WHAT WAS THE CHALLENGE?
A 10 floor senior’s housing building with 134 units had been vacant for over a year. With no current income from the property and the restricted occupancy criteria imposed by the current use of the building, it was proving difficult to sell. The seller had seen multiple offers die on the table. The potential buyer would need to carry the costs of purchase for at least 2 years before a constant revenue stream would be possible from that location.
WHAT WAS THE SOLUTION?
By thoroughly analyzing the situation, Joé concluded that the price per square foot made for an interesting opportunity if converted to multi-residential rental units. The buyer profile for this property changed as a result and an offer was made by an innovative developer who planned to convert the building into an 84 unit multi-family rental complex. The buyer clearly saw the opportunity that Joé presented and seized it.
With an additional investment of 15 million dollars, the building was transformed into something the market in that area was hungry for. Joé’s detailed analysis of this deal guaranteed his customer’s satisfaction.