Case Study / 220 King Street
Our team handled the sale of this older property that provided additional challenges throughout the length of the transaction, all of which were able to be overcome.
1. Evaluation
After owning and managing the same property for over 17 years, the Seller wanted to divest this unique, 1940's-vintage 13-unit complex.​ We initially worked to evaluate the current state of the property, both in terms of physical condition and financial health. A relationship was established with the property manager, and our team pored over the financial statements, rent rolls, and additional documentation. Following an on-site visit, we built a detailed Offering Memorandum (OM), with a focus on answering prospective Buyer's questions before they were asked.
2. Presentation
Respecting the confidentiality of the offering, we chose to keep this property off of the open-market. We instead presented the OM to select, qualified Buyers established in the marketplace. We quickly garnered significant interest, and had 3 offers on the table in less than a week of the first presentation.
3. Transaction
After a round of counter-offers, we agreed on terms with an extremely qualified local Buyer. Dealing with an older building provided several challenges during property inspections; however, following a complicated round of negotiations, we found mutually acceptable terms and moved forward to close. Total time to close was just over 2 months, and allowed our client to net a handsome profit and move on with much less stress.