Diamond Ridge Apartment Complex

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$3,922,000 - Houston, TX

Multifamily

Challenge
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.

Solution
Sheldon Good & Company customized a marketing plan that would generate national and international interest.

Results

  • 2,869 inquiries
  • Bidders from the United States, Canada, and Malaysia(the high bidder)
  • Sold for $3,922,000 at the auction (98% of the conventional broker's prior listing price)