CHERRY GROVE APARTMENTS
Mason, MI
44
UNITS
$62,500
PRICE PER UNIT
5.18%
CAP RATE
Throughout the process, I was consistently impressed with the team’s integrity and professionalism. I always felt that they were working with my best interests in mind. When I needed help and advice, their experience and knowledge were extremely helpful. When we had to negotiate with the buyer, I felt like we got the best price possible.
- Mark Dexter, Cherry Grove Apartments
Services Provided: Pre-Sale Positioning and Advisory Services, Marketing, Negotiation, Successful Disposal
CHALLENGE
NAI Wisinski Great Lakes was appointed the exclusive sales broker to market Cherry Grove Apartments. The property was held by a private individual located in the Pacific Northwest.
The asset, while well-maintained, had dated interior finishes as well as some capital expidenture items required. The challenge was to maximize the asset value given the dated condition of the property.
ACTION
NAI Wisinski Great Lakes executed a strategic marketing plan developed after an in-depth pre-sale due diligence process. Throughout the sale, NAI worked closely with the client and their property management team, KMG.
This collaborative effort allowed the NAI multifamily team to execute a thorough sales and marketing campaign, ensuring maximum exposure to the market and creating a competitive bidding process from qualified investors.
RESULT
The NAI Wisinski Great Lakes team secured several offers from qualified buyers following a one-stage call-for-offers process. The deal closed within three months of bringing the property to the market. The price achieved exceeded both the guide price and the client's expectations.
