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“Gwillim Gardens”

Posted by chaynech1 on May 28, 2014
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The Property
Gwillim Gardens Executive Suites is an extensively renovated complex, comprised of 60 fully furnished units equally distributed throughout two buildings. Spanning a large 2.11 acre lot and conveniently located near the downtown core; the buildings provide highly sought after residences by workers and local residents alike. The property maintained a stable cash flow with an expanding wait list.

The Challenge
The owner of the complex had attempted to sell the property a number of times throughout the years. It was listed on MLS® (a tool many agents use), and with a variety of well known real estate companies. Although the opportunity is located in a smaller northern community, the cap rate more than compensated for the risk. It was also being listed at or below appraised value. With all of the renovations, there wasn’t a specific reason it should not have sold.

After considering the previous variables; we decided that a more direct approach was needed. The first step was to list the property exclusively to create a sense of urgency and prestige. With a history on MLS®, the previous activity would likely hinder market attention. We don’t work under the wait and see approach. Next; in addition to extensive advertising, we actively reached out to buyers in our database, and to all capable multifamily owners already operating buildings in the price range throughout BC. The interest was high, but an investor was found that was looking to rapidly expand their portfolio.

The property was under contract in less than 49 days and sold for 95% of asking. This resulted in achieving over $110,000 per door; record level pricing for the year of build and size of property in similar surrounding communities. The past owner is extremely pleased, and can now focus on investments that are closer to home.

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