Mt. Vernon Portfolio Sale
Mt. Vernon, NY
case studies
the Property
Size: 69 apartment units and 7 commercial spaces in 2 buildings
Sale price: $7.5 million
Date closed: 2016
Sale price: $7.5 million
Date closed: 2016
the Challenge
Coming to Redwood Realty, the seller had been trying to sell the project for over a year. The seller had unsuccessfully engaged two different brokerage firms to facilitate sale. One of the brokerage firms was a national firm without real "boots on the ground" or granular market knowledge. The other company was a large firm based out of New York City. Neither firm had a true understanding of the potential buyers for the asset. One of the initial hurdles for our team was overcoming the reluctance of the seller to hire a third firm after a frustrating year with no results.
the Solution
Once we proved our value to the client and landed the exclusive listing agreement, we quickly created a detailed 75-page offering memorandum that included every attribute of the project. We also recognized that the property was valued too low. So, we listed the portfolio at $300,000 more than the previous firms.
the Result
We used our market knowledge and extensive database of qualified investors to quickly identify a potential buyer. Our team had the project under contract within 30 days and the sale closed within 90 days. Although the buyer had driven past the assets for decades, he was never approached by either of the two previous firms. The property sold for the full ask price, $300,000 higher than the seller's original expectations.
