Success Story: Grove Station

  • Jul 12, 2018
  • Marketplace Closings

Multifamily property sold on Marketplace for 128% of reserve.

SALE PRICE: $8,950,000
The sale of this 308-unit multifamily property illustrates the benefits our Classic Sale Events can provide to one of the hottest segments of the commercial real estate market.  The Seller retained an investment sales brokerage group that specializes in multifamily sales in the Southeast region and has successfully brokered numerous high-value transactions on the RealINSIGHT Marketplace platform. The challenge of this deal was not only to help investors understand the value-add prospect of bringing the asset’s 100+ down units on-line to current market rents, but to find investors with the capability and wherewithal to take on a project of this magnitude.  Marketplace, in conjunction with this brokerage firm, targeted investors with development/redevelopment expertise and a deep understanding of the multifamily market. These marketing efforts resulted in a wide buyer pool competing aggressively for the asset during the live event, driving pricing upward while minimizing the risk of Purchaser default or re-trade, thus guaranteeing a smooth and efficient close.