3555 SW 20th Avenue, Gainesville, FL
A multifamily broker from California, who had heard about Beau Beery of The Beery Rainsberger Group via a mutual colleague, was selling an apartment complex for his client in California. That client wanted to do a 1031 Exchange in to a Florida apartment complex and needed to identify three assets. The California broker gave Beau the contact info to his client, and let him know that the relinquished property hadn’t closed yet but looked promising.
Beau reached out to the 1031 customer to discuss his acquisition criteria and timing. Based on the buyer’s criteria, there was nothing publicly listed that made sense so Beau made a list of the Top 10 properties that most closely matched the buyer’s needs and then ranked them most to least desirable. None of the 10 was on the market. Beau called the owner of the top ranked property and out of pure luck, perfect timing, and a little convincing, the seller agreed to do a deal.
Upon exchanging financial information and other pertinent documents, the deal closed with only a couple minor issues along the way. Because the 1031 customer was selling at a per unit price far higher in California he was able to acquire far more units in a better location in Florida and maintain an excellent cash flow while deferring taxes. The seller was able to achieve a handsome sale price so that the proceeds could be used to towards a few passive investments he was entertaining.
My business partner and I bought this apartment complex in early 2009, arguably the bottom of the market at that time. The purchase price matched the market so we got a good deal. We updated the asset early on but by the time Beau Beery called me about selling, it was due for another property wide exterior value add program. We decided to take advantage of a good market offer instead. Beau’s reputation in the industry for professionalism, communication, and market knowledge was borne out by this transaction. Beau was able to bring us an excellent offer price with fair terms from a 1031 buyer from California. We knew Beau only worked with well qualified players in the industry so we took the deal seriously from the start. We wouldn’t hesitate to buy or sell with Beau again should the opportunity arise.
--Phil Wagner, Seller