SVN – Imbrie Realty was hired to list this property for an out of town owner and took it to market immediately, as we always do, which resulted in multiple offers on the property in the first week! After creating the competition for the asset, the seller chose an all-cash offer
which was able to be raised due to other higher offers that were on the table. 

 

Even with SVN having clients that wrote offers, they agreed with the seller that the best offer came from a buyer represented by an outside broker. We were able to tap into the brokerage industry who had a buyer that was all cash and looking for a building that was
close in Portland, with a unit they could use as an owner’s unit when they in town visiting. SVN – Imbrie Realty identified the challenges the seller would face from a buyer with the low rents and substandard lease terms and were able to put together a gameplan should they
arise. The rents on the apartments were approximately 50% lower than market and the commercial tenant had a below-market lease with essentially a 1-year rolling lease. This type of lease does not make lenders, or buyers, feel comfortable. Providing the buyer with ample
backup on the market rents for the apartments and showing them the path to raising them to market with month-to-month tenants, and helping them negotiate with the commercial tenant to extend their lease to 5 years, provided the comfort level the buyer needed to
proceed. The transaction ended up closing in just over 30 days.

​

In the end, the buyers were happy to complete the acquisition with good terms and significant upside in the property, and the sellers finally closed the transaction with terms that they knew were fair (over $300/sf), knowing the competition and market had set the highest price for the asset, maximizing their profit in the sale of the property. This is a win-win transaction that can only be accomplished through doing business the right way, which seems to be rare in the marketplace.