Result

We discussed pricing and terms with both parties and went under contract before the end of the year. The inspection period went smoothly and the transaction closed before the 1031 exchange period expired. Our client was thrilled with the deal and planned to renovate their property to push rents.

 

Site Details

Address
12526 Meridian Ave S, Everett, WA
Units
29
Sale Price
$5,600,000
Price per Unit
$280,000
Price per Square Foot
$321