We took the client’s asset to market under a customized, strategic approach targeting investors from across the macro marketplace as prospective bidders for the workforce, value-add opportunity. Over a 30-day period, our team successfully generated 21 offers on the client’s behalf, which pushed pricing above strike.
Given the client’s need to continue to defer tax, MMG also negotiated a seller extension to the Purchase and Sale Agreement (PSA) with the buyer to allow for additional time for the client to identify their 1031 “upleg” property.
During the marketing process, we also identified and targeted specific assets for the client to acquire with limited, if any, capital needs and in Sunbelt markets with greater growth prospects than those of the client’s “downleg” property.