Multifamily Apartment complex in the heart of Brentwood. This property was in its original condition (1980's build) and offered an excellent but rare opportunity for an experienced multifamily operator to acquire and make thoughtful renovations to add value to an already excellent property to achieve significant increases in rent resulting in strong appreciation of the property value in one of Austin's hottest areas.
The property was properly evaluated based on several factors including existing and potential income as related to the immediate local market and economics. Once a property value was determined the property was placed on the market and strategically marketed to a well established network of experienced commercial property owners and operators specializing in multi-family acquisitions. Within 3 weeks, the property had 17 offers at which time a best and final offer event (BAFO) was conducted. Once all offers and prospective buyers were fully vetted, the winning offer was selected at $150,000 over asking price with favorable terms for the seller. The buyer was selected not only based on price and terms but also on their confirmed experience purchasing and operating similar properties in the area. The property closed without issue. This was one of many properties handled for this seller.
