Property: Campbell Grove and Woods of Spring Grove
Client: SPRE Waterford, LLC
Project: SPRE Waterford, LLC hired Jerad Rector and Tyler Bynum of Worldwide Commercial, PLLC (“WWC”) to market and sell their 329-Unit, 2-property multifamily portfolio located in the Spring Branch submarket of Houston, TX. Prior to hiring Worldwide Commercial, SPRE Waterford, LLC has one of the largest brokerage firms in Houston previously working on this assignment and they could not get it sold at the desired price.
Process: Woods of Spring Grove had some unattractive debt which made the sale significantly more challenging than it would have been, so we knew it wouldn’t be easy to achieve the target strike price with a Buyer assuming the debt. The properties showed well and we wanted to showcase that and how much rents had fallen behind the market to demonstrate the upside for a new investor. We used hours of drone work and virtual tours to help showcase the properties to investors throughout Texas, the US and around the world. As a result of our comprehensive market plan, we engaged investors from all over the world including Private Equity firms from Canada, Swiss funds, local syndications, Family Offices out of the northeast and California, Israeli Institutions and much more. For Campbell Grove (free and clear), we procured a ton of interest with over 30 LOIs, 300,000 online views and secured 964 investors into our online deal room.
Results: Many people told WWC these properties would not sell because of the unattractive debt on Woods of Spring Grove, but through our compelling market approach to our worldwide audience, aggressive negotiations and steadfast brokerage approach, we not only sold the properties, we achieved fantastic returns for our client and her investors.
Campbell Grove – 185 Units, built in 1960
Woods of Spring Grove – 144 units, built in 1969
- Spring Branch Submarket
- 964 investors in our Online Deal Room
- 30+ Offers Submitted
- 155% Returns provided to seller’s investors