Our Approach

The Lee & Associates Multifamily team created a marketing plan for the building that highlighted this very well-located and maintained building. The team recognized that Island Lanai would appeal not only to syndicator and rehab investment groups, but also to high net worth families local to Mercer Island. In addition to leveraging the local brokerage community through CBA and NWMLS, Candice, Daniel and Dea tailored a targeted outreach program that included direct email to known buyer groups and a rooftop campaign directly calling on owners of multifamily on Mercer Island.

The result of this targeted marketing was astounding. In just two weeks the listing received over 164 inquires and 13 offers were collected on the call for offers day. In order to minimize the impact to tenants while maximizing the competitive environment for the client, the team structured a Best and Final Round which incorporated a full access walkthrough of the property on a single day for a select group of buyers. Once through the building, buyers had the opportunity to tighten terms and pricing, resulting in non-contingent offers that pushed pricing 11% over list.

The Outcome

The team’s work to harness multiple marketing channels and structure a clear offer process allowed buyers to comfortably and enthusiastically engage and compete in writing non-contingent offers. The Sellers received a strong price while minimizing the impact of the sales process on the tenants.