Action

The Seller hired the Northwest Multifamily Team to build a compelling marketing story: a purchase and loan assumption for a rare opportunity to own half a block in one of Seattle's top neighborhoods, with operating headwind while current, were not permanent.

Prior to releasing the listing, the team built a comprehensive marketing package and extensive due diligence file including a clear outline and timeline of restabilizing the asset. Buyers would need detailed information to accurately model both near and long-term performance expectations. The team updated the package on a regular basis as updates concessions burned off and the rent roll stabilized during the marketing process. With each new update, the team reached out to curated groups of investors – ones who were nimble, familiar with operating product types, and could envision the future potential of the property. These were often family offices and developer/syndicator groups with familiarity of local submarkets and neighborhoods. The consistency of the Team’s updates kept the opportunity fresh in these investors’ minds as they moved through acquisition cycles. Ultimately, the timing aligned for a specific group looking for both a corporate headquarters and was in the process of completing a 1031 exchange.

Once under contract, the Team spearheaded a lengthy and cumbersome loan assumption process, coordinating the delicate task of introducing a new sponsor and borrower to the lender as well as setting expectations on timelines and due diligence available.