Diamond Ridge Apartment Complex
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Troubled Asset with Little Buyer Interest
Prudential Mortgage Capital, the special servicer, had retained a nationally recognized commercial brokerage firm to handle the sale of this 499-unit, garden-style apartment complex. However, the property received no offers after being on the market for over a year. With many years of deferred maintenance, an occupancy rate of only 23%, and increasing security concerns, Prudential desired to expedite the sale of the property, avoiding additional carrying costs and further capital investments.
Sheldon Good & Company customized a marketing plan that would generate national and international interest.