Faced with a fractured condo project and a tropical storm causing significant damage, The Peden Pursell Multifamily Advisory Group was tasked with selling Campus Towers, a 155-unit, 193-bed condo project. The owners desired to receive the highest possible sale price while also keeping the disposition quiet.
The developers’ plan to execute the condominium sales program froze when the financial crisis hit in 2007-2008 and financing for condo sales evaporated. At that point the owners focused on renting the units instead of selling them, creating a fractured project.
At the initial meeting with the owners, The Group advised the owners to purchase control of the entire project due to the difficulty of finding a buyer willing to pay the desired sale price for a fractured condo project. The owner followed the Team’s advice which added significant overall value for the owners.
Instead of taking the property to market, The Group implemented their buyer prequalification program to identify potential buyers. This strategy included sorting through their database of 10,000+ investors and targeting the most likely buyers, which resulted in finding the buyer who executed the deal.
After the tropical storm hit Campus Towers, The Group kept the buyer engaged and diligently assisted both parties for 6 months through repairs and insurance hurdles to close out the transaction.
The seller and buyer were both pleased with the outcome of the project. The seller yielded more money than they expected because of The Group’s advice and the buyer acquired the property in better than pre-tropical storm condition.
Since the Campus Towers transaction, The Peden Pursell Multifamily Group has advised the owner on several additional transactions.
702 Oberlin Road
Raleigh, NC 27605
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