About The Property

Stats

Price $3,430,000

Year Built 1956

Units 16

Current CAP 4.45%

Price P/ Unit $214,375

Background

After owning this 16-unit complex for over 5 years, the sellers wanted to exchange into another property that would be closer to the rest of their portfolio.

Challenge

The property was listed during the height of the pandemic (August 2020) and several units were rented well below market rents. With limited availability for showings or inspections, initial interest was relatively low.

Solution

Several months after the listing had expired,KST continued to work the property off-market and stayed in contact with buyers who had initially expressed interest. In Q1 of 2021, we were able to identify a qualified buyer.

Result

The sellers were happy to execute on their plan and currently trading into a property closer to the rest of the portfolio. The buyers are going to renovate the building over time to capture the significant financial upside.

Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.

- Seller (60 Units by The Grove)

I wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service,  and  I look forward to many more deals down the road.

- Barbara Glazer

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