1800 NW 4th Street, Gainesville, FL
A 64 unit apartment complex in a promising location had heavy delayed maintenance and a deteriorating tenant mix. The owners were dealing with numerous repair issues. The complex didn't show well and the P&L wasn't impressive so the owners knew they needed a different approach. They turned to the Beery Rainsberger Group (BRG). Through inspections there were numerous open permits, conflicting rent rolls/leases, and an abnormally high expense ratio.
BRG knew the buyer for this complex needed to be experienced and looking for a heavy value-add opportunity. Their database can be sorted to find exactly this kind of buyer. BRG then made extensive phone calls and pulled no punches in laying out the challenges and opportunities.
BRG located a foreign investor with other local properties. They emphasized the up-side with well researched rents and location. The due diligence was complicated by open permits and challenges in obtaining estoppels from every tenant. BRG helped work through all that. In the end, a deteriorating complex will get new life and the weary owners will move on to other project.
I've worked with BRG before so I knew their skill level and tenacity. Even so, I was hugely impressed with the quality of their buyers and the number of potential buyers exposed to the property. I know this was a challenging sale, but they were solid through the whole process. I highly recommend them and their approach.