Case Study

Villas at Dames Point Crossing


       

The challenge

Villas at Dames Point Crossing offered the opportunity to acquire a newly constructed investment property for below replacement cost.

The property was built in two phases with 120 units completed in 2006 and 60 units in 2007. The second phase of 60 units was titled as condominiums but no units were ever sold.

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.

The services

Exclusive Seller Representation

The results

John W. Stone, CCIM of the Colliers International Tampa Bay Florida and Robert W. Selton, III and Douglas Blair of Colliers International Northeast Florida exclusively represented the seller in the sale of Villas at Dames Point Crossing. The marketing campaign resulted in a substantial level of activity, with the team identifying 56 interested parties resulting in seven offers.  Palatine Capital Partners, LLC was ultimately selected due to their pre-contract due diligence, knowledge of the local market and relationship with the current property management.  The property was put under contract with a 30 day due diligence period, 30 day financing contingency and 30 day closing. The buyer closed six days early and per the terms of the contract without a re-trade of purchase price.

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