2330 SW 35th Place Gainesville, FL
The seller of a smaller apartment complex was looking to time his retirement from the multifamily business with the upswing in the market. His complex had consistently strong occupancy but he wanted to sell at a very strong price to meet his after-tax proceed requirements. As a very experienced former banker, the seller knew he needed a multifamily broker with a proven track record for getting assets sold for top value. He decided to give Beau Beery a call.
Because the seller needed an "under the radar" approach to finding the right buyer, The Beery Rainsberger Group (BRG) utilized their highly organized, all encompassing, investor database to strategically match the most promising buyers with the subject property. Within a few weeks BRG had secured the perfect buyer for the asset and was able to place the property under contract with minimal disruption to the seller’s operations.
BRG was able to accomplish the seller’s expectations on pricing and terms and close within the time frames of the contract just in time for the holidays. The buyers were thrilled to acquire a well built, highly occupied, stable asset in an excellent location with the ability to still add value to the asset through minor upgrades, marketing, management, and rental increases. Their goal was to acquire a minimum unit count in the Gainesville market in order to create efficient economies of scale for management of their assets. The addition of the subject property provided a stable cash flow for their continued operations. Consequently they were willing to pay a slightly higher price than they might ordinarily thus making the seller a happy man.
Having owned the Savannah Place Apartments for almost 25 years, my tax basis was practically nothing. I wanted to properly time my retirement from the real estate investment market with the current major increase in apartment values, all while needing to walk away with enough after-tax proceeds to compensate for my lost cash flows from the property. While my resulting price needed to accomplish these goals was lofty, Beau Beery was able to appropriately convey the value of the asset to the end buyer in a manner that made sense to all. Throughout the entire transaction, I valued Beau’s frequent communication with me, his transparency, and the fact that he always answered his phone and emails. Not to mention, the whole BRG team are just good folks to work with. I highly recommend their investments sales services.
--Tom Mallini, Multifamily Owner