After 10 days of listing the property and several showings, the property was in Escrow with short contingencies and no financing contingencies. Escrow closed 60 days later in time for the Sellers to close on their Exchange Property, the Texas retail acquisition at an 8% + Cap Rate! The Sellers have more than doubled their cash flow and couldn’t be happier with the trade!
This transaction worked great with the Buyer’s long-term investment strategy as well. With the A+ location and 37% upside in rents, the Buyer is thrilled with the purchase of this asset. They are planning on adding value by renovating units as they turn over, as well as common area renovations. This good-sized asset in a core location is a great addition to this investor’s portfolio!