Case Study

Cimmarron Apartments

The challenge

Cimarron offered the opportunity to acquire a value add investment property for well below replacement cost. The property was built in 1966 and contained 112 units. The decline in market conditions moved the previous owner into a foreclosure position. The property was sold as an REO property.

The strategy

Maximum exposure of the offering was accomplished through strategic Internet and e-mail marketing campaigns, as well as personal contact to active multi-family buyers specifically interested in the Jacksonville market. The opportunity was exposed to more than 3,200 prospects during the marketing period. We endeavored to find a buyer experienced and/or capable to buy the property in value-add condition. Substantial capital improvements and deferred maintenance needed to be completed in order to move towards stabilizing the complex.

The services

Exclusive Seller Representation

The results

Douglas Blair and Robert W. Selton, III of Colliers International Northeast Florida exclusively represented the seller in the sale of Cimarron apartments. The marketing campaign resulted in a substantial level of activity, with the team identifying 24 interested parties resulting in eleven offers. Amvestar was ultimately selected due to their pre-due diligence efforts, knowledge of the local market, and recent market activities. The buyer was willing to aggressively create a time-frame for closing which was on a fast track. The property was put under contract with a 30 day due diligence period and 30 day closing. The buyer closed as contracted without a re-trade of purchase price.

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