2915 Sharer Road, Tallahassee, FL
Two challenges faced this property. 1) The seller purchased this property less than a year ago. 2) It was located too far north of Florida State University to be considered a viable student product. The seller bought the property for a great price and there was a fair amount of value to be added. He quickly decided to remodel and convert the complex into conventional housing. Having worked with Beau of the Beery Rainsberger Group (BRG) on two previous deals, Beau quickly got to work.
Since the seller’s intended value add program was still in progress, the biggest challenge was that only 60% of the lease-up and 30% of the remodel had been completed. Beau assured the seller there were investors in the market starving for a property like this. Beau has spent his career building relationships with the top investors in the world, staying up to date on their acquisition criteria. Beau knew he was looking for an investor with substantial capital and experience. Beau put in a call to a colleague at a global investment giant, who referred the deal to the end buyer.
After a very thorough due diligence period by the buyers, the transaction quickly proceeded to non-refundable deposit status. Because the seller needed to wait a full year prior to selling in order to successfully achieve either a 1031 Exchange or pay long term capital gains taxes (instead of short term), the period between due diligence and closing was roughly two months. Beau worked closely with both parties to facilitate a smooth closing.
My team acquired a large apartment asset in North Florida that Beau had an off-market listing for. The transaction was challenging to underwrite and get a firm grasp of because it was a larger student to market rate conversion that had numerous potential deal killing bumps in the road along the way. Beau was professional and calm throughout the 4 month process, doing a great job of keeping the big picture in mind with all parties involved. The transaction required hundreds of emails, texts, sharing dozens of files, and phone calls between my team, our investment partners, and the sellers and their management team. Beau was always accessible at all hours of the day, night, and weekend. He was experienced, reasonable, and refreshingly transparent. I’m looking forward to doing another deal with Beau soon.
--Tim Burns, ApexOne Investment Partners