Already roaring, the apartment market is getting even more bullish!
In any market, residential-conversion apartments are harder to sell. Plus, the eight units Andrew Battersby and Dave Tesch listed at 18530 Masonic were only 65 percent occupied and in need of both maintenance and better management.
On the up-side, the property’s value-add potential was considerable—including a 1.36-acre lot with plenty of room for future new apartment development. Andrew and Dave marketed its possibilities. And the buyer saw them. He quickly put the property under contract.
Then, well along the mortgage process, the lender balked. He agreed to approve the loan only if two of the three vacant units had tenants prior to closing. Andrew and Dave again rolled up their sleeves. They began working with the seller to find tenants and with the buyer and lender to negotiate extensions and approve the loan. The elbow grease paid off in a smooth closing.
On a residential-conversion complex in need of several kinds of attention, Andrew and Dave were still able to net the seller $66,250 per unit, the second highest price per unit in Fraser in nearly ten years.
Take this bull by the horns and contact Andrew Battersby or Dave Tesch at 248-476-3700 or via email at abattersby@thomasduke.com & dtesch@thomasduke.com. They can sell your apartment property too.
