sold

Diane Apartments

67 Days from Meeting to Closing

  • After failed sale with previous broker, certainty of closing within a tight timeline was key
  • Strategic marketing to top buyers created immediate competition
  • Received 4 offers, went under contract in 24 hours, waived contingencies after one week, and closed 30 days later

Creating Certainty in Uncertain Times

Opportunity

Despite COVID-19 turning the world upside down, selling the Diane Apartments remained a key element of the owners’ investment strategy for 2020. After a failed sale with their previous broker, certainty of closing within a tight timeline was the owners’ ultimate goal.

Hired in mid-May, the Simon | Anderson Team’s biggest obstacle would be conducting marketing and tours with the Stay Home, Stay Healthy order in place. Fortunately, our time in quarantine was well spent connecting with active investors to evaluate their criteria and needs, and we were confident we had the right buyers to get this deal done.

Execution

Lead broker Jerrid Anderson reached out to the top buyers in exchanges and with equity to invest, and within a week was able to generate strong interest from a dozen groups, creating immediate competition rather than launching a broad marketing campaign and waiting for someone to show up.

Result

With four offers in hand, the property was under contract in 24 hours, contingencies were waived after one week, and (with a close eye on every detail) we closed the sale 30 days later.

It took just 67 days – during a global pandemic – from meeting our team to closing the sale for the owners to see cash in hand and move forward with their future investment plans.

In the News:

Site Details

Address
318 Boylston Ave E, Seattle, WA
Neighborhood
Capitol Hill
Transaction Timeline
67 Days
Sale Price
$2,250,000
Price per Unit
$281,250
Price per Square Foot
$439
Units
8
NRSF
5,130