Bugge Apartments

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Sale Price: $5,400,000

For more information about this property, please contact the listing broker.

View our case study for this transaction at the button below.

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Executive Summary

The implementation of a rent program yielded significant benefits, generating increased buyer interest for the property. Prior to launching the marketing campaign, our team collaborated closely with the seller, property management, and existing residents to encourage lease renewals at market rent. This proactive approach resulted in a remarkable 14% increase in rents compared to the existing rates. Our strategic focus on showcasing the property’s potential after completing unit renovations attracted confident buyers who could factor in the property’s upside, leading to competitive financing options. As a result, a full-price offer was received, and the transaction proceeded smoothly, closing on time for the 1031 exchange buyer.

Case Study

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Press

18 Phinney units trade for $5.4M

Testimonial

“The pandemic was challenging for our real estate portfolio, but we had planned on selling our 18-unit apartment in 2022 and we weren’t sure if we’d be able to. I hear from the Simon | Anderson team on a regular basis and when I saw some of the sales they were completing at the end of 2021 I decided it was time to see if they could help me sell the building. We discussed value in December and they produced a strategy for achieving a higher price that took 6 weeks to complete before coming to market in February. After 3-4 weeks on the market, we had a few good buyers and we quickly negotiated a deal I was very happy with. The inspection process was challenging and I had to complete some repairs but we closed at full price right before the market shifted. The Simon | Anderson team delivers results and I look forward to working with them again in the future.”

– Preston W.