Property: Live Oak and Grove on Gladstell
Client: Celtic Realty Acquisitions, LLC
Project: Celtic Realty Acquisitions, LLC hired Jerad Rector and Tyler Bynum of Worldwide Commercial, PLLC to market and sell their 2-Property, 74-Unit Multi-Family portfolio consisting of Live Oak Apartments (22 units) located in Huntsville, TX and Grove on Gladstell (52 units) located in Conroe, TX.
Process: We started marketing Live Oak as an individual property and used hours of drone work and virtual tours to help showcase the property to investors throughout Texas, the US and around the world. We marketed the property through the Covid-19 shutdowns and travel restrictions yet took a very hands-on and aggressive marketing approach which included developing a strong offering memorandum and calling every local owner in Huntsville. Most of the buyers getting involved in Live Oak wanted a bigger property or more units in the area to scale and support 3rd party management. Within 2 months of initiating the marketing, we qualified a potential investor and had a talk with our client Celtic Realty to see if they had another property in the area the buyer could also put an offer in for better scalability and management. Celtic Realty had another 52 units less than 25 minutes south in Conroe. We revamped our marketing, packaged the properties as a portfolio and redistributed the offering. The buyer for Live Oak quickly underwrote and submitted a portfolio offer which was accepted.
Results: We secured the highest price per door in both submarkets for this vintage of property at about $70k/door in Huntsville and $96k/door in Conroe. Combined pricing was $1,125,000 higher than comparable properties.