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Sierra Vista, AZ | Multifamily | Closed on RealINSIGHT Marketplace

  • Oct 07, 2019
  • Marketplace Closings

192-Unit, Value-Add Apartment Community Gains National Exposure And Closes Above Reserve.

Montego Bay Apartments Closed on RealINSIGHT Marketplace

RealINSIGHT Marketplace is pleased to announce the sale of the Montego Bay Apartments located in Sierra Vista, AZ

Marketplace teamed up with Karl Abert and Darren Tappen of Kidder Matthews to sell this 192-unit, 99% occupied, multifamily property. The joint efforts centered around highlighting the value-add upside potential of a property, despite a strong track record of consistently high occupancy and significant recent capital improvements.

Despite a remote location, not far from the border of Mexico, the asset attracted 11 registered bidders across seven different states. The property sold on the opportunity to capitalize on future rental and management upside, with a great outcome: a winning bid of 106% of the reserve price.

“Unquestionably, we could not be more impressed with RealINSIGHT Marketplace’s online marketing platform. Straightaway their far-reaching platform quickly set into motion a highly organized offering announcement, providing our team seamless access to an extensively qualified investor database. The Marketplace landing page effectively delivered a  compelling deal broadcast and registered qualified interest via a straightforward investor due-diligence portal.

Remarkably, in a little under two months following the marketing launch date, the Marketplace’s broad investor database efficiently captured an extraordinary number of geographically diverse and qualified bidders across seven states. Early on auction day, the Kidder Mathews team–in tandem with Marketplace auction leaders–steadily enrolled twice the  predicted number of pre-qualified bidders, setting the stage for an energetic  and competitive auction environment."
- Karl Abert, Kidder Matthews

Learn more about this auction property by visiting the asset page: Montego Bay Apartments

Or contact us for more details at 800.915.7015