320 Unit MF – Investment Sale
Property: Cranbrook Downs
Client: Celtic Realty Advisors
Project: Celtic Realty Advisors (“Celtic”) hired Jerad Rector of Worldwide Commercial, PLLC (“WWC”) to market and sell their 320 Unit Multi-Family property located in the North Houston District of Houston, Texas. Celtic engaged WWC after seeing our marketing efforts for similar assets on the same street and wanted to realize the same success. The property was a mid-term hold investment for the company who recognized an opportunity to realize solid returns for their investors.
Process: Armed with recent knowledge of the submarket-specific investment climate and in-depth research, we identified undervalued and underutilized aspects of the property we could market and monetize. By placing value on these additional attributes, we were able to create a unique story in the market and capitalize on them to create maximum market value. We undertook a very hands-on, hightouch marketing approach which included developing a strong offering memorandum with comprehensive financial analysis and pro-forma to illustrate the value add story. This allowed Worldwide Commercial to quickly identify and communicate the opportunity to our network of qualified buyers. Worldwide Commercial secured a proven buyer who had been active in the market, but was not yet aware of the investment opportunity and ultimately exceeded the Seller’s pricing expectations.
Result: We sold the property for $5,000/unit more than the Seller expected and thought we could
get.