SVN | Bluestone & Hockley represented both the buyer and the seller in the transaction of Foxstar Apartments. Foxstar Apartments is a 20 units complex situated in East Portland. The complex is well maintained with a stable tenant base. However, The seller recently refinanced and in order to sell this property he had to pay a $150,000 prepayment penalty. The owner had been aggressively increasing rents but ultimately decided to trade up to better use the equity in the building.
To ensure the seller will receive the highest and best offer, SVN Bluestone Hockley advisor Cliff Hockley heavily marketed the property. His market efforts resulted in over 2,000 inquiries and multiple offers.
Out of all the offers received, the top offer was from a client represented by SVN | Bluestone & Hockley’s Julie Richard-Schutrop. This particular client was looking for a 1031 exchange opportunity. The Foxstar Apartments fit what the client was looking for in terms of timing and value. However, in order to ensure the client’s offer will be accepted by the seller, Julie advised the client to put an offer just over the asking price. In doing so, the buyer’s offer was more attractive than others and was accepted by the seller.
With the help of Cliff Hockley and Julie Richard-Schutrop, the seller received top dollars for the property and the buyer was able to find the up-leg and complete the 1031 exchange.