PRICE PER UNIT
The team provided excellent communication between both parties to facilitate our acquisition of the property. NAI acted as liaison between the Seller and our team to provide ongoing due diligence materials vital to bringing the transaction to close. The property proved to be a great addition to our portfolio and we appreciate the NAI Wisinski Great Lakes team's work on this deal. We look forward to working with NAI on future deals.
- Dan Meyering, Trillium Investments
NAI Wisinski Great Lakes was approached to market a 114-unit apartment community. The property was encumbered by a master lease with the neighboring assisted living facility. That agreement was about to expire and the assisted living facility was not renewing. The property had a history of flooding problems from a water discharge area, and several of the units were not rentable under the circumstances. The challenge was to find a buyer within 45 days, who could close and take over the operations within the same time frame, and have a workout plan for the flooding.
Using our knowledge of the market area, and regional and national buyers, we generated five offers within 10 days. As a protective measure, we were able to engage a property management firm willing to take over operations temporarily, in the event that they would be needed. NAI worked with the seller in selecting the best-qualified buyer for the transaction. Our team assisted them in bringing together engineers, surveyors, and building contractors in order to meet a short due diligence requirement.
An all-cash sale closed on the day before the master lease expired and the new owner’s management team stepped in and seamlessly took over. The sale price was for a substantial amount more than the values proposed by other brokers. The end result was an ecstatic seller, who couldn’t believe how much the property sold for, nor how quickly the valuation, marketing, negotiating, and closing processes went. The buyer was thrilled to be able to add to his existing Grand Rapids portfolio at a price that gave him the room to create additional value through property improvements and repositioning.