- Type: Multifamily
- Size: 93 Units
- Location: Beaverton, OR
- Year Built: 1981
- Broker: Andrew Hunter, Rick Funk, Steve Morris
- Sale Price: $13,100,000
The Owner of the property had been long-term owners and built property. However, due to personal issues, a decision was made to sell the property. During listing process the team of Hunter, Funk and Morris proposed the highest asking price along with a unique marketing plan for the property.
While the property is in a good location with great amenities and close to jobs centers, the property was 35 years old and was functionally obsolete (no W/D hookups and all units 1 bath). However, all units were low density on a large (7.7 acres) lot with room for expansion. The Property was also in an unincorporated part of Washington county and it was unclear on what was allowable within zoning. In addition, one swimming pool and small gym was out of commission.
The team of Hunter, Funk and Morris crafted an upgrade plan with a financial model justifying a large scale upgrade investment in the property during with the listing proposal. After analyzing market conditions, they came up with pricing at the higher end of comparable sales. During listing process they also aggressively marketed the property so it was visible to all buyers and brokers across the country. In addition, regular eMail blasts were sent to 5000+ property owners and 200+ “best-fit” buyers were called to explain the advantages of this property. Through these aggressive and calculated marketing efforts, the property had 6 offers. Ultimately the buyer that was selected came in at asking price and as well as have the experience to upgrade the property to level it deserved.