The Peden Pursell Multifamily Advisory Group identified Country Club Homes, a strategically located multifamily property in a prime position to sell for above market pricing.
However, the property was not for sale and the owner was skeptical that his asking price could be met.
The Group had a longstanding relationship with the owner that had transformed into an advisory role. The existing relationship, coupled with a deep understanding of the local multifamily market and market demand, led The Group to discuss with the owner the possibility of selling the property.
Knowing how the owner felt about publicly listing the property for sale, The Group suggested a strategy of using an off-market approach instead. Since many investors do not like to compete in the open market, this option not only met the owner’s goals, but The Group believed it was the best method to achieve above market pricing.
The off-market approach worked. “Invited buyers” often feel special and stretch their pricing higher than they would in a competitive situation. A new price per unit record was set for an older, vintage property in the market.
From a development perspective, the sale also set a new record for land sales in the Raleigh market. The buyer has plans to redevelop the property in the future, while currently realizing a solid cash flow and increased rents through the entitlement process.
702 Oberlin Road
Raleigh, NC 27605
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