Our Approach

While waiting for the completion of some capital improvement projects, the Multifamily team proactively gathered all the due diligence for the building. The client kept immaculate records on the building. During this preparation period, the team saw an opportunity to add value to the building. Under our council, the seller was able to lower his property assessment by $1M and also exploring a cell tower contract that would boost the net income by $35,000/year. This creative approach provided additional NOI to be counted towards the value of the building and maintain the building's top value potential.

The Outcome

In addition to our team’s on-going marketing campaign which reaches nearly 7000 people in the multifamily community, our team is actively engaged with key players who are active in the market. Our team works with many clients and one of them was in a 1031 exchange. The timing and the equity amount couldn’t have been more perfect.

Our Multifamily team typically create a wide marketing program for listings which is typically most beneficial to the client to have the property marketed to the wider audience. In this case, there was a unique opportunity to have pricing feedback and insight from a recent previous marketing campaign and could weigh that against an offer from a very well qualified 1031 buyer. We worked with both parties to move towards the completion of the capital projects, receive a property tax reduction, and advance the antennae contract. In the end, the buyer purchased the building at full price and the team assisted the execution of successful 1031 exchanges for both buyer and seller.