Off Market deals solve a lot of problems for Portland, OR multifamily investors. Many Rose City Commercial Real Estate (RCCRE) customers have confided that they would love to sell their current assets. Fear of not being able to find a second leg property for their 1031 Exchange keeps them from making a move. RCCRE has a group that focuses resources solely on multifamily assets that are not publicly marketed.
JUNE OFF MARKET SUCCESS
Our June success story success was finding an off market 57 unit property in great condition. And plenty of upside. Our client was an institutional investor in a tight spot. They had closed on the first leg of their 1031 Exchange and their 45-Day ID Period was dwindling down. They weren’t finding a good property invest their equity in. We found them an off market opportunity that had been well managed, but the Seller had directed the management company to focus on stability rather than aggressively pushing rents. Normally you don’t see high levels of upside in a two-year-old property. With our help the client closed on a winner with great potential…and didn’t have to settle for “whatever’s left”.
JULY OFF MARKET SUCCESS
We were asked to help a California-based institutional investor with the second leg of their 1031 Exchange. Sure they had multiple options. But they made an offer on our off market property because the asset because of its profit potential. They are currently under contract finishing up their Due Diligence activities on the 30+ unit property. Its located in Vancouver, WA.
AUGUST OFF MARKET SUCCESS
In August we found another off market but available asset. It’s a 75-unit apartment property in Washington with significant profit potential. We’re still working on the contract, but it looks promising. Again, we have an institutional Buyer with a 1031 exchange. Fingers crossed but it looks good!
FUTURE OFF MARKET SUCCESSES?
- We have located a 28 unit property and a 31 unit property that we are researching. The owner has indicated that they are ready to sell, but we have not established a price. They don’t fit in with the acquisition profile for our remaining 1031 Exchange Investors. They look like they have great profit potential for someone.
- We located an off-market-but-available Portland area apartment complex with 45+ units. The price is $7,150,000. It’s almost new…so it’s in great shape. I’m still looking for a Buyer!
DO YOU WANT OFF MARKET APARTMENTS?
Could having access to our multifamily deals before other investors become aware of them be an advantage for you? Contact our team at PH: (503)577-1034, or EM: firstname.lastname@example.org.